HomeMy WebLinkAbout116-09 RESOLUTIONRESOLUTION NO. 116-09
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE
AMOUNT OF SEVEN AND A HALF MILLION DOLLARS ($7,500,000.00)
TO RECOGNIZE REVENUE FROM THE SALE OF THE 2009 WATER AND
SEWER REVENUE BONDS
WHEREAS, the Fayetteville City Council authorized the issuance of the 2009 Water and
Sewer Revenue bonds to acquire necessary funds for water and sewer capital projects; and
WHEREAS, the sale of the 2009 Water and Sewer Revenue Bonds has generated seven
and a half million dollars ($7,500,000.00).
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
the attached budget adjustment to place the $7.5 million raised from the sale of the 2009 Water
and Sewer Revenue Bonds into the Water and Sewer Fund and appropriate them for capital
improvements of the City's water and sewer facilities.
PASSED and APPROVED this 2nd day of June, 2009.
APPROVED:
ATTEST:
By:
So
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D' • E. SMITH, City lerk/Treasurer
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Paul A. Becker
Submitted By
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
i al
City Council Meeting Date
Agenda Items Only
Finance Director
Division
Action Required:
Finance
Department
This request is to appropriate the proceeds of the 2009 Water & Sewer Revenue Bond Issue expended for the purpose
of projects associated with relocations due to road improvement programs primarily the 265 (Crossover Road)
improvement project.
7,500,000
Cost of this request
5400.5640.5808.00
5400.5740.5815.00
Account Number
09018
Project Number
Budgeted Item
$
Category / Project Budget
$
W&S Reloctions - 2009 Bond Proceeds
Program Category / Project Name
Water & Sewer Improvements
Funds Used to Date Program / Project Category Name
Water & Sewer
Remaining Balance Fund Name
Budget Adjustment Attached
X
Department Director
City Attorney
5 - 15- Zoo')
Date
Date
5--IS-2669
Finan cae Director Date
Previous Ordinance or Resolution #
Original Contract Date:
Original Contract Number:
Received in City
Clerk's Office
TIT
Comments:
H:1Budget\FRajgett for Pau1120091Staff Review Form for WS Bond Issue Request
aye evi e
ARKANSAS
DEPARTMENTAL CORRESPONDENCE
TO: Mayor Lioneld Jordan and Fayetteville City Council
Thru: Don Marr, Chief of Staff
FROM: Paul A. Becker, Finance Director
DATE: May 14, 2009
SUBJECT: Appropriation Authority for 2009 Water and Sewer Revenue Bonds
Background:
Pursuant to the passage of Ordinance 5235 on April 21, 2009, the series 2009 Water and
Sewer Revenue Bonds have been sold. To proceed with the identified projects it is
necessary to create a new program in the Water and Sewer Fund and appropriate the
proceeds in accordance with the attached budget amendment.
Recommendation:
It is recommended that the attached budget amendment be approved so that planned work
can commence in the fiscal year 2009.
Budget Impact:
The attached budget amendment will fund capital projects in the Water and Sewer Fund in
the amount of $7,500,000. The funds will come from the bond proceeds.
RESOLUTION NO.
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT
IN THE AMOUNT OF SEVEN AND A HALF MILLION DOLLARS
($7,500,000.00) TO RECOGNIZE REVENUE FROM THE SALE OF
THE 2009 WATER AND SEWER REVENUE BONDS
WHEREAS, the Fayetteville City Council authorized the issuance of the 2009 Water and
Sewer Revenue bonds to acquire necessary funds for water and sewer capital projects; and
WHEREAS, the sale of the 2009 Water and Sewer Revenue Bonds has generated seven
and a half million dollars ($7,500,000.00).
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
the attached budget adjustment to place the $7.5 million raised from the sale of the 2009 Water
and Sewer Revenue Bonds into the Water and Sewer Fund and appropriate them for capital
improvements of the City's water and sewer facilities.
PASSED and APPROVED this 2nd day of June, 2009.
APPROVED: ATTEST:
By: By:
LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
2009
Department: Utilities
Division: Water & Sewer Maintenance
Program: W&S Bond Proceeds
Project or Item Added/Increased:
$7,500,000 is requested in the water and sewer
improvement accounts.
Date Requested
5/15/2009
Adjustment Number
Project or Item Deleted/Reduced;
$7,500,000 is requested from the Proceeds from Bond
Sales account.
Justification of this Increase:
When the AHTD widens a state highway within the city
limits the City is responsible for the relocation of the
water and sewer lines.
Justification of this Decrease:
The proceeds of the: "2009 Water & Sewer Bond issue will.
finance the relocation of water and sewer lines for road
improvement projects.
Increase' Budget`
Account INumiier
Water`-Line.Improvements
roceeds from Bond`Sales.. 5
Posted to General Ledger
Posted`: to Project Accointtri