HomeMy WebLinkAboutReso 164-1996 RESOLUTION NO. 164-96
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING BUDGET AMENDMENT NO. 97-7 TO
THE 1996-1997 OPERATING BUDGET TO ADD $120,000 FOR THE
PAYMENT EXCESS INTEREST RELATED TO 1991 WATER QUALITY CONTROL
PLANT BOND ISSUE
WHEREAS, federal law requires that cities periodically analyze the level
of interest received on bonds proceeds compared to the level of interest paid;
WHEREAS, MuniFinancial, the City's consultant has determined that the
based on excess interest received, the City owes the Internal Revenue Service
$120,000;
WHEREAS, funding for the payment is available from the Sewer Rental
Fund;
NOW, THEREFORE, BE IT RESOLVED by the City of South San Francisco that
it hereby authorizes an amendment to the Operating Budget (No.97-5) for 1996-
97 to add $120,000 for payment of excess interest related to the 1991 Water
Quality Control Plant Bond issue.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the City Council of the City of South San Francisco at a
rpgH]ar meeting held on the ]~th day of N~upmh~r ,
1996, by the following vote:
AYES:
Councilmembers Joseph A. Fernekes, Eugene R. Mullin,
Robert Yee and Mayor Jack Draqo
NOES: None
ABSTAIN: None
ABSENT:
Councilmember John R. Penna
ATTEST:
City
A:\WATER.BUD
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