1992 AGN MAY 19 I22 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT (CONTINUED) FOR COUNCIL MEETING OF May 19, 1992 SUBJECT: Approval of Five Year Capital Improvement Program and Resolution Requesting Measure I Nbnies in Advance After further investigation of this possible source of funds, it was confirmed that bonds had been sold by the County San Bernardino County Transportation Authority primarily to finance the comriuter rail program, but those funds may become available for local jurisdiction transportation programs. The conditions are that local Mesure I monies pass through funds that are currently received by the local agency and be dedicated for the repayment of any advancement of the bond proceeds, plus interest at approximately 4%, that a functional description and projected cost estimates for the projects be described, that all sources of funds (including bond proceeds) and their respective amounts expected to be used be described, and that a projected draw down schedule for expenditures and description of the current status of the projects be provided. All of the aforementioned items are outlined in the attached resolution which pledges proceeds to the City in the amount of approximately 3 million dollars when available, and if acceptable by the local agency. As a means to meet the required guidelines, staff would offer our proposed a five year capital improvement program "Paving the Way to the Future" as the appropriate mechanism outlining all of the necessary responses to qualify the City of Colton for the San Bernardino County Transportation Authority's consideration of advancement of funds under this program. RECOMMENDATION: Staff recommends that Council approve the following:. 1. The proposed five year capital improvement program as described within exhibit "A", Paving the Way to the Future. Said exhibit describes: a) the functional description of the project; b) the projected cost estimate; c) all sources of funds and amounts of each source; d) a projected schedule of the project associated within the draw down period; and e) the current status of the projects. 2. Exhibit "B' milestone matrix charts for said project program. 3. The attached resolution authorizing the City to participate with SBCTA in special bond financing from transportation related projects by bond financing dedicated Measure I sales tax repayment on funds received. JCH/lj CITY MANAGER'S CONCURRENCE .J Page 2 of 2