Explanation
BACKGROUND: This legislation authorizes the transfer of monies within the Storm Sewer Bonds Fund; authorizes the transfer, appropriation and expenditure of monies from the Storm Sewer Reserve Fund to the Storm Sewer Bond Fund; and amends the 2003 Capital Improvements Budget so as to allow sufficient funds and authority to acquire the necessary easements, professional services and administrative costs for the following Capital Improvements Projects:
610736: Glendower/Llewellyn - $13,580.00
610840: Oaklawn/Piedmont - $5,000.00
610988: Francisco Road - $100,000.00
610996: Briarmeadow Drive Culvert - $10,700.00
610712: Refugee Road Pump Station - $37,500.00
610994: McDannald Estates - $54,725.00
610946: Trentwood/Shadyhill - $70,350.00
610923: Bliss Run Phase 3 - $50,000.00
610037: East Central Relief - $17,000.00
610714: Mock Road Storm - $25,000.00
EMERGENCY DESIGNATION: This ordinance is submitted as a emergency so as to allow the easements to be acquired as soon as possible to maintain project construction schedules.
FISCAL IMPACT: The projects for which this legislation requests fund transfer currently have insufficient balances to allow for the aforementioned expenditures. These transfers do not reflect any changes to the projects planned in the 2003 Capital Improvements Budget (CIB). The changes are a temporary measure for the project that is being designed or constructed to maintain efficient cash flow within Stormwater CIB Funds will be made available for all approved projects as needed.
This fund transfer from the Storm Sewer System Reserve Fund to the Storm Sewer Bond Fund is a temporary measure, until such time as the proceeds from a bond sale can be made available.
Title
To authorize the City Auditor to make an intra-subfund transfer of $113,668.22 within the Storm Sewer Bonds Fund; to authorize the City Auditor to transfer, and appropriate $270,186.78 from the Storm Sewer System Reserve Fun...
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