Legislation # 14-0225 Enactment Number none
Type Resolution Effective Date none
Introduction Date 6/11/2014
Title Resolution Authorizing an advance of $2,462,500 to School Maintenance and Improvement Projects from the City's General Fund Unassigned Fund Balance to be returned to the General Fund Unassigned Fund Balance from the proceeds of the City's 2015 General Obligation Bond Series when issued.
 
Legislation History 14-0225
DateNotice Of ActionDescription
6/11/2014 Approved - items 1 through 8 and 12 through 17 on the consent agenda.
5/17/2014 Received By Clerk's Office
 
View Attachments 14-0225
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Legislation Text 14-0225

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 14-0225

 

Enactment Number: -

 

Resolution Authorizing an advance of $2,462,500 to School Maintenance and Improvement Projects from the City's General Fund Unassigned Fund Balance to be returned to the General Fund Unassigned Fund Balance from the proceeds of the City's 2015 General Obligation Bond Series when issued.

 

Whereas, the Hampton City Council appropriated via the FY2014 Capital Budget funds for School Maintenance and Improvement Projects which are to be funded from the proceeds of a City General Obligation Bond Issue in FY 2015; and

 

Whereas, Council acknowledges that proceeds from a 2015 bond issue will not be available to permit the City to procure and perform necessary work in a timely manner to meet deadlines, begin preliminary work and to work during the most opportune time; and

 

Whereas, the City Manager recommends an advance appropriation of $2,462,500 from the General Fund Unassigned Fund Balance to the School Maintenance and Improvement Projects to provide funding on a temporary basis until the 2015 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 City Council of Hampton, Virginia, that the sum of $2,462,500 is hereby appropriated to the School Maintenance and Improvement Projects and that this amount be returned to the General Fund Unassigned Fund Balance as soon as practicable from the proceeds of the anticipated FY 2015 General Obligation Bond Issue.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on June 11, 2014.

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council