Title
Ordinance in the Amount of $20,196,134 Amending the Water Resources Capital Project Bond Fund - Series 2014 Budget to Establish Funding for the Construction of the Townsend WTP Basin and Filter Improvement Project.
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: Virginia Spillman, 373-3260
PURPOSE:
The City of Greensboro Water Resources Department is ready to award the construction contract for the Townsend WTP Basin and Filter Improvement Project. 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 $20,196,134 to fund the construction of the Townsend WTP Basin and Filter Improvement project and this project would increase the total fund budget. Additional bond anticipation notes are planned to be issued for cash flow purposes, as needed. The notes would be converted to permanent bond financing in 2018.
BUDGET IMPACT:
This amendment will increase the Water Resources Bond Fund - Series 2014 Budget by $20,196,134 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 construction of the Townsend WTP Basin and Filter Improvement Project.