AGENDA #4q

MEMORANDUM

TO:                  Mayor and Town Council

FROM:            W. Calvin Horton, Town Manager

SUBJECT:       Establishment of a Public Buildings Bond Fund 

DATE:             March 22, 2004

 

 

The attached budget ordinance would establish a Public Buildings Bond Fund for energy efficient building improvements.

 

BACKGROUND AND DISCUSSION

 

On November 4, 2003, the voters approved the issuance of $500,000 in bonds for public buildings.  In a separate agenda item, we recommend that a portion of the funds be used as matching money for a Sustainability grant.  Establishing a capital projects ordinance is necessary to facilitate this work.

 

RECOMMENDATION

 

We recommend that the Council approve the attached ordinance to establish a Public Buildings Bond Fund.

 

AN ORDINANCE ESTABLISHING A CAPITAL PROJECTS ORDINANCE FOR RENOVATIONS AND IMPROVEMENTS TO PUBLIC BUILDINGS FUNDED FROM 2003 BONDS (2004-03-22/O-8)

 

BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, that the following capital project is hereby established for Public Buildings renovations funded from 2003 bonds approved by the voters in November 2003.

 

SECTION I

 

The capital projects as authorized by bond referenda approved in November 2003, and as determined by the Town Council, includes the capital costs of making energy efficient renovations to Chapel Hill public buildings.

 

SECTION II

 

The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of these projects within terms of funds appropriated here.

 

SECTION III

 

Revenues anticipated to be available to the Town to complete the project are as follows:

 

Bond Proceeds                                                                      $500,000

 

 

Amounts appropriated are for the project as follows:

 

Public Building Renovations and Improvements                      $500,000

 

SECTION IV

 

The Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.

 

SECTION V

 

Copies of this ordinance shall be entered into the Minutes of the Council and copies shall be filed within 5 days of adoption with the Manager, Finance Director, and Town Clerk.

 

This the 22^nd day of March, 2004.