Minutes 08/12/1986 - Laserfiche WebLink

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5!} Financing Plan 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 (O)(excluding the certificate of deposit valued at $3,514,927 at maturity). Phase I WATER FUND (FY 86-87) $1,261,408 (Available if needed) SEWER FUND (FY 86-87) $1,548,037 $1,333,333 (as needed) SEWER BOND FUND -0- NOTE: This will leave $214,704 in the Sewer Fund which is classified as a major contingency, and a fairly large surplus in the Water Fund (hope- fully, $1,261,408. The exact amount of transfer from these funds will be subject to the actual contract price for expanding the City's Plant. 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 four months. If this occurs, an additional transfer of $45,872 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 SEWER FUND (FY 88-89) $1,129,642 $420,467 CERTIFICATE OF DEPOSIT (including interest) $3,514,927 $3,514,927 SEWER BOND FUND -0- NOTE: This will leave a projected balance in the Sewer Fund of $709,175 at the end of FY88-89. 2