HomeMy WebLinkAboutFI 26/98� r � s � � 'Y � . 1 -
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RECEIVED
, ' S -�NO1� TOWNOFPIC�(EFINO
^ +`� JUL 3 1 1998
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r ,� CLERK'S DEPARTMENT
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� i REPORT TO COUNCIL
� @'ROMs (3illis A. Patec�on DATE: July 30,199B
Director of Finence & Trea�um
REPORTD:UMSER: FI26/98
(Supplement to PF 08-98)
SUHJECPs Hiring of Coasultany, and Project Development/Const:uction Maaagement
Servica Compmy to inidate the work approved by Resolution N I 14/98
RECOM1�fENDATION: �
That Report F 26/98 be received aad that, ia conjunction with the consideradon of Repon
PF 08-98, Council approve:
L t6e Enancing of expenditura ia the amouat of 590,000 for contracb end SI0,000 for
dtsbutsements tfuough eitl►er:
(a) tha iesuaace of debeauud end the Dirccwr of Ftaeoa and Treasum be authoriud to
amcnd the aanuel rcpayment Itmit rapecting laag-term debt and financiel obligadoas.
or
(b) capital expendituns from current revmuw through deletion of another project
finenced thi� wey.
2. Estimatad diabt¢semen� ia the emouat of i10,000 a� described in Report PF 08-96 ba
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OItIGIAI: Council RaolutIon N114/98
AU'fHOR1TY: Resolution of Council
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FINANCIAL III�LI�:AT[ONS:
: Ia conjunctton with approving a capitel expenditure, Couacil mwt also coosider the
aoures(s) of 6nnncing. At thi� time Uute eppeers to be only two potendal sources:
' bauance of debt; or, aubsdtutIon of a�imilar doUar amount of cepital pr�Ject(s) fuieaced
hom curtent revmua.
Any expenditurea approyed by Couacil under tht� Report or Report PF OB-98 wiQ be
: charQed w Account 3264-2572-6181.
� EXECUTIVE SUMMARY:
` Not applicable <
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�; � SubJaG Hldna`ofCon�ultaqb, and'Pio)ect pevelopme�it/Conatnict(on MeneQemint
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Setvt�es C'�Ompaay m(niilnte tbe work epproved by Reeoluttoq NI 14/98
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a. HACKGROUNDs
Aa mendoned above, Council musNdetemilpo a saurce of funds foc this project Given ttie
` cuirent stete.of budget approvale, the Town's fiaancce and fiuther coi�tderation of capitel
financing by CouncU (n tho Fall oY 1998, it ts suggutal ttiat approvel of the fineaciag tiuough
the issuance of debentures �x approved at ihis dma Councll can always epprove altemote
finencing at a Isfec dato.
ATTACIIMEtVTS: Not applicabla
Pcepered B•,• Approved/E orxd By:
�'� � � •
Gtllie A: Patersoq:� fdilli� A. Patenoq
Dircctar of Finaa:e dt Treasucer DirecWC of Finena & Tnasurcr
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Copy: Qene�d Mw�er
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