2005-04-12 - Laserfiche WebLink

Home Browse Search

previously appropriated to the Risk Management Fund, and all sums received by such fund as payment from other City funds, are hereby appropriated for the uses prescribed for such fund, pursuant to the terms of, and subject to the limitations imposed by Article V of Chapter 11 of the Code of the City of Charlottesville, 1990, as amended. VII. EQUIPMENT REPLACEMENT FUND APPROPRIATION BE IT RESOLVED by the Council of the City of Charlottesville: There is hereby appropriated from the Equipment Replacement Fund other sums received by such fund as payment from other City funds, for the lease, financing or purchase of motor vehicles and related equipment and for accumulation of a reserve for future equipment purchases during the fiscal year beginning July 1, 2005 and ending June 30, 2006. Such appropriation shall be effective July 1, 2005; provided that such appropriations shall not be deemed to expire at the end of such fiscal year, but shall continue in effect unless altered by further action of City Council. Of the sums received by the Equipment Replacement Fund, a sum sufficient to service the debt on any pieces of general governmental equipment obtained under a master lease, credit line, or an installment purchase agreement shall be transferred to the Debt Service Fund. VIII. FACILITIES REPAIR FUND APPROPRIATION BE IT RESOLVED by the Council of the City of Charlottesville: The sum of $400,000 transferred to the Facilities Repair Fund from the General Fund, and such sums as may be transferred to the Facilities Repair Fund from other funds during the fiscal year beginning July 1, 2005 are appropriated for carrying out the purposes of this fund during that fiscal year. However, such appropriation shall not be deemed to expire at the end of the fiscal year, but shall continue in effect unless altered by further action of this Council. IX. TECHNOLOGY FUND APPROPRIATION - CITYLINK IMPLEMENTATION BE IT RESOLVED by the Council of the City of Charlottesville: The sum of $1,300,000 transferred to the Technology Fund from the Utilities Funds, ($1,150,000 transferred from the Gas Fund, $75,000 transferred from the Water Fund, and $75,000 transferred from the Wastewater Fund) during the fiscal year beginning July 1, 2005 are appropriated for carrying out the purposes of this fund during that fiscal year. However, such appropriation shall not be deemed to expire at the end of the fiscal year, but shall continue in effect unless altered by further action of this Council. X. DEBT SERVICE FUND APPROPRIATION BE IT RESOLVED by the Council of the City of Charlottesville: A. The Debt Service Fund shall serve as a permanent reserve for the payment of principal and interest of bonds, notes and other evidences of indebtedness and the cost of issuance thereof issued by the City pursuant to its charter and/or the Virginia Public Finance Act. B. The sum of $5,775,000 transferred to such fund by Part II of this resolution, as well as the designated Meals Tax transfer (estimated at $1,522,500), or as much thereof as may be necessary, is hereby appropriated to pay such debt service expenses during the fiscal year beginning July 1, 2005 and ending June 30, 2006. C. Appropriations in the Debt Service Fund shall be deemed continuing appropriations, and balances remaining in such fund at the end of each fiscal year shall be carried forward to pay principal and interest due on City obligations and costs associated with the issuance of those obligations in future years. However, this reserve fund has been voluntarily created by City Council and is not required by state statute or by the provisions of any existing bond ordinance, covenant or indenture. Accordingly, appropriations thereto and balances therein may be reduced by future action of this council.