NUMB:
981392
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution authorizing the transfer of $8,104,980 from the Milwaukee Water Works Capital Improvement Fund to the Milwaukee Water Works Operations and Maintenance Fund. (Milwaukee Water Works)
ANLS:
- Analysis -
This resolution authorizes and directs the City Comptroller to transfer $8,104,980 in cash from the Milwaukee Water Works Capital Improvement Fund to the Milwaukee Water Works Operations and Maintenance Fund. The transferred funds will be used to make up an anticipated shortfall of cash in the Operations and Maintenance Fund needed to cover debt service costs.
BODY:
Whereas, It is anticipated that, by the end of 1998, the amount of cash available in the Milwaukee Water Works Operations and Maintenance Fund will be insufficient to cover debt service costs; and
Whereas, The amount of cash available in the Milwaukee Water Works Capital Improvement Fund is adequate to meet the projected cash shortfall in the Operations and Maintenance Fund; and
Whereas, The City Attorney has determined that the Water Works Capital Improvement Fund is a legal cash revenue source for the Water Works Operations and Maintenance Fund, provided the City Comptroller is authorized by Common Council resolution to make the appropriate fund transfer; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is authorized and directed to transfer $8,104,980 in cash from the Milwaukee Water Works Capital Improvement Fund (account number 42-999-2780) to the Milwaukee Water Works Operations and Maintenance Fund (account number 41-999-2780), said funds to be used to make up an anticipated shortfall of cash in the Operations and Maintenance Fund needed to cover debt service costs.
ZDPT:
DPW-Milwaukee Water Works
DFTR:
98400-1
JDO
12/17/98