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Meeting Date: September 26, 2000

Subject/Title: Allocation of funds to the Maintenance Service Center CIP Project 

Submitted by: Finance Department (Anita Jones)

Approved by: Jon Elam, City Manager

Approve the reallocation of funds in the Wastewater Property Acquisition Fund (Fund No. 591) to the Maintenance Service Center CIP Project.


In 1992, when the 88-1 bonds were refinanced there were interest earnings available for wastewater projects. A portion of the interest earnings was placed in a separate fund, for the purpose of paying the interest and principal on a loan agreement for the purchase of 27 acres next to the existing wastewater plant. The loan was for ten years that required interest only payments and a $1,000,000 balloon payment in January 2000. Over the ten-year period these funds earned interest, and now that the loan has been paid in full there is a balance remaining of approximately $462,555 in the Wastewater Property Acquisition Fund. 

Staff has reviewed the wastewater-related projects in the CIP Budget and recommends reallocating the funds to the Maintenance Service Center project. It is anticipated that the enterprise funds will contribute funds to this project and this would help towards the Wastewater Enterprise Funds contribution towards the construction of a maintenance facility. The transfer of these funds would reduce the fiscal impact on the Community Facility Fee Fund, leaving more funds available for other projects, such as the Police Facility or City Hall.

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