File #: ID 16-0479    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 5/27/2016 In control: City Council
On agenda: 6/21/2016 Final action: 6/21/2016
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
Attachments: 1. 16-0479 Budget Ordinance - CES 2007 Bond Closeout June 2016.pdf
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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