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Financial Management <br /> DATE: 8/21/2023 <br /> MEMO: <br /> TO: Honorable Mayor Moore Wolfe and City Council Members <br /> FROM: Scot Wrighton,City Manager <br /> Ruby James,CFO and City Treasurer <br /> SUBJECT: Ordinance Authorizing the Issuance of Debt to Finance MSC and Library Roofs and Library HVAC Project <br /> SUMMARY RECOMMENDATION: <br /> It is recommended that the CFO be given the authority to borrow$3 million at a rate not to exceed 5.2% interest over 5 years <br /> from Regions Bank for the purpose of financing the MSC and library roof and library HVAC project The project was approved <br /> by City Council within the 2023 budget approved in December 2022. RFP's were sent to several local banks. The plan all along <br /> was to postpone debt issuance until the funds were actually needed and construction was ready for bidding. We have reached that <br /> point. <br /> BACKGROUND: <br /> Architectural Expressions has been contracted to design and bid construction for the roof and corridor for the MSC building;and <br /> roof, HVAC system, and planter walls for the library. Design and construction will begin in August 2023 and is targeted for <br /> completion in August of 2024. <br /> POTENTIAL OBJECTIONS: There are no known objections to this resolution. <br /> INPUT FROM OTHER SOURCES: <br /> No input from other sources. <br /> STAFF REFERENCE: Ruby James, CFO and City Treasurer <br /> BUDGET/TIME IMPLICATIONS: <br /> This project was anticipated to be financed over five years;and budgeted and approved in 2023. <br /> ATTACHMENTS: <br /> Description Type <br /> Ordinance Ordinancc <br />