Laserfiche WebLink
<br />109 <br /> <br />TUESDAY JUNE 10, 1986 <br /> <br /> <br />EXHIBIT I <br /> <br /> <br />CITY OF MARTINSVlllE <br /> <br /> <br /> <br /> <br />DATE: June 3, 1986 <br /> <br />TO: The Honorable Mayor and City Council <br /> <br />FROM: George W. Brown, City Manager <br /> <br />SUBJECT: Proposed Financing Plan Covering Wastewater <br />Transmission and Treatment Facilities <br /> <br />During the regular meeting of City Council held May 13, 1986, Council <br />authorized me, through the City's consulting engineers, to begin <br />preparation of preliminary plans to expand the City's wastewater <br />treatment plant from 6 million gallons per day (MGD) to 8 MGD; and, to <br />present a recommended financing plan covering the proposed plant <br />expansion at Council's scheduled June 10, 1986, meeting. <br /> <br />Background <br /> <br />During the November 27, 1984, meeting of Council, two alternatives <br />("A" and "B") for financing future wastewater treatment/transmission <br />facilities included in an agreement reached between Henry County and <br />the City were considered. The City's financial obligation was also <br />presented and broken down in four time frames as follows: <br /> <br />Oct. Oct. <br />84 85 <br />\ $812,000 \ <br /> <br />Oct. <br />86 <br />\5137,616 <br /> <br />Oct. Oct. <br />87 88 <br />$3,384,306 <br /> <br />Oct. <br />93 <br />$2,600,000 <br /> <br />Note: Only three phases of these obligations were addressed, since the <br />fourth phase (the buy-in at the third plant) was in the distant future. <br /> <br />Alternative Plan "A" was approved by Council for financing the above. <br /> <br />SEr.;:::R FUND <br /> <br />ELECTRIC FUND <br />Budget Surplus Hydro Escrov <br />$2,362,000 $2,300,000 <br /> <br />$620,000 <br /> <br /> <br />$500,000 . <br />I $2,300,000 <br />/.,.' . <br /> <br />SEI,~ER BOND <br />FU~~O <br /> <br />;30~ <br /> <br />ELECT?IC FUND <br />CAPITAL RESERVE <br /> <br />$300,0\ <br /> <br />55 WEST CHURCH STRE <br /> <br />-0- P.G.DRAWER1112 <br />MARTINSVILLE, VIRGINIA 24114 <br /> <br />-0 <br /> <br /> <br />03) 638-3971 <br /> <br />Oct. <br />94 <br />