TR-2016-47 RESCIND UNUSED DEBT AUTHORIZATIONS .� 6tPPfWQk
TR-2016-47
A RESOLUTION TO RESCIND THE UNISSUED BALANCE ON CERTAIN DEBT
AUTHORIZATIONS
Sponsored by Mayor Richard A Cohen
WHEREAS the CITY OF AGAWAM'S COUNCIL has issued debt authorizations from
time to time for various capital projects throughout Town;
WHEREAS the attached listed projects in Exhibit A have been completed;
WHEREAS the amount of debt issued for the projects listed was less than the original
debt authorized;
WHEREAS it is considered to be a sound financial practice to rescind any balances on
loan authorizations for projects that have been completed because these balances are
included in certain debt ratio calculations that arc used to determine the financial strength
of the Town.
NOW THEREFORE,the Agawam City Council resolves to rescind the unissued debt
authorizations for the listed projects in the attached Exhibit A.
Dated this H-k qviday of .2016.
C�
cc _ cbu eA.
PER ORDER OF THE AGAWAM CITY COUNCIL L'C — 6UAdi-f V)/
CC - `Ty--easLL(e-K
James ichetti, President
APPROVED AS TO FORM AND LEGALITY
./-&--y/0-0, z-
Patrick M. Toney, City Solicitor
MAYORAL ACTION
Received this op—dayof LLI Lr 2016 from Council Clerk.
Signed by Council President this f day of ,2016.
APPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agawam Fharter, as
am d,I�ereby approve the passage of the above legislation,on this JV#'1'1 day of
, 2016.
Richard A. Cohen, Mayor
DISAPPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agawam Charter,as
amended, I hereby veto the passage of the above legislation on this day of
.2016 for the following reason(s)-
Richard A.Cohen, Mayor
RETURN OF LEGISLATION TO CODUNCII, CLERK
Returned to Council Clerk this day of J LA—L 4 , 2016.
EXHIBIT A
Authorized and Unissued Debt
-Issued
Date of Article Amount -Retired -Unissued
Purpose Vote Nwnber Authorized -Rescinded 05/31/2016
CSO Project 05/04/98 TR98-13 132,241.00 0.00 132,241.00
Storm Water Management OS/02/03 TR03-20 314,000.00 290,953.00 23,047.00
DPW Facility Renovation 02/07/05 TRO441 2,280,815 .00 2,042,000.00 238,815.00
Fire Truck Bonds 09/07/06 TR06-27 645,000.00 630,000.00 15,000.00
Westfield River Force Main Repair 01/05/09 TR08-54 400,000.00 382,682.00 17,319.00
Feeding Hills Southwest Sewer
Expansion 09/17/08 TR08-48 3,730,000.00 2,800,000.00 930,000.00
Building Maintenance Building
Extension 04/19/11 TR 11-24 129,465.00 123,000.00 6,465.00
Town Wide Telephone System 09/19/11 TRI 1-39 350,000.00 308,000.00 42,000.00
Junior High Green Repair Project 11/09/11 TRU-53 2,954,386.00 810,410.00 2,143,976.00
North Westfield Street Water Main 10/09/13 TR13-40 6,340,000.00 6,000,660.00 339,340.00
Total $3,888,202.00
r
TR-2016-47
A RESOLUTION TO RESCIND THE UNISSUED BALANCE ON CERTAIN DEBT
AUTHORIZATIONS
Sponsored by Mayor Richard A Cohen
WHEREAS the CITY OF AGAWAM'S COUNCIL has issued debt authorizations from
time to time for various capital projects throughout Town;
WHEREAS the attached listed projects in Exhibit A have been completed;
WHEREAS the amount of debt issued for the projects listed was less than the original
debt authorized;
WHEREAS it is considered to be a sound financial practice to rescind any balances on
loan authorizations for projects that have been completed because these balances are
included in certain debt ratio calculations that are used to determine the financial strength
of the Town.
NOW THEREFORE, the Agawam City Council resolves to rescind the unissued debt
authorizations for the listed projects in the attached Exhibit A.
Dated this day of , 2016.
PER ORDER OF THE AGAWAM CITY COUNCIL
James P. Cichetti, President
APPROVED AS TO FORM AND LEGALITY
o-
Patrick M. Toney, City Solicitor
EXHIBIT A
Authorized and Unissued Debt
- Issued
Date of Article Amount -Retired =Unissued
Purpose Vote Number Authorized -Rescinded 0513l/2016
CSO Project 05/04/98 TR98-13 132,241.00 0.00 132,241.00
Storm Water Management 05/02/03 TR03-20 314,000.00 290,953.00 23,047.00
DPW Facility Renovation 02/07/05 TR04-41 2,280,815 .00 2,042,000.00 238,815.00
Fire Truck Bonds 09/07/06 TR06-27 645,000.00 630,000.00 15,000.00
Westfield River Force Main Repair 01/05/09 TR08-54 400,000.00 382,682.00 17,318.00
Feeding Hills Southwest Sewer
Expansion 09/17/08 TR0848 3,730,000.00 2,800,000.00 930,000.00
Building Maintenance Building
Extension 04/19/11 TR 11-24 129,465.00 123,000.00 6,465.00
Town Wide Telephone System 09/19/11 TRI 1-39 350,000 .00 308,000.00 42,000.00
Junior High Green Repair Project 11/09/11 TRII-53 2,954,386.00 810,410.00 2,143,976.00
North Westfield Street Water Main 10/09/13 TR13 40 6,340,000.00 6,000,660.00 339,340.00
Total $3,888,202.00