City of Valdez - File #: RES 19-0061

• File #: RES 19-0061
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/26/2019
• In control: City Council
• On agenda: 12/3/2019
• Final action: 12/3/2019
• Title: #19-61 - Amending the 2019 City Budget by Recognizing $15,000,000 of General Obligation Bond Proceeds Revenue, and Appropriating Same to Capital Project Fund for Phase I of Citywide Pavement and Infrastructure Improvements Project
• Sponsors: City Council

Date	Ver.	Action By	Action	Result
12/3/2019	1	City Council	approved	Pass

ITEM TITLE: 

#19-61 - Amending the 2019 City Budget by Recognizing $15,000,000 of General Obligation Bond Proceeds Revenue, and Appropriating Same to Capital Project Fund for Phase I of Citywide Pavement and Infrastructure Improvements Project

SUBMITTED BY: Brian Carlson, Finance Director

FISCAL NOTES: 

Expenditure Required: $15MM

Unencumbered Balance: $15MM

Funding Source: Proceeds of pending 2019 General Obligation Bond

RECOMMENDATION:

Approve

SUMMARY STATEMENT:

•                     This resolution recognizes the pending $15MM of General Obligation bond proceeds, which are scheduled to “close” on December 16^th, 2019.

•                     It also appropriates the bond proceeds toward the Pavement/Utilities Upgrades project, pursuant to the voter-approved ballot measure.