$2,181,158 Estimated Maximum Total Facilities Grant – MSBA Accelerated Repair Program

Estimated Maximum Total Facilities Grant = $2,181,158 or 61.58% of $3,542,015 Appropriation

INTRODUCED BY: MAYOR THOMAS P. KOCH
CITY OF QUINCY IN COUNCIL
ORDER NO. 2017-28
ORDERED: February 21, 2017

MSBA Accelerated Repair Program:

Atherton Hough Elementary School, Beechwood Knoll Elementary School, Merrymount Elementary School, and Wollaston Elementary School

Ordered: That the City of Quincy appropriate the sum of $3,542,015 for the purpose of paying costs of replacing the boilers at the Atherton Hough Elementary School, located at 1084 Sea Street; the Beechwood Knoll Elementary School, located at 225 Fenno Street; the Merrymount Elementary School, located at 4 Agawam Road; and the Wollaston Elementary School, located at 205 Beale Street, all in the City of Quincy, including the payment of all costs incidental or related thereto (the “Projects”), which proposed repair project would materially extend the useful life of each school and preserve assets that otherwise are capable of supporting the required educational program, and for which the City has applied for a grant from the Massachusetts School Building Authority (“MSBA”), said amount to be expended under the direction of the City of Quincy Public Buildings Department. To meet this appropriation, the Treasurer, with the approval of the Mayor, is authorized to borrow said amount under M.G.L. Chapter 44, or pursuant to any other enabling authority. The City acknowledges that the MSBA’s grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and if the MSBA’s Board of Directors votes to invite the City to collaborate with the MSBA on these proposed repair projects, any project costs the City incurs in excess of any grant that may be approved by and received from the MSBA for the Projects shall be the sole responsibility of the City; provided further that any grant the City may receive from the MSBA for the Projects shall not exceed the lesser of (1) 66.12 percent (%) of eligible, approved project costs, as determined by the MSBA, or (2) the total maximum grant amount determined by the MSBA and that the amount of borrowing authorized pursuant to this vote shall be reduced by any grant amount set forth in the Project Funding Agreement or Agreements that may be executed between the City and the MSBA with respect to the Projects; and that any premium received by the City upon the sale of any bonds or notes approved by this vote, less any such premium applied to the payment of the costs of issuance of such bonds or notes, may be applied to the payment of costs approved by this vote in accordance with Chapter 44, Section 20 of the General laws, thereby reducing the amount authorized to be borrowed to pay such costs by a like amount.

Further Ordered: That the City Treasurer is authorized to file an application with The Commonwealth of Massachusetts’ Municipal Finance Oversight Board to qualify under Chapter 44A of the General Laws any and all bonds or notes of the City authorized by this vote, and to provide such information and execute such documents as the Municipal Oversight Board of the Commonwealth of Massachusetts may require.

Pending in Finance Committee of the Quincy City Council to be passed at a later date.

Nicole L. Crispo

Clerk of the Council

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