Fiscal Note
This resolution transfers debt proceeds among capital projects to comply with Federal arbitrage regulations.
There is a reduction in GO for the Stormwater Utility for 2010 of $180,445.
There is no anticipated impact upon the tax levy or cost controls.
The entry needed for the transfer of funds is as follows:
ESTM-57458-810392 $ 53,000 Inter-Muni Storm Sewers
ESTM-57458-810513 46,430 Wingra Dam Rehab
ESTM-57458-810550 81,015 Lower Badger Mill Creek
ESTM-79461-810551 (180,445) Urban Water Quality Enh
Title
Amending the 2010 Capital Budget of the Stormwater Utility 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.
WHEREAS the Stormwater Utility has $180,445 of unspent proceeds in the following projects:
Inter-Municipal Storm Sewer (810392) $53,000
Wingra Dam Rehab (810513) $46,430
Lower Badger Mill Creek (810550) $81,015
WHEREAS the Stormwater Utility has the following project which could use these excess debt proceeds and thereby reduce the 2010 borrowing for this project:
Urban Water Quality Projects (810551) $180,445
NOW THEREFORE BE IT RESOLVED that the unspent GO Debt proceeds be transferred as outlined above; and
BE IT FURTHER RESOLVED that the 2010 Capital Budget of the Stormwater Utility be amended as follows:
ESTM-79140-810551 $180,445 GO Debt Proceeds (Reduction)
ESTM-79461-810551 ($180,445) Transfer from Stormwater