NORTH CAROLINA
EXECUTIVE SUMMARY
Meeting Date: 11/23/2009
AGENDA #5n
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TOWN OF CHAPEL HILL NORTH CAROLINA EXECUTIVE SUMMARY |
Meeting Date: 11/23/2009 |
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| Title of Agenda Item:
Budget Ordinance for the Open Space Bond Fund. (O-8) Council Goal 4: Maintain and Improve Community Facilities and Services. |
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| Background:
In 2003, voters approved $2,000,000 in general obligation bonds to be used for open space property and easement purchase. About $8,000 remains for purchase of open space properties and easements. Of that amount the Council has pledged $5,000 to the Botanical Garden Foundation for the purchase of an open space property at the top of Stillhouse Bottom. Currently there are $29,148 in revenues associated with the open space bond funds that could be used for purchase of open space properties. These revenues are primarily from interest earnings. If made available, we would anticipate using these funds to purchase easements for greenways and stream restoration along Bolin Creek. |
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| Fiscal Note: Allocation of these funds for the Bolin Creek Trail project would have no effect on the Town’s operating budget. The allocation would allow us to close out the bond fund within the seven year limit recommended by the North Carolina Local Government Commission. | |||
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| Recommendations: We recommend that the Council enact the attached ordinance that would allocate $29,148 to the 2003 Open Space bond fund for the Bolin Creek Trail project. | |||
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| ATTACHMENTS: Viewing attachments may require Adobe Acrobat. |
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| Ordinance | |||