File #: ID 15-0045    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 12/20/2014 In control: City Council
On agenda: 1/6/2015 Final action: 1/6/2015
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
Indexes: District 2, WR Ordinance
Attachments: 1. Pkg 2 Upgrades Map.pdf, 2. Memo to CMO-Plant Upgrades.pdf, 3. Four Package Summary.pdf, 4. Jordan Lake Compliance through 2014 Presentation.pdf, 5. 15-0045 Ord. Agenda 150106 Budget Ord TZO Package 2.pdf
 
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.