Title
Ordinance in the Amount of $26,640,000 Amending the Water Resources Capital Project Bond Fund - Series 2014 Budget to Establish Funding for the T. Z. Osborne Water Reclamation Facility Expansion Project - Package 2
Body
Department: Water Resources
Council District: 2
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Steven D. Drew, 373-7893
Contact 2 and Phone: Kristine Williams, 373-2556
PURPOSE:
The City of Greensboro Water Resources Department is ready to award the bid for the T. Z. Osborne Water Reclamation Facility Expansion Project - Package 2. This project will require an increase of appropriation in the Water Resources Capital Project Bond Fund - Series 2014. This project is part of the overall Water Resources Capital Improvement Plan that has been previously discussed during the Water Resources budget briefing. Council approval is needed for a budget amendment to permit the additional appropriation of bond funds.
BACKGROUND:
The proposed budget amendment will enable the City to appropriate additional revenue bond funding in the Water Resources Capital Project Bond Fund - Series 2014 in the amount of $26,640,000 to fund the T. Z. Osborne Water Reclamation Facility Expansion Project - Package 2. A $30,000,000 construction draw note has been issued for Water Resources capital improvements and this project would increase the total fund budget to $57,140,000, including $500,000 in bond premiums. Additional notes are planned to be issued for cash flow purposes, as needed. The notes would be converted to permanent bond financing in 2016.
BUDGET IMPACT:
This amendment will increase the Water Resources Bond Fund - Series 2014 Budget by $26,640,000 from revenue bond funding.
RECOMMENDATION / ACTION REQUESTED:
It is requested and recommended that City Council adopt the attached ordinance to amend the Water Resources Capital Project Bond Fund - Series 2014 budget to establish additional funding for the T. Z. Osborne Water Reclamation Facility Expansion Project - Package 2.