Explanation
BACKGROUND: The purpose of this legislation is to authorize the appropriation and transfer of $449,131 from the Special Income Tax Fund, Fund No. 430, to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund No. 553, and to authorize the reimbursement to the Division of Electricity for labor and equipment costs incurred for the Hap Cremean electrical substation project.
To ensure uninterrupted service to its customers, the Division of Water worked with the Division of Electricity to construct a city-owned 138kV substation at the Hap Cremean water plant located on Morse Road. Materials necessary for the electrical substation were purchased directly from the Water Limited Fund for this project, however, the Division of Electricity incurred costs from its operating fund for labor and equipment provided to construct the electrical substation and the connection between the water plant and the substation.
Emergency action is requested in order that this financial transaction may be processed as soon as possible so that funds may be available to the Division of Electricity for its daily operations.
FISCAL IMPACT: This method of funding is a temporary measure until the City sells notes or bonds to fund this capital improvement project.
Title
To authorize the City Auditor to transfer $449,131 from the Special Income Tax Fund to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund; to authorize the appropriation of said funds; to authorize the reimbursement to the Division of Electricity for labor and equipment costs incurred for the Hap Cremean electrical substation project; to authorize the expenditure up to an amount not to exceed $449,131; and to declare an emergency. ($449,131.00)
Body
WHEREAS, it is necessary to reimburse the Division of Electricity for costs incurred for labor and equipment provided by the Division of Electricity for the Hap Cr...
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