HomeMy WebLinkAbout1981-07-21; City Council; 6669; Appropriationg of Funds for Bond Payments~ CITY OF CARLSBAD
AGENDA BILL NO. ____ .!let;...:t,;.::,:/e:;...9,_, ________ _
DATE: July 21, 1981
DEPARTMENT:.....;F~i~na~n~c~e _____________ _
Subject: Aporopriation of Funds for Bond Payments
Statement of the Matter
Initial:
Dept.Rd.~~
C. Atty.-¥-'"!~
C. Mgr.~¢"
The water enterprise pays interest and principal costs for three revenue bond
issues on a semi-annual basis. The costs for this year will be $105~000 for
principal and $75,000 for interest, for a total of $180,000. These costs should
be covered by an appropriation of funds from the water retained earnings each
year.
Payments are due July 1, 1981 and January 1 1 1982. These semi-annual nayments
will run through 19~0 when all bonds will be retired.
Fi seal Imnact
This appropriation will bring the estimated 6/30/82 retained earnings down to
$1,111,000 from $1,291,000.
Exhibits
Reso 1 ution No. t:,t,() f' appropriating funds for bond payments.
Reconmenda ti on
Adopt Resolution No. &(;pf .
APPROVED
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RESOLUTION NO, 6608
A RESOLUTION OF THE CITY COUNCIL OF THE
CARLSBAD APPROPRIATING FUNDS FOR THE PA~-
MENT OF BOND DEBT SFRVICE FOR WATER REVENUE
BONDS FOR FISCAL YEAR 1981-82.
WHEREAS, the City of Carlsbad Water Enterprise nnnualiy
pays Debt Service costs fqr three Water Revenue Bond issues; nnd
WHEREAS, these payments nre due and paynblc on the first
day of July and the first day of January each year; and
WHEREAS, the annual budget for the Water Enterprise should
include an appropriation of funds for said payments during
fiscal year 1981-82; and
WHEREAS, funds have not yet been appropriated for the pay-
mfnt of the~e Bond payments in fiscal year 1981-82; and
WHEREAS, nufficient fund& arc available within the Water
Enterprise Fund for said payments.
NOW, THEREFORE, BE IT RESOLVED that funds in the amount of
$180,000 are hereby appropriated from the Water Enterprise Fund
for the payment of Bond Debt Servi~e expenses during fiscal year
1981-82.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council on the 2lat.._ day of July
vot:e, to wit:
1981 by the following
An:s: Council Mambcrs Packard, Casler, An.cm:, Lewis and Kulch:in
NOES: None
All SF.NT: None
ATTES'r:
Clut4. ). 6?(} JJ •
ALETHA L, RAUTENKRANi 1 City Cle_k_