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 $9,388,971 from the City's General Fund Unassigned Fund Balance to the FY27 Capital Budget (Capital Projects) Fund for Certain Designated Projects
Purpose
PURPOSE/BACKGROUND:
City Council is being requested to advance a total sum of $9,388,971 from the General Fund Unassigned Fund Balance to provide funds to the FY27 Capital Budget (Capital Projects) Fund for certain projects that were 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. The specific projects for which advanced funding is being requested are as follows:
Maintenance of Public Properties ($4,792,433)
Mercury Boulevard Reconstruction ($2,155,000)
Parks, Recreation and Leisure Services Maintenance ($2,441,538)
Impact:
This advanced funding will allow those identified projects 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 certain projects for Maintenance of Public Properties, Mercury Boulevard Reconstruction, and Parks, Recreation, and Leisure Services Maintenance (the "Projects");
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 will not be av...
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