Title
RESOLUTION APPROVING A TRANSFER IN THE AMOUNT OF $762,440 FROM THE DECC REVENUE FUND TO THE CAPITAL IMPROVEMENT FUND TO FINANCE DESIGN AND ENGINEERING CONTRACTS FOR THE REHABILITATION OF THE MINNESOTA SLIP PEDSTRIAN BRIDGE AND SEAWALL IMPROVEMENTS.
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CITY PROPOSAL:
WHEREAS, that the DECC refunding bonds issued on March 22, 2016 will save approximately $6.5 million in future debt service costs. In addition, the refinancing also generated immediately available funds of $762,440 which are available to finance DECC improvements including the Minnesota slip pedestrian bridge and seawall improvements.
WHEREAS, the Minnesota pedestrian slip bridge and the seawall in the vicinity of the DECC are of significant importance to the City and the DECC and are in need of rehabilitation.
RESOLVED, that the proper city officials are hereby authorized to transfer $762,440 from the DECC Revenue Fund to the Capital Improvement Fund to finance design and engineering contracts for the rehabilitation of the Minnesota slip pedestrian bridge and seawall, payable from DECC Revenue Fund 281; Finance Department 030; Account 5700-40 transfers to capital projects fund.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the transfer of funds from the DECC Revenue Fund to the Capital Improvements Fund to pay for design and engineering contacts to rehabilitate the Minnesota slip pedestrian bridge and the seawall in the vicinity of the DECC.
The DECC refunding bonds issued earlier this year generated significant future debt service cost savings and also released $762,440 in immediately available funds for other DECC improvements. The City is in the process of contracting with LHB Inc. to provide design services for a retrofit of the slip bridge and anticipates hiring a design and engineering firm to prepare plans and specifications for seawall repairs. Construction costs will be financed through bonding backed by DECC revenues made available as a result of the refunding bond savings and state & federal grants.