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Mile of History Project - $6,200,000.00
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An Ordinance of the City of Providence Approving the Financing of the "Mile of History Project" by the Issuance of Appropriation obligations therefor in an Amount Not to Exceed $6,200,000.00.
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WHEREAS, the City desires to finance the construction, reconstruction and installation of streets and sidewalks and appurtenances thereto on, and adjacent to, the Benefit Street area (the "Mile of History Project" or the "Project") and to finance the Project through one or more loans from the Rhode Island Infrastructure Bank ("RIIB") municipal road and bridge revolving fund pursuant to chapter 24-18 of the Rhode Island General Laws and/or RIIB's efficient buildings revolving fund pursuant to Chapter 46-12.2 of the Rhode Island General Laws and/or Rhode Island General Laws Section 45-12-33, as amended from time to time;
WHEREAS, the estimated maximum cost of the Project is $6,200,000;
WHEREAS, the period of usefulness of the Project is expected to be up to (20) years;
WHEREAS, if the Obligations (defined below) are issued as general obligations (secured by the full faith and credit and taxing power of the City) the net debt of the City after the issuance of the Obligations is expected to be $269,219,303; and
WHEREAS, the Obligations authorized hereby will be within all debt and other limitations prescribed by the Constitution and the laws of State of Rhode Island ("State").
NOW THEREFORE, BE IT ORDAINED BY THE CITY OF PROVIDENCE THAT:
SECTION 1. The sum of Six Million Two Hundred Thousand Dollars ($6,200,000) is appropriated for the development and financing of the Project, including funding a debt service reserve fund, if required by RIIB, and financing costs.
SECTION 2. In accordance with Chapter 46-12.2 and/or Chapter 24-18 of the Rhode Island General Laws and/or Rhode Island General Laws Section 45-12-33, as amended from time to time, the City Treasurer and ...
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