Pending Enactment of Budget Act of 2005Adopt an amended resolution to:
1. Authorize the use of interim financing, to be repaid from the Public Buildings Construction Fund from the proceeds from the sale of bonds.
2. Authorize the sale of the State Public Works Board Lease Revenue Bonds.
The requested action will adopt a resolution authorizing action to be taken to provide for the interim financing and authorizing the sale of lease revenue bonds. Scope Description
This project is within scope. The project will construct a new 26,801 square foot, one-story school building to meet state educational standards. It will include administrative offices for educational staff and a recreation area for students. The building will be sited adjacent to the existing adolescent living units. Existing parking will be reworked and an existing emergency generator will be relocated.
Funding and Cost Verification
This project is within cost. Item 4440-301-0660 (2), Budget Act of 2002 (Ch 379/02), authorized $7,105,000 lease revenue bonds for the working drawings and construction of this project. However, with the completion of working drawings, it was determined that the project did not have sufficient authority for anticipated construction costs. Thus, the Budget Act of 2005 (Ch XXX/05), through Item 4440-496, reverts the construction authority of $6,673,000 lease revenue, and through 4440-301-0660 (1.5) provides new construction authority of $8,574,000 lease revenue.