Title
Ordinance to Close Water Resources Bond Fund, Series 2007 (Fund 512) and Transfer Remaining Available Funds to Water Resources Operating Fund (Fund 501) for Debt Service
Body
Department: Water Resources, Financial and Administrative Services
Council District: All
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Steve Drew, Water Resources Director, 373-7893
Contact 2 and Phone: Richard Lusk, Finance Director, 373-2077
PURPOSE:
To amend the Water Resources Bond Fund, Series 2007, in preparation to close the fund following completion of capital projects, and to transfer the remaining $485,397 in cash to the Water Resources Operating Fund for debt service payments.
BACKGROUND:
The City issued $48,040,000 in Combined Enterprise System Revenue Bonds in 2007 to make certain improvements to the utility's infrastructure, primarily for sewer line/outfall work and construction at the T.Z Osborne Wastewater Treatment Plant. The projects are now complete and unused appropriations of $253,633 for various projects (primarily for the Stewart Mill/Knox Road Outfall project) need to be reclassified to a "Transfer Out" account via a budget adjustment, along with appropriation of excess interest earnings of $231,764 in the fund to allow transfer of the remaining $485,397 in cash to the Water Resources Operating Fund, to support debt service and to close the bond fund.
BUDGET IMPACT:
The Water Resources Bond Fund, Series 2007, budget will be increased by $231,764 from excess interest earnings in order to appropriate a "Transfer Out" from the fund (along with reclassification of unused appropriations of $253,633) and the Water Resources Operating Fund will be increased by $485,397 in order to receive the remaining funds from the Water Resources Bond Fund, Series 2007, to be used for debt service. A budget adjustment will be necessary.
RECOMMENDATION / ACTION REQUESTED:
The Water Resources and Financia...
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