From
Ron McCuller
Title
Ordinance amending the FY 2016/2017 Capital Improvement Projects Budget; and authorize payment of the Loan Origination fee of $94,535 for the Principal Forgiveness Agreement Loan between the Texas Water Development Board and the City
Presenter
Ron McCuller, Director of Public Works
Recommended Action
Approve
Analysis
On January 26, 2017, TWDB approved the City's financial assistance request in the amount of $5,741,175, consisting of a $5,110,000 loan and $631,175 in loan forgiveness, from the Clean Water State Revolving Fund. The City will use the funds to finance construction of wastewater system improvements. The timeline and schedule of activities was presented to the Finance and Government Committee on March 7, 2017. The pricing of the bonds will take place the week of April 10 and the bonds will be structured over a thirteen year term.
This loan has a loan origination fee of $94,535. The purpose of this communication is to appropriate funds for this fee which is due on or before May 22, 2017. The loan closing date is May 23, 2017.
Financial Consideration
Funding in the amount of $94,535 is available by appropriating and transferring from the unobligated fund balance of Water Capital Projects Fund (500592) to WO#01714601 (TWDB Origination Fee)
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2016/2017 CAPITAL IMPROVEMENT PROJECTS BUDGET BY TRANSFERRING AND APPROPRIATING $94,535 FROM THE UNOBLIGATED FUND BALANCE IN THE WATER CAPITAL PROJECTS FUND (500592) WO#01714601 (TWDB ORIGINATION FEE)
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. THAT THE FY 2016/2017 Capital Improvement Projects Budget be amended by transferring and appropriating $94,535 from the unobligated fund balance in the Water Capital Projects Fund (500592) WO#01714601 (TWDB Origination Fee)
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, MAY 16TH...
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