Legislation # 14-0004 Enactment Number none
Type Resolution - Budget Item Effective Date 1/8/2014
Introduction Date 1/8/2014
Title Resolution Authorizing an Advance of $1,500,000 from the City’s General Fund Unassigned Fund Balance to Fund the Transportation Initiatives Project. These Funds will be Returned to the General Fund Unassigned Fund Balance from the Proceeds of the City’s General Obligation Bonds when Issued.
 
Legislation History 14-0004
DateNotice Of ActionDescription
1/8/2014 Approved
12/23/2013 Received By Clerk's Office
 
View Attachments 14-0004
FileTypeSizeDescription
R-2013-00486.doc PC Resolution 36K R-2013-00486
 
Legislation Text 14-0004

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 14-0004

 

Enactment Number: -

 

Resolution Authorizing an Advance of $1,500,000 from the Citys General Fund Unassigned Fund Balance to Fund the Transportation Initiatives Project. These Funds will be Returned to the General Fund Unassigned Fund Balance from the Proceeds of the Citys General Obligation Bonds when Issued.

 

WHEREAS, the Hampton City Council appropriated, via the fiscal year 2014 Capital Budget, funds for the Transportation Initiatives Project which is to be funded from the proceeds of a City General Obligation Bond Issue planned for fiscal year 2015; and

 

WHEREAS, Council acknowledges that proceeds from a bond issue will not be available to permit the City to procure and perform necessary work in a timely manner to meet deadlines and begin preliminary work; and

 

WHEREAS, the City Manager recommends an advance appropriation of $1,500,000 from the General Fund Unassigned Fund Balance to the Capital Projects Fund for the Transportation Initiatives Project to provide funding on a temporary basis until the General Obligation Bonds are issued, at which time the advanced funds will be returned to the General Fund Unassigned Fund Balance;

 

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HAMPTON, VIRGINIA; that the sum of $1,500,000 is hereby appropriated from the General Fund Unassigned Fund Balance for the Transportation Initiatives Project and that this amount is to be returned to the General Fund Unassigned Fund Balance as soon as practicable from the proceeds of the anticipated General Obligation Bond Issue.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on January 8, 2014.

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council