Fiscal Note
This resolution is simply a transferring of debt proceeds among capital projects. No additional G.O. borrowing is required.
There is no anticipated impact upon the tax levy or cost controls.
Title
Transferring GO debt proceeds among several projects in Engineering-Major Streets, Engineering-Other and the Stormwater Utility and amending the 2006 and 2007 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 $410,157.15 of unspent proceeds from the 2004 GO Debt issuance, in the following projects:
Wingra Creek Corridor (810268) $232,754.17
Storm Box Replacement (810385) $ 24,103.94
Shorelines (810388) $125,092.76
Local Drainage (810389) $ 28,206.28
WHEREAS Engineering-Major Streets has $1,542,314.02 of unspent proceeds from 2004 and prior GO Debt issuances, in the following projects:
Railroad Crossing Updates (810357) $ 20,248.25
Neighborhood Traffic Mgmt (810360) $102,552.30
Pedestrian Improvements (810361) $123,657.06
Maple Grove Road (810367) $ 30,482.13
Beltline Frontage Road (810371) $919,750.00
Sprecher Rd Relocation (810373) $ 4,678.28
Monona Drive (810506) $ 40,946.00
Cottage Grove Road Bridge (810540) $300,000.00
WHEREAS Engineering-Other has $357,360.21 of unspent proceeds from 2004 and prior GO Debt issuances, in the following projects:
Cottage Grove Road Bike Lanes (810301) $210,910.00
Bikeways (810375) $39,146.87
Street ROW Landscaping (810377) $6,200.85
E Branch Starkweather Creek Bike Path (810380) $1,121.09
GIS Mapping System (810413) $59,981.40
Williamson/Winnebago Bike Path (810431) $40,000.00
WHEREAS the Stormwater Utility has projects which could use the excess debt proceeds. The Street Cleaning Equipment project is currently $102,000 over budget and has an additional $29,392.97 of expenses budgeted to be paid from rese...
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