NUMB:
981140
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution appropriating a sum not to exceed $16,500,000 from the surplus revenue of the Water Fund established under sec. 14-07 of the City Charter for financing work-in-progress obligations incurred under contracts entered into by the City for improvements to water treatment facilities. (Comptroller)
ANLS:
Analysis
In 1995 the City authorized borrowing for improvements to water treatment facilities. Based on this borrowing authorization, the City entered into contracts and advanced general City funds for in-progress payments under such contracts in anticipation of borrowing. The borrowing authorization supporting these advances will lapse at the end of fiscal year 1998 and the City must put appropriation authority in place to support advances against which no funds were borrowed. Section 18-06-8 of the City Charter provides that any department charged by law with the construction, extension, operation and maintenance of the water works may spend money from the surplus revenue of such water works in addition to sums specified in the budget when deemed necessary to maintain the service upon being authorized to do so by a 3/4 vote of all the aldermen of the common council, specifying by resolution the purpose and the sum appropriated. Such resolution will provide the necessary appropriation authority for expenses incurred in 1998 under contracts for improvements to water works treatment facilities.
BODY:
Whereas, The City has entered into contracts for improvements to water treatment facilities; and
Whereas, The City incurred obligations under such contracts in 1998 for in-progress payments under such contracts; now, therefore, be it
Resolved, By the Common Council that a sum not to exceed $16,500,000 be and hereby is appropriated from surplus revenue in the Water Fund established under sec. 14-07 of the City Charter for the purpose of paying amounts incurred in 1998 under con...
Click here for full text