Title
Ordinance in the Amount of $2,219,188 Amending the Water Resources Capital Project Bond Fund - Series 2014 Budget to Establish Funding for the Design of the TZO Biological Nutrient Removal Upgrades 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: Elijah Williams, 373-4632
PURPOSE:
The City of Greensboro Water Resources Department is ready to award the design contract for the TZO Biological Nutrient Removal Upgrades 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 $2,219,188 to fund the design of the TZO Biological Nutrient Removal Upgrades Project and this project would increase the total fund budget, 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. This item was referred to Council by the General Government and Infrastructure Committees.
BUDGET IMPACT:
This amendment will increase the Water Resources Bond Fund - Series 2014 Budget by $2,219,188. This funding will be made available from a portion of the bond anticipation notes issued in 2014 and a portion of the bond anticipation notes to be issued in the first quarter of 2016.
RECOMMENDATION / ACTION REQUESTED:
It is requested and recommended that City Council adopt the attached ordinance to amend ...
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