Fiscal Note
General Obligation Debt |
$0 |
Other Funding |
$0 |
Total: |
$0 |
Levy Impact: |
$0 |
Title
CAPITAL BUDGET AMENDMENT # 1 - Library / No. 1 - Central Library; Planning and Community and Economic Development / No. 6 - TID 39 - Stoughton Road, p. 8, 134
Body
On the advice of the City Attorney, add the following language:
Central Library: "The City may internally borrow up to $8,000,000 from other funds in advance of collecting private pledges to facilitate the timely completion of project components paid for by these private contributions." (This language clarifies current budget intent.)
TID 39: "In addition, the City may advance up to $650,000 as a working capital loan from the General Fund to Madison Development Corporation to facilitate payments to contractors during construction. This loan will be fully repaid by MDC upon completion of project construction."