Title
Ordinance in the Amount of $2,984,835 Amending the Water Resources Capital Project Bond Fund - Series 2018 Budget to Establish Funding for a Change Order to Contract 2016-002A with Adams Robinson Enterprises, Inc. for the T.Z. Osborne Water Reclamation Facility Package 4 Project
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
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 has determined that additional work is required for capacity upgrades related to construction contract 2016-002A for the T.Z. Osborne Water Reclamation Facility Package 4 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 $2,984,835, to fund the change order for additional construction of the T.Z. Osborne Water Reclamation Facility Package 4 project. The project was funded from previously issued bond anticipation notes. The notes will be converted to permanent bond financing in FY19-20.
BUDGET IMPACT:
This amendment will increase the Water Resources Bond Fund - Series 2018 Budget by $2,984,835, from $105,376,539 to $108,361,374. Revenue bonds will be issued in FY19-20 to refinance outstanding bond anticipation notes to long-term bonds and fund completion of the projects.
RECOMMENDATION / ACTION REQUESTED:
It is requ...
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