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Gardner council approves bonds for Wynwood Park sewer work and new utilities building
Summary
The council adopted two resolutions: one authorizing general-obligation bonds of up to $3.1 million for Wynwood Park relief sewer work; the other authorizing bonds up to $5.04 million for a new utilities finance building (transcript contained an inconsistent $55,040,000 figure but staff presentation and vote record indicate $5,040,000).
Director Wolf presented two staff-recommended resolutions to establish the city’s intent to reimburse prior expenditures and to finance upcoming construction with general-obligation bonds over 15 years.
On the Wynwood Park relief sewer project (W.W.A. 10), Wolf said the council previously awarded a construction contract and that the city plans to finance design and construction with G.O. bonds amortized over 15 years. He gave an estimated total project cost of $3,100,000 and said future debt service will come from the wastewater fund. The council moved, seconded and approved the resolution authorizing bonds not to exceed $3,100,000 (Resolution 2,154).
Staff then outlined plans for a new utilities finance building and recommended adopting a resolution stating the city’s intent to issue general-obligation bonds to pay construction costs. The staff memo and subsequent roll-call language listed the estimated project cost as $5,040,000 and said annual debt service will be supported by transfers from the water and electric funds to the wastewater fund. The council voted to approve the resolution authorizing bonds in an amount not to exceed $5,040,000 (Resolution 2,155).
Note on transcript inconsistency: an agenda line earlier printed an amount of $55,040,000 for the utilities-building resolution, but the staff presentation and final motion use $5,040,000. The article follows the staff presentation and vote record and reports $5,040,000.
