Fiscal Note
This resolution is simply a transferring of debt proceeds among capital projects to comply with Federal arbitrage regulations. No additional G.O. borrowing is required. There is no anticipated impact upon the tax levy or cost controls.
Title
AMENDED - Transferring debt proceeds among several projects in Engineering-Major Streets, Engineering-Other, Sewer Utility and the Stormwater Utility and amending the 2007 and 2008 Capital Budgets.
Body
WHEREAS Federal Arbitrage law requires tax exempt debt proceeds to be spent within two years of issuance.
WHEREAS the Stormwater Utility has $820,164.21 of unspent proceeds from the 2004 and 2005 GO Debt issuances in the following projects:
Retention Pond Dredging (810259) $223,449.22
Major Roadway Culvert Crossings (810386) $ 10,379.12
Shorelines (810388) $ 844.21
Local Drainage Problems (810389) $ 8,752.22
Hoard St Sewer Replacement (810390) $217,930.77
Inter Municipal Storm Sewers (810392) $199,608.34
Willow Creek Relief (810514) $159,200.33
WHEREAS the Stormwater Utility has the following projects which could use $820,164.21 of the excess debt proceeds:
E Washington Avenue (810370) $146,665.23
Bikeways (storm sewer) (810375) $ 4,572.06
E Branch Starkweather Path (storm sewer) (810380) $ 21.36
Accompanying Storm (810381) $657,118.03
McKee Road (810461) $ 11,787.53
WHEREAS Engineering-Other has $187,387.56 of unspent proceeds from 2005 GO Debt issuance in the following projects:
Bikeways (810375) $ 25,357.53
Capital City Trail (810379) $139,614.93
Public Drinking Fountains (810509) $ 10,000.00
GIS Migration (810510) $ 12,415.10
WHEREAS Engineering-Major Streets & Engineering-Other have the following projects which could use $121,311.94 of the excess debt proceeds:
SW Bike Path (810302) $15,912.36
Maple Grove Road (810367) $ 3,092.63
E Branch Starkweather (Marshview) Path (810380) $71...
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