City Council

(27) 23-0936 PUBLIC WORKS COMMITTEE REPORT relative to a proposed $30 million Public Works Trust Fund loan for transit shelters. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: AUTHORIZE a new $30 million loan from the Public Works Trust Fund No. 834/50 to front fund the costs associated with the fabrication and construction of new transit shelters and related amenities for the Sidewalk and Transit Amenities Program. AUTHORIZE the Director of Accounting, Board of Public Works (BPW), to transfer up to $30 million from the Public Works Trust Fund No. 834/50, Available Cash Balance, to the Bureau of Street Services Fund No. 100/86, Contractual Services Account No. 003040. INSTRUCT the Director of Accounting, BPW, to work with the City Administrative Officer (CAO) to structure the loan repayment schedule and source of funds and to minimize interest costs from this loan, consistent with the City Financial Policies. AUTHORIZE the Executive Officer, BPW, or designee, to make any technical corrections or accounting updates to the recommendations above to effectuate the intent of the Mayor and Council. INSTRUCT the Bureau of Street Services to report on how the City can maximize the use of the former transit shelters and the potential costs of using the former transit shelters.