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CIl . OF SAN BERNARDrO - REQUr IT FOR COUNCIL AC JON
From: WARREN A. KfWDSDrI
Subject: Disposition Of Remaining Library
Construction Fund Monies
Dept: Fi nance
Date: January 16, 1986
Synopsis of Previous Council action:
The Mayor and Common Council, over the past several years, have approved the
sale of bonds and receipt of State Library Grant Funds for the financing of
the Nonnan F. Feldheym Central Library. Over the same period of time, various
construction contracts and change orders have been approved.
Recommen1ed motion:
That any funds remalnlng in the Library Construction Fund be applied toward the
Library debt service.
/Jc.--C /~
Signature
Contact person:
Warren A. Knud~on
Phone: 5242
Supporting data attached: Staff Report Ward: N/A
FUNDING REQUIREMENTS: Amount:Estimated $287,655 Source: Library Construction Fund
Finance:
.0 "- C' /:.--L~u_ _
Council Notes:
75.0262
Agenda Item No,
S-2..
CIT OF SAN BERNARDI' :) - REQU[ T FOR COUNCIL AC' :ON
STAFF REPORT
The Library Ad Hoc Committee met on January 14, 1986, to review total available
revenues, projected expenditures, and available balance on the Library construction
project. The report from the Director of Public Works/City Engineer dated
January 14, 1986, set forth the following information:
Total Available Funds
Total Projected Expenditures
Projected Available Balance
56,248,017
5,960,362
$ 287,655
The Committee unanimously recommended that the funds remalnlng in the Library
Construction Fund be applied towards the Library debt service. The 1985-86
Library budget contains $624,200 for debt service, $312,100 of which was paid
on September 1, 1985. The remaining balance would be applied towards the
payment which is due on f1arch 1, 1986. This will result in a savings to the
General Fund, since less money will need to be transferred from the General
Fund to the Library Fund to cover debt service.
URGEIICY CLAUSE
Immediate action is required in order that the projected available funds can
be designated for 1985-86 budgeted debt service.
75.0264