AG 2002 12 16 (Regular) - Laserfiche WebLink

Home Browse Search

3. Approval of an Amendment to the FY 2002-03 Budget Ordinance for the Developmem of a Regional. Drought Mar~gemem Plan - It has been determined that the Budget does not have sufficient funds available to pay for the developmem of the Plan. An Ordinance to Amend FY 2002-2003 Budget Ordinance is provided, which appropriates $55,000 of retained earnings and increases capital outlay-other, to allow for the execution of the contract with Black & Veatch, Inc. Action taken: approved An Ordinance to Amend FY 2002-2003 Budget Ordinance to increase both Retained Earnings Appropriated and Capital Outlay-Other by $55,000. NEW BUSINESS 1. Consideration of Approval of a Resolution of Acceptance - North Carolina Clean Water Revolving Loan for the Rocky_ River Regional Wastewater Treatment Plant Upgrade and Expansion Phase II Project - The N. C. Department of Enviroment and Natural Resources (NCDENR), Construction Grants and Loans Section, has offered us a $9,427,095 revolving loan for the upgrade and expansion of the Rocky River Regional Wastewater Treatmem Plant (RRRWWTP) Phase II Project (Project). The 20-year loan has an interest rate of 2.55% with a projected annual debt service of $607,581, which will begin in fiscal year 2004-05. NCDENR requires that we adopt a resolution to accept the loan. Action taken: approved the Resolution of Acceptance - North Carolina Clean Water Revolving Loan. 2, Consideration of Approval of a Capital Project Ordinance - Clean Water Management Trust Fund Grant - Lake Howell Buffer Acquisition - An Ordinance to Add a Capital Project Fund for the Acquisition of Lake Howell Buffers (Ordinance) is provided for your consideration. The Ordinance allows WSACC to spend the Clean Water Management Trust Fund Grant on additional buffers around Lake Don T. Howell (Lake Howell), and to finalize the Option to Purchase Contract on the Mesimer property, which is scheduled for June 2006. The Ordinance appropriates $280,000 of Retained Earnings, and allows for reimbursemem by bond proceeds when and if bonds are sold for this project. A preliminary budget outlining eligible and ineligible costs is provided for your review. We plan to reimburse WSACC's $280,000 advance by either arranging outside or inside financing. If internal financing is chosen, we will select an appropriate interest rate, which will be charged to the jurisdictions since you previously directed staff to make the water operations self-supporting. Action taken: approved An Ordinance to Add a Capital Project Fund for the Acquisition of Lake Howell Buffers. 3. Consideration of Approval of an Amendment to the FY 2002-03 BUdget Ordinance in Conjunction with Capital Project Ordinance for the Clean Water Management Tru,t Fund Grant Lake Howell Buffer Acquisition - An Ordinance to Amend FY 2002-2003 Budget Ordinance is provided, which authorizes the transfer of $280,000 from the Operating Fund to the Capital Project Fund as detailed in the above referenced Capital Project Ordinance. Action taken: approved An Ordinance to Amend FY 2002-2003 Budget Ordinance to increase both Retained Earnings Appropriated and transfers to the Capital Project Fund by $280,000.