Title
AN ORDINANCE CREATING A ROAD RECONSTRUCTION FUND (445); AND DECLARING AN EMERGENCY.
Executive Summary: The City sold $5,000,000 in bonds to fund the acceleration of the road reconstruction program. In order to easily and accurately account for the bond proceeds and their use, the City is establishing a separate fund.
Body
Legislative History
Ordinance 13-81 authorized the sale of $5,000,000 in road reconstruction bonds.
Purpose & Explanation
The purpose of the ordinance is to establish a separate fund to track the bond proceeds.
Timing Considerations
None
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends establishing the Road Reconstruction Fund (445).
Submitted by,
Jeff Knoblauch, Finance Director