Agenda Item Title:
Approve Resolution 2018-070, A Resolution Pledging Revenue from the City’s Water Utility for Use in Repaying Bonds to Construct Certain Improvements to the City’s Water System
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
09/12/2018
City Council Hearing Date:
09/17/2018
Staff Contact:
Wade Nyberg
Agenda Item Summary:
This Resolution pledges revenue raised from the newly adopted water rates for repayment of bonds. The Resolution replaces Resolution 2009-127, approved when the previous water rate scheme was adopted. The bonds were sold to finance the construction of the Jackson Springs Water Treatment Plant and related improvements.
Note: The language of the Resolution establishes a surcharge. That surcharge is within the adopted water rates and does not add another fee or increase rates. The rate study accounted for the bond payment requirements, and this surcharge was included in the adopted rates.
Funding Source & Fiscal Impact (if applicable):
Funding | Cost Center |
---|---|
N/A – This revenue was accounted for in the rate study setting the current water rates | |
Recommendations:
Origination Recommendation Action:
Approve