Title
Authorization for the Issuance of Obligations for the Street Transportation Department's Accelerated Pavement Maintenance (Ordinance S-45432)
Description
An ordinance authorizing the City Manager to cause the issuance of obligations of or by a municipal property corporation or by a leasing entity as short-term and/or long-term obligations and to issue long-term obligations to refund short-term obligations, including execution and delivery of all leases and other agreements necessary or appropriate for the financing or reimbursing of costs of maintaining, expanding and improving the City's streets and roadways and associated financing costs; pledge, if deemed appropriate, voter-approved Excise Taxes or other lawfully available funds for such purposes and to pay financing costs; and authorizing the City Controller to receive and expend all necessary funds therefore.
Report
Summary
This Ordinance authorizes the Chief Financial Officer to proceed with issuance of debt obligations to fund the accelerated pavement program approved by the Council at the Oct. 3, 2018 formal City Council meeting. The Council voted to accelerate street pavement funding by up to $200 million during the next five fiscal years through financing within the existing Streets Transportation Department's allocation of the Transportation 2050 Tax.
Concurrence/Previous Council Action
At the Oct. 3, 2019 Formal meeting, the Council approved the accelerated street pavement maintenance program of up to $200 million over the next five fiscal years through financing within the existing Streets Transportation Department's allocation of the Transportation 2050 Tax.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.