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