Description
Title: Reallocation of Unexpended Bond Proceeds For the purpose of reallocating the use of unexpended proceeds of certain general obligation bonds previously issued by the City of Annapolis (the “City”) and designated as the City’s Public Improvements Bonds, 2025 Series.
Summary
Ordinance O-5-26 of the City of Annapolis addresses the reallocation of unexpended proceeds from previously issued general obligation bonds, specifically the Public Improvements Bonds, 2025 Series. The City Council aims to modify the capital budget for the fiscal year ending June 30, 2026, adjusting the appropriations for various public projects. This ordinance allows for the reallocation of funds derived from the Series 2025 Bonds, which total $38,155,000, to ensure alignment with the updated capital budget. The changes primarily affect specific project numbers related to the City’s capital improvements program. This legislation is significant as it provides flexibility in managing public funds and supports the City's ongoing infrastructure and community development initiatives.