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When we re -wrote our agreement with the LCC in early 2018, I inserted a new provision <br />(Section 2, attached and highlighted) that if debt is issued, the city would control those proceeds <br />and only pass them on to the LCC as a reimbursement of work completed and invoiced. COs <br />would be structured so that only proceeds from the HOT would pay the debt. <br />BUDGET: Most of this much-needed remedial work is unfunded; significant capital outlay <br />would require issuance of debt and an increase in the HOT rate to pay for it. <br />RECOMMENDATION: Consider increasing the HOT rate by two cents to help fund capital <br />maintenance and replacements. <br />