Title
Ordinance in the Amount of $15,122,110 Amending the Water Resources Capital Project Bond Fund - Series 2018 Budget to Establish Funding for the Young’s Mill Road Outfall Project
Body
Department: Water Resources
Council District: 1
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 construction contract for the Young’s Mill Road Outfall Project. This project will require an increase of appropriation in the Water Resources Capital Project Bond Fund - Series 2018. 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 2018 in the amount of $15,122,110 to fund the construction of the Young’s Mill Road Outfall Project and this project would increase the total fund budget to $88,299,539, including $100,000 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 2019.
BUDGET IMPACT:
This amendment will increase the Water Resources Bond Fund - Series 2018 budget by $15,122,110 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 2018 budget to establish additional funding for the Young’s Mill Road Outfall Project.