Minutes 06/10/1986 - Laserfiche WebLink

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~I TUESDAY, JUNE 10, 1986 The Honorable Mayor and City Council Page 2 June 3, 1936 During a meeting of Council held February 12, 1985, I presented a report, dated February 5, 1985, on bids received for the first phase of improvements (upgrading the City's wastewater plant) and a new schedule showing the City's financial obligations covering future wastewater treatment/transmission facilities as follows: Oct. Oct. 84 85 1$820,0001 Oct. 86 I 137,616 Oct. Oct. 93 $2,600,000 Note: The primary difference in this revised financial obligation schedule over the original schedule was a $4l0,200 cost increase in the third phase of the program, resulting from the projected cost of buying back the PSA's share of the cost of upgrading the City's plant. It was noted in my February 5, 1986, ceport that the original transfer of $800,000 to the Sewer Bond Fund as shown under Plan "A" could be sufficient to cover the City's portion of the cost of upgrading the City's plant. This project (including engineering and special studies) has been completed, and the final total City cost was $795,599.86. It was also pointed out in my report that the actual transfer from the Hydro Escrow Fund to the Sewer Bond Fund was $2,254,457.91 and that this amount was invested on a Certificate of Deposit at 13.1% interest rate for 42 months, with the projected cumulative total of principal and interest at the end of 42 months being $3,514,927. Future Facilities In consideration of the 6 MGD to 8 MGD, it obligation schedule wastewater/transmission immediate need to expand the City's plant from is appropriate to prepare a new financial and a revised plan for financing future facilities. Oct. 94