Minutes 06/10/1986 - Laserfiche WebLink

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..3 J : The Honorable Mayor and City Council Page 4 June 3, 1986 TUESDAY, JUNE 10, 1986 Listed below is a schematic plan for financing the above described obligations, recognizing that the Sewer Bond Fund is simply a construction account into which will be deposited or transferred funds to be used for paying our contractual obligations for Capital Improvements and for buy-back of plant capacity from PSA as covered in our agreement with the County. The balance in the Bond Fund at present is zero (0). Phase I SEHER FUND (FY 86-87) $1,431 ,048 $~,OOO (as n ~ 1 I I SEWER BOND FUND -0- WATER FUND (FY 86-87) $1,240,027 $216,6y~ (a/eeded) ~/ Note: This will leave $131,048 in the Sewer Fund which is classified as a major contingency, and a fairly large surplus in the Water Fund of $1,023,360. The exact amount of transfer from these funds will be subject to the actual contract price for expanding the City's plant, and with the option of the Water Fund transfer being paid back when bonds are sold in FY 88-89 to assist in paying for the phase III obliga tions. Phase II It is highly possible that the City will not have to divert waste to the Upper Smith River plant. This will be dependent upon the actual increase in rate of water consumption by the industries involved. However, if some diversion becomes necessary, it will probably be small and for a period of only one year. If this occurs, an additional transfer of $137,616 could be made from either the Sewer or Water Fund to cover this cost dependent upon the actual status of either of these funds. : Phase III Certificate of Deposit (including interest) $3,514,927 Bond Sale or $1,000,000 (Estimated) SEWER BOND FUND -0-