Staff recommends adoption of the attached ordinance reallocating the 2007 Capital Improvement Bonds for the Electric Fund.
The following adjustments are required to reallocate the 2007 bond funds among the projects based on actual and projected expenditures (see attached narrative explanation):
Project Current Budget Proposed Budget Difference
Meters $ 120,000 120,000 -0-
Transformers 500,000 500,000 -0-
Distribution Lines 7, 257,728 5,563,848 (1,693,880)
Other Equipment -0- 1,693,880 1,693,880
Lighting Projects 200,000 200,000 -0-
Subdivisions 815,700 815,700 -0-
Reconductoring 1,783,480 1,783,480 -0-
Substations 200,000 200,000 -0-___
$ 10,876,908 $ 10,876,908 $ -0-
The 2007 Bond issue project list included funding of $1,740,000 to underground College Drive to Radio Road/Hwy 441. On March 23, 2009, the City Commission approved the contract with Power Secure to purchase interactive generator transfer switches and associated services. The project total of $1,693,880 consists of Power Secure $1,652,880 and $35,000 to connect the generator at the Public Works site. Bond counsel has verified that the funds are eligible to be reallocated to the other equipment project.
2. Such alternative action as the Commission may deem appropriate
There is no fiscal impact on the Electric fund:
FY 2009 CURRENT
FY 2009 AMENDED
Prepared by: Brandy________________
Attachments: Yes_X__ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head __JB____
Finance Dept. ___________JB_____
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
Narrative Explanation- Reallocation of Funds 2007 Electric Fund
Capital Improvement Bond Funded Projects
Distribution Lines (-1,693,880)
Funding to include the cost to install poles and fixtures used for supporting overhead conductors and service wires used for distribution purposes. Additionally, funding for underground conduit, conductors, and devices will be used for distribution purposes.
Other Equipment (+1,693,880)
Funding to provide equipment and services for eight city-owned generators. The project will retrofit eight existing City owned emergency generators to accommodate operation during hours of peak demand each month providing the opportunity to reduce power supply costs. Additionally, funding is provided to install the existing Public Works generator at the Public Works site.
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA REALLOCATING THE 2007 CAPITAL IMPROVEMENT ELECTRIC BOND FUNDS; AND PROVIDING AN EFFECTIVE DATE.
WHERAS, it is now necessary to reallocate the 2007 Capital Improvement Bond for the Electric Fund and,
WHEREAS, such action was not anticipated in the original 2007 Capital Improvement Bond for the Electric Fund, and
WHEREAS, there is no fiscal impact on the Electric Fund
NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:
The reallocation of the 2007 Capital Improvement Electric bond funds of $1,693,800 from the distribution project to the other equipment project is to align the needs of the Electric utility.
This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.
PASSED AND by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _____ day of __April_______ 2009.