09-04-2002 Board Meeting - Laserfiche WebLink

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• Section 4B Sales Tax At this time, the City can issue up to $10 million from this revenue source. A bond election is not needed for this project if approved by Council, and bonds could be issued in FY 2003 and 2004. At this time, we are recommending the following projects for your consideration: Bay Area Boulevard Tentative Date Project Amount Mar-Jun 2003 Roadway (50% Participation) $4,400,000 Canada Road Tentative Date Project Amount March 2003 Install Utilities $ 700,000 June 2003 Roadway (50% Participation) $1,900,000 Sens Road Tentative Date Project Amount January 2004 Improvements plus Utilities $2,200,000 Both the Bay Area Boulevard and Canada Road Projects are based on anticipated participation by Harris County. Additionally, we are proposing to complete the Installation of the Bay Area Blvd Sanitary Sewer trunk in January -March of 2003 at a proposed cost of $1,515,000. This portion of the Bay Area Boulevard Project will be funded directly by the La Porte Development Corporation (Section 4B Sales Tax) Fund and is included in this year's Proposed Budget. The total amount of the potential debt issues is $9,200,000. The Debt will be issued in two separate increments/packages of $7,000,000 and $2,200,000; which will include an adequate amount for contingency for the proposed projects.