1997-04-15 - Laserfiche WebLink

Home Browse Search

298 of motor vehicles and related equipment and for accumulation of a reserve for future equipment purchases during the fiscal year beginning July 1, 1997 and ending June 30, 1998. Such appropriation shall be effective July 1, 1997; 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. VII, FACILITIES REPAIR FUND APPROPRIATION BE IT RESOLVED by the Council of the City of Charlottesville: Such sums as may be transferred to the Facilities Repair Fund from other funds during the fiscal year beginning July 1, 1997 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. VIII. 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 $4,059,128 transferred to such fund by Part II of this resolution, or as much thereof as may be necessary, is hereby appropriated to pay such debt service expenses during the fiscal year beginning July 1, 1997 and ending June 30, 1998. 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. IX. SPECIAL REVENUE FUND APPROPRIATIONS BE IT RESOLVED by the Council of the City of Charlottesville, that the following appropriations are hereby approved for agency expenditures accounted for as separate funds on the books of the City, for their respective programs during the fiscal year beginning July 1, 1997 and ending June 30, 1998; the City contribution to each such fund having hereinabove been appropriated from the General Fund: A. There is hereby appropriated from the Charlottesville/Albemarle Convention and Visitors Bureau Fund, for the operation of the Charlottesville/Albemarle Convention and Visitors Bureau during such fiscal year, the sum of $273,343 or the amount of revenue actually received by such fund, whichever shall be the lesser amount. B. There is hereby appropriated from the School Pupil Transportation Fund, for the operation of public school pupil transportation during such fiscal year, the sum of $1,303,585, or the amount of revenue actually received by such fund, whichever shall be the lesser amount. From the last mentioned amount, the sum of $190,500 shall be allocated as follows: (1) a sum sufficient to pay the debt service on the lease or purchase of three school buses shall be transferred to the Debt Service Fund; and (2) the remainder shall be transferred to the Equipment Replacement Fund and reserved for the future replacement of school buses.