City of Madison - File #: 20616

• File #: 20616
• Version: 1
• Name: Authorizing the transfer of $424,223, the proceeds from the sale of 523 East Main Street, out of the Water Utility’s Depreciation Fund in order to use the entire amount to repay a portion of the Utility’s short-term loan from the City.
• Type: Miscellaneous
• Status: Approved
• File created: 11/17/2010
• In control: WATER UTILITY BOARD
• Final action: 11/23/2010
• Title: Authorizing the transfer of $424,223, the proceeds from the sale of 523 East Main Street, out of the Water Utility’s Depreciation Fund in order to use the entire amount to repay a portion of the Utility’s short-term loan from the City.

Date	Ver.	Action By	Action	Result
11/23/2010	1	WATER UTILITY BOARD	Approve	Pass

Title

Authorizing the transfer of $424,223, the proceeds from the sale of 523 East Main Street, out of the Water Utility’s Depreciation Fund in order to use the entire amount to repay a portion of the Utility’s short-term loan from the City.

Body

WHEREAS, the Madison Water Utility sold its property at 523 East Main Street for $424,223; and

WHEREAS, the proceeds were placed in the depreciation fund as required by bond ordinance; and

WHEREAS, the Madison Water Utility has a short-term debt to the City of Madison of $7,650,000; and

WHEREAS, the Water Utility Board can authorize the transfer of the sale proceeds out of the depreciation fund;

NOW, THEREFORE, BE IT RESOLVED that the Madison Water Utility is authorized to make the transfer $424,223 out of its Depreciation Fund in order to use the entire amount to repay a portion of its short-term loan from the City.