Title
Resolution of the City of Hampton, Virginia Declaring Its Official Intent to Reimburse Itself from Proceeds of Bonds or Other Obligations by Authorizing an Advance of $6,287,500 from the City's General Fund Unassigned Fund Balance to the FY27 Capital Budget (Capital Projects) Fund for Hampton City Schools Maintenance and Technology Investments.
Purpose
PURPOSE/BACKGROUND:
The total FY27 Capital Budget for Hampton City Schools Maintenance and Technology Investments is $7,587,500. Of this amount, $6,287,500 is funded through General Obligation Bond proceeds, and $1,300,000 is funded through General Fund operating revenues.
City Council is being requested to advance a total sum of $6,287,500 from the General Fund Unassigned Fund Balance to provide funds to the FY27 Capital Budget (Capital Projects) Fund for the Hampton City Schools Maintenance and Technology Investments project that was approved in the FY27 Capital Budget (Capital Projects) Fund and will ultimately be funded from proceeds of the City’s next General Obligation Bond Series, anticipated to be issued in January 2028. The advancement of funds is recommended to allow the City to procure and perform necessary work in a timely manner to meet deadlines; begin preliminary work; and, to work during the most opportune time.
Impact:
This advanced funding will allow this identified project to proceed in a timely manner.
Recommendation:
Approve.
Body
WHEREAS, the Hampton City Council (“Council”) approved and appropriated funds via the FY27 Capital Budget (Capital Projects) Fund for Hampton City Schools Maintenance and Technology Investments;
WHEREAS, the Council's intent is to finance all or a portion of the costs of the Projects through the issuance of tax-exempt bonds or other tax exempt debt obligations (the "Obligations");
WHEREAS, Council acknowledges that the proceeds from Obligations w...
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