Explanation
Background: This legislation authorizes the City Auditor to transfer cash and appropriation within the Streets and Highways G.O. Bonds Fund 704, within the Governmental B.A.B.s (Build American Bonds) Fund 746, and within the Streets and Highways Improvements (Non-Bond) Fund 766 in order to replenish the original cash and appropriation levels in those funds following the recent bond sale. Funds were temporarily transferred from projects that did not need to start early in the construction season to projects that needed to start earlier in the construction season and could not await the receipt of bond sale funds. Now that the city has received funds from the bond sale, the earlier transfers need to be reversed to restore funding to projects from which funds were borrowed.
Fiscal Impact: Cash is now available to be transferred in Fund 704 Streets and Highways Bond Fund.
Emergency Justification: Emergency action is requested so that the projects receiving the cash back can move forward.
Title
To amend the 2015 Capital Improvement Budget, to authorize the City Auditor to transfer cash and appropriation between projects within the Streets and Highways Bond Fund to replace funds borrowed for use on construction projects that had to begin before the bond sale; and to declare an emergency. ($0.00)
Body
WHEREAS, Roadway Improvements - Easton Square Extension was to receive $4,800,000 cash in the July 30, 2015 bond sale; and
WHEREAS, the Easton Square Extension project planned to start construction before the bond sale was to occur; and
WHEREAS, cash was borrowed from projects that had no immediate need and transferred to Easton Square Extension so construction could remain on schedule; and
WHEREAS, cash must now be paid back to the lending projects so they may move forward; and
WHEREAS, it is necessary to amend the 2015 Capital Improvement Budget to provide sufficient authority in the proper projects; and
WHEREAS, an emergency exists in the us...
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