Explanation
BACKGROUND: This legislation authorizes the City Auditor to allow the Division of Power and Water's (Power) capital bonds fund to reimburse the operating fund, for labor and equipment costs incurred in the installation of various street lighting projects from June 9, 2008 through October 31, 2008.
FISCAL IMPACT: This legislation includes a transfer of funds from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund as a temporary measure until such time as the proceeds from a bond sale can be made available, as well as an amendment to the 2008 Capital Improvements Budget.
Title
To authorize the appropriation and transfer of $60,075.72 from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund; to amend the 2008 Capital Improvements Budget; and to authorize the City Auditor to allow the Division of Power and Water's capital bond fund to reimburse the operating fund in the amount of $60,075.72 for labor and equipment costs incurred in the installation of various street lighting projects. ($60,075.72)
Body
WHEREAS, it is necessary to reimburse the Division of Power and Water (Power) for labor and equipment incurred in the installation of various street lighting projects;
WHEREAS, the costs from the operating fund are reimbursed through the capital bonds fund; and
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund; and
WHEREAS, the City anticipates incurring certain Original Expenditures (as defined in Section 1.150-2(c) of the Treasury Regulations (the "Treasury Regulations") promulgated pursuant to the Internal Revenue Code of 1986, as amended) with respect to the construction of the Project described in this Ordinance (collectively, the "Project"), and
WHEREAS, it is ...
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