Transmitting Communication from Louis A. DePasquale, City Manager, relative to an order requesting the appropriation and authorization to borrow $21,000,000 to provide funds for the reconstruction of various City streets and sidewalks

City of Cambridge Agenda Item Number 5 IN CITY COUNCIL APRIL 23, 2018 ORDERED: ORDERED: That $21,000,000 is appropriated for the purpose of financing the repair and/or reconstruction of various City streets and sidewalks; and to meet this appropriation the Treasurer with the approval of the City Manager is authorized to borrow $21,000,000 under Chapter 44 of the General Laws or any other enabling authority; and be it further Any premium received by the City upon the sale of any bonds or notes approved by this vote, less the cost of preparing issuing and marketing them, and any accrued interest received upon the delivery of such bonds or notes, shall be applied to the payment of project costs approved by this vote, thereby reducing the amount authorized to be borrowed to pay such costs by a like amount.