Explanation
1. BACKGROUND: This legislation authorizes the City Auditor to transfer, and appropriate $939,236.39 from the Storm Sewer System Reserve Fund to the Storm Sewer Bond Fund in connection with the Department of Transportation's Rarig, 6th Avenue and 7th Avenue Project, which is being authorized within Ordinance No. 0587-2004. This project is a cooperative effort between the Public Service and Public Utilities Departments that includes the coordination of all planned capital improvements into one combined construction contract for purposes of reducing overall construction costs and to minimize the disruption that separate project would have caused to the surrounding community.
2. FISCAL IMPACT: 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. There is sufficient budget authority within the 2003 Capital Improvements Budget for this expenditure.
3. EMERGENCY LEGISLATION: The Division of Sewerage and Drainage is requesting City Council to consider this legislation an emergency measure in order to provide the funds required to allow for the award of the subject construction contract pursuant to the completion of the improvements by the summer of 2005.
Title
To authorize the City Auditor to transfer, and appropriate $939,236.39 from the Storm Sewer System Reserve Fund to the Storm Sewer Bond Fund, in connection with the Rarig Avenue, 6th and 7th Avenues Project, for the Division of Sewerage and Drainage, and to declare an emergency. ($939,236.39)
Body
WHEREAS, the Department of Public Service and the Department of Public Utilities have determined it to be in the City's best interest to coordinate the installation of roadway and stormwater infrastructure improvements by combining them into one construction project, known as the Rarig, 6th Avenue and 7th Avenue Project, for purposes of reducing overall...
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