Fiscal Note
This resolution makes several needed technical adjustments to the 2009 capital budget for Engineering related projects. One set of adjustments transfers $948,000 of unspent 2007 debt proceeds among various capital projects to allow the use of these available funds for previously approved purposes in compliance with Federal arbitrage regulations. Another section rebalances budgets where actual project revenues exceeded budget estimates. The final section removes budget authority that relates to the federal and state share of capital projects where these revenues and related expenditures are not recorded in the City’s financial system.
No additional G.O. borrowing is required. For the Stormwater Utility, there is a reduction in GO for 2009 of $204,930.
There is no anticipated impact upon the tax levy or cost controls.
Title
Amending the 2009 Capital Budgets of Engineering-Major Streets, Engineering-Other, Stormwater Utility and State Street-Capitol Square and Transferring Debt Proceeds Among Capital Projects.
Body
WHEREAS Federal Arbitrage law requires tax exempt debt proceeds to be spent within two years of issuance, which for the 2007 issuance is October 2009; and
WHEREAS the Stormwater Utility has $204,930 of unspent proceeds from the 2007 GO Debt issuance in the following project:
Stormwater Basins (810384) $204,930
WHEREAS the Stormwater Utility has the following project that could use these excess debt proceeds and thereby reduce the 2009 borrowing for this project:
Wingra Creek (810268) $204,930
WHEREAS Engineering-Major Streets has $743,410 of unspent proceeds from the 2007 GO Debt issuance in the following projects:
Bridge Replacement/Repair (810356) $104,800
Railroad Crossings (810357) $85,600
South High Point Road (810364) $524,770
Beltline Frontage Rd (810371) $22,930
Monona Dr (810506) $5,310
WHEREAS Engineering-Major Streets has the following projects which could use $500,170 of these ex...
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