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Home My WebLink About1998.02.03_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY TYPE OF MEETING: Regular DATE: February 3, 1998 TIME: 7:00 p.m. PLACE: Council Chambers, Owasso Community Center Notice and Agenda filed in the office of the City Clerk and posted on the City Hall bulletin board at 4:00 p.m. on Friday, January 30, 1998. Marci Boutwell, Au ority Secretary AGENDA 1. Call to Order 2. Flag Salute 3. Roll Call 4. Consideration and Appropriate Action Relating to a Request for Approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from consent by request. A motion to adopt the Consent Agenda is non - debatable. A. Approval of the Minutes of January 20, 1998 Regular Meeting. Attachment #4 -A B. Approval of Claims. Attachment #4 -B Owasso Public Works Authority February 3, 1998 Page 2 5. Consideration and Appropriate Action Relating to a Request for Trustee Approval of an Amendment to the Fy 1997 -98 OPWA Sales Tax Capital Future Fund Budget. ' Ms Bishop Attachment #5 as The staff will recommend approval of an amendment to the OPWA Sales Tax Capital Future Fund budget, wherein a transfer to the Bond Projects Funds is increased by $1,150,162. 6. Consideration and Appropriate Action Relating to a Request for Trustee Authorization to Transfer "the Amounts in the Capital Future Fund Accumulated to Date, Plus Those Amounts to be Accumulated Through June 30, 2001 " to the Bond Projects Fund (Ordinance No 553). Ms Bishop See Attachment #5 The staff will recommend approval of the transfer of $1,150,161.56 currently in the Sales ' Tax Capital Future Fund, plus those amounts to be accumulated through June 30, 2001, to the Bond Projects Fund per voter approval of Ordinance No 553. 7. Report from OPWA Manager I Owasso Public Works Authority February 3, 1998 Page 3 8. Report from OPWA Attorney 9. Unfinished Business 10. New Business 11. Adjournment OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, January 20, 1998 The Owasso Public Works Authority met in regular session on Tuesday, January 20, 1998 in the Council Chambers at the Owasso Community Center per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 4:00 p.m. on Friday, January 16, 1998. ITEM l: CALL TO ORDER Chairman Barnhouse called the meeting to order at 7:54 p.m. ITEM 2: FLAG SALUTE II The flag salute was given during the City Council meeting preceding this meeting. ITEM 3: ROLL CALL PRESENT Mary Lou Barnhouse, Chair Tracy Standridge, Vice Chair Michael Helm, Trustee Denise Bode, Trustee Mark Wilken, Trustee STAFF Rodney J Ray, City Manager Ronald D Cates, Authority Attorney Marcia Boutwell, Authority Secretary ABSENT ITEM 4: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR APPROVAL OF THE CONSENT AGENDA. A. Approval of the Minutes of January 6, 1998 Regular Meeting. B. Approval of Claims Mr Wilken moved, seconded by Dr Standridge, to approve the consent agenda. The consent agenda included minutes of the January 6, 1998 regular meeting, by reference made a part hereto. Item B on the consent agenda included the following claims: (1) OPWA Fund $123,767.97; (2) OPWA Sales Tax Fund $43,137.24; (3) Payroll $27,508.93. AYE: Wilken, Standridge, Helm, Bode, Barnhouse NAY: None Motion carried 5 -0. Owasso Public Works Authority January 20, 1998 t ITEM 5: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR THE EXPENDITURE OF FUNDS TO PURCHASE A VEHICLE FOR THE WASTEWATER COLLECTION DIVISION AND A VEHICLE FOR THE REFUSE DIVISION SUCH PURCHASES UTILIZING THE STATE OF OKLAHOMA BID LIST CONTRACT NUMBER SW80035• AND AUTHORIZATION FOR PAYMENT. Mr Carr said that funds are included in the FY 1997 -98 budget for the purchase of vehicles for the wastewater collection and refuse divisions of the Public Works Department. Bids were solicited and opened in October 1997. Four vendors submitted bids, with all bids exceeding the budgeted amount. OPWA rejected the bids on November 18, 1997. The staff then obtained a copy of the FY 1998 State of Oklahoma bid list and evaluated the bids for the required vehicles. Larry Spencer Chevrolet in Norman, OK is the apparent low bidder in all but one category, and was just under $14 above the low bidder in that category. Staff recommendation is to purchase the requested vehicles from Larry Spencer Chevrolet. Dr Bode moved, seconded by Mr Helm, to approve the purchase and authorize payment for a 1998 Chevrolet 3/4 ton manual vehicle for the wastewater collection division in the amount of $16,246.13 and a 1998 Chevrolet 3/4 automatic vehicle for the refuse collection division in the amount of $17,036.13, from Larry Spencer Chevrolet in Norman, OK. AYE: Bode, Helm, Wilken, Standridge, Barnhouse NAY: None Motion carried 5 -0. ITEM 6: REPORT FROM OPWA MANAGER No report. ITEM 7: REPORT FROM OPWA ATTORNEY No report. ITEM 8: UNFINISHED BUSINESS None. ITEM 9: NEW BUSINESS None. Owasso Public Works Authority ITEM 10: ADJOURNMENT Dr Standridge moved, seconded by Mr Wilken to adjourn. AYE: Standridge, Wilken, Helm, Bode, Barnhouse NAY: None Motion carried 5 -0, and the meeting was adjourned at 7:56 p.m. Marcia Boutwell, Authority Secretary 3 January 20, 1998 Mary Lou Barnhouse, Chairperson CITY OF OWASSO B OWASSO PUBLIC WORKS AUTHORITY 1/30/98 7:00:47 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT 981686 OKLAHOMA TAX COMMISSION SALES TAX-YARD BAGS 981772 TREASURER PETTY CASH REIMB OVERPAYMENT DEPARTMENT TOTAL ====> OPWA ADMINISTRATION 980275 WESTERN BUSINESS PRODUCTS COPIER MAINTENANCE 981074 HOWARD STAMPER RETAINER/SERVICES 981694 LASERWORKS PRINTER REPAIR/CARTRIDGES 981710 TERRA TELECOM INC TELEPHONE REPAIR 981711 TRI COUNTY OFFICE SUPPLY OFFICE SUPPLIES 981756 SAM'S CLUB OFFICE SUPPLIES 981760 TRI COUNTY OFFICE SUPPLY OFFICE SUPPLIES 981785 MCI TELECOMMUNICATIONS 1/98 USE 981793 AT&T WIRELESS SERVICES PAGER USE DEPARTMENT TOTAL ====> UTILITY BILLING 981520 RANDY ALEXANDER METER READER 981621 BRAD SPARKMAN METER READER 981623 OSCAR MCLAURIN METER READER 981624 TYRONE DINKINS METER READER 981625 GARY MOSER METER READER 981756 SAM'S CLUB COMPUTER PAPER 981760 TRI COUNTY OFFICE SUPPLY OFFICE SUPPLIES DEPARTMENT TOTAL ====> WATER ______________________________ 980396 WARREN CLINIC HEPATITIS SHOTS-LENHART 980656 YALE UNIFORM RENTAL UNIFORM CLEAN/RENT 980766 WATER PRODUCTS INC REPAIR SUPPLIES 980932 MILL CREEK LUMBER & SUPPL REPAIR SUPPLIES 980994 WATER PRODUCTS INC REPAIR SUPPLIES 981077 WATER PRODUCTS INC REPAIR SUPPLIES 981546 MIDWESTERN EQUIP CO TRENCH SHORING EQUIPMENT 244.65 4.36 _____________ 249.01 180.21 150.00 241.95 84.00 54.65 37.45 25.80 28.13 6.95 809.14 33.60 363.60 553.05 262.35 203.40 45.98 3.76 1,465.74 70.00 118.00 883.24 71.52 40.00 108.90 3,377.33 WASTEWATER TREATMENT PLANT 980656 CITY OF OWASSO 177.80 980836 OWASSO PUBLIC WORKS AUTHORITY 160.00 1/30/98 7:00:47 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT 981637 FREEDOM PERSONNEL INC TEMPORARY PERSONNEL 423.20 981637 FREEDOM PERSONNEL INC TEMPORARY PERSONNEL 431.14 981638 KIMBALL ACE HARDWARE MAINT/REPAIR SUPPLIES 70.43 *N 981695 OKLAHOMA WATER ANNUAL FEE-OWRB 25.00 981696 STEVE'S WHOLESALE 3500 WATT GENERATOR 599.00 =^ 981711 TRI COUNTY OFFICE SUPPLY OFFICE SUPPLIES 22.38 981716 DEPT OF ENVIRONMENTAL QUA TEMP LICENSE-DUGAN 40.00 981735 VERDIGRIS VALLEY SOD FARM SOD-REPAIRS 60.00 981772 TREASURER PETTY CASH REIMB PETTY CASH 12.65 N� 981785 MCI TELECOMMUNICATIONS 1/98 USE .50 981793 AT&T WIRELESS SERVICES PAGER USE 20.85 REFUSE COLLECTIONS DEPARTMENT TOTAL ====> ------------- N� 6,374.14 N� WASTEWATER TREATMENT PLANT 980656 YALE UNIFORM RENTAL UNIFORM CLEAN/RENT 177.80 980836 SHERRY LABORATORIES INC SLUDGE ANALYSIS 160.00 N� 981505 YALE UNIFORM RENTAL UNIFORM HATS 33.00 981594 WASTE MANAGEMENT OF OKLA TIPPING FEES 1/98 153.85 981638 KIMBALL ACE HARDWARE MAINT/REPAIR SUPPLIES 6.00 = 981761 WOODS PORTABLE WELDING WELDING REPAIRS 50.00 981785 MCI TELECOMMUNICATIONS 1/98 USE 6.36 981793 AT&T WIRELESS SERVICES PAGER USE 13.90 | � MATERIALS-MANHOLE REPAIRS DEPARTMENT TOTAL ====> _____________ 600.91 WASTEWATER COLLECTION 980656 YALE UNIFORM RENTAL UNIFORM CLEAN/RENT 52.00 981166 ROSE STATE COLLEGE TRAINING-MCKNIGHT 156.00 981298 ROSE STATE COLLEGE TRAINING-ROBERTS 156.00N� 981505 YALE UNIFORM RENTAL UNIFORM HATS 33.00 981638 KIMBALL ACE HARDWARE MAINT/REPAIR SUPPLIES 113.83 981638 KIMBALL ACE HARDWARE SMALL TOOLS 269.74 981706 WATER PRODUCTS INC MATERIALS-MANHOLE REPAIRS 421.71 981709 SMITH & LOVELESS LIFT STATION PARTS 192.91 981793 AT&T WIRELESS SERVICES PAGER USE 6.95 981821 OKLAHOMA NATURAL GAS 12/97 USE 382.79 DEPARTMENT TOTAL ====> _____________ 1,784.93 � REFUSE COLLECTIONS ______________________________ CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY 1/30/98 7:00:47 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT 980656 YALE UNIFORM RENTAL UNIFORM CLEAN/RENT 981505 YALE UNIFORM RENTAL UNIFORM HATS 981594 WASTE MANAGEMENT OF OKLA TIPPING FEES 1/98 981638 KIMBALL ACE HARDWARE MAINT/REPAIR SUPPLIES 981705 M.E.T. MEMBERSHIP DUES FY 97-98 981734 SUBURBAN OFFICE SUPPLY ROUTE CHANGE NOTICES 981765 LENOX WRECKER SERVICE TOWING SERVICE DEPARTMENT TOTAL RECYCLE CENTER 980656 YALE UNIFORM RENTAL UNIFORM CLEAN/RENT 981594 WASTE MANAGEMENT OF OKLA TIPPING FEES 1/98 981619 WASTE MANAGEMENT OF OKLA RECYCLE-REFUSE 981619 WASTE MANAGEMENT OF OKLA RECYCLE-GLASS 981793 AT&T WIRELESS SERVICES PAGER USE DEPARTMENT TOTAL FUND TOTAL ====> 104.00 33.00 6,616.34 2.46 1,822.65 88.11 150.00 8,816.56 23.00 249.74 519.80 120.00 6.95 919.49 21,019.92 CITY OF OWASSO OPWA CAPITAL IMPROVEMENT FUND 1/30/98 7:00:47 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT DEBT SERVICE 980003 BANK ONE 980003 BANK ONE DEPARTMENT TOTAL ====> WASTEWATER 980309 HUB + GARVER DEPARTMENT TOTAL ====> WWTP IMPROVEMENTS OWRB LOAN OWRB LOAN WWTP CONST 9/03/96 980023 WALTERS MORGAN CONSTRUCTI WWTP IMP 11/05/96 DEPARTMENT TOTAL ====> FUND TOTAL ====> 4,502.10 24,188.5( 28,690.60 13,622.1 13,622.1 63,484 63,484.9 105,797.71 CITY OF OWASSO OPWA SALES TAX FUND 1/30/98 7:00:47 A/P CLAIMS REPORT PO # VENDOR DESCRIPTION REVENUE BONDS 980002 BANK ONE REVENUE BONDS DEPARTMENT TOTAL ====> FUND TOTAL ====> GRAND TOTAL ====> APAPVR PAGE: AMOUNT 42,934.60 _____________ 42,934.60 _____________ 42,934.60 _____________ 200,018.95 VENDOR TRANSFERS CITY OF OWASSO OPWA A/P TRANSFER REPORT DESCRIPTION CITY GARAGE TRANSFER FROM OPWA WORKERS' COMP SELF -INS TRANSFER FROM OPWA GENERAL FUND TRANSFER FROM OPWA TRANSFERS TOTAL AMOUNT 5,750.00 3,842.50 27, 855.33 37,447.83 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 01/17/98 APPROVED: 02/03/98 Chairman Trustee Trustee OVERTIME TOTAL DEPARTMENT EXPENSES EXPENSES 4 896.+62 Utility Billing 0.00 190.00 Wastewater 212.04 5,727.11 407 4C 11 4 84 :89 Refuse 44.18 3833.47 FUND TOT. $25;35.74 APPROVED: 02/03/98 Chairman Trustee Trustee MEMORANDUM TO: CHAIR AND TRUSTEES OWASSO PUBLIC WORKS AUTHORITY FROM: SHERRY BISHOP FINANCE DIRECTOR SUBJECT: BOND PROJECTS FUND DATE: January 30, 1998 BACKGROUND: On October 14, 1997, the citizens of Owasso approved Ordinance #553 amending the sales tax ordinance and approving projects. Projects and funding sources were listed on "Exhibit A" of the ordinance. In order to create a record that best demonstrates compliance with the sources and uses of funds specified in Ordinance #553 and Exhibit A (see attachment), staff proposes to establish a new accounting fund of the City, the Bond Projects Fund. Funding for these projects comes from three different sources: Revenue Bonds (to be issued this year), the OPWA Sales Tax Capital Future Fund account, and the Capital Improvements Fund. Accounting for all of the projects in the "Bond Projects Fund," will necessitate transferring all of the funding sources to the new Bond Projects Fund. Aggregating the various monies into one Fund will require several actions: • Establish the Bond Projects Fund, • Approve a Bond Projects Fund budget, • Transfer the Capital Future Fund account, • Transfer the 86th Street reserves (Capital Improvements Fund), • Transfer the existing allocation for City Hall (Capital Improvements Fund), • Amend all affected budgets. BOND PROJECTS FUND BUDGET: Staff is proposing the use of a Project - Length Budget as well as a Fiscal Year budget for this fund. The project- length budget allows Council to authorize all of the projects as approved by the voters. The Fiscal Year Budget allows Council to approve a budget limited to the revenues available during the current fiscal year. Use of a Project - Length Budget will enable reporting on these projects on a "from inception" basis in addition to the traditional fiscal year basis. Proposed "Total Revenue" for the Bond Projects Fund, Project - Length Budget is $9,999,000. (See Attachment.) This is $16,000 more than estimated in Ordinance #553, Exhibit A. That ' difference represents "existing monies already allocated to City Hall" (now the Police Station Project) exceeding the $100,000 estimate. Other differences between the proposed revenue budget and Exhibit A are due to modifications made in December to refund the 1988 Revenue ' Bonds. (Proceeds of the Revenue Bonds increased by $500,000 and reserves on hand decreased by $500,000.) Proposed "Total Expenditures" for the Bond Projects Fund, Project- Length Budget is $9,999,000. This total includes the $9,721,000 Exhibit A projects plus the above mentioned $16,000 and another $262,000 which was unspecified in Exhibit A. Proposed budgets for the streets and facilities projects have been reduced by $142,000 to budget separately for engineering services through the end of fiscal year 2000. (Engineering budget is allocated 80% to streets and 20% to facilities projects.) Salaries for engineering services actually will be paid from the General Fund Engineering Department. The General Fund will be reimbursed by a monthly transfer from the Bond Projects Fund. Staff is recommending authorization to establish the Bond Project Fund and approval of the attached budget. OPWA SALES TAX CAPITAL FUTURE FUND ACCOUNT: Ordinance #553 amended the purpose of the City's one percent sales tax. Section 4 of the ordinance states, "...the amounts in the OPWA Capital Future Fund accumulated to date, plus those amounts to be accumulated through June 30, 2001, shall be immediately available to fund those projects listed on Exhibit "A" hereto...." Staff is recommending approval of an amendment to the budget and authorization to transfer the existing balance of $1,150,161.56 from the OPWA Sales Tax Capital Future Fund account to the Bond Projects Fund. Staff is also recommending authorization to make monthly transfers of fifteen percent (15 %) of one percent sales tax to the Bond Projects Fund. CAPITAL IMPROVEMENTS FUND: The current Capital Improvements Fund budget includes unencumbered funds of $153,000 for the 86th Street & Main Intersection project and $116,000 for City Hall renovation. These items are listed in the estimated funding sources on Exhibit A of Ordinance #553. Staff is recommending amendments to the Capital Improvements Fund budget and authorization to transfer $269,000 to the Bond Projects Fund. IRECOMMENDATION• Staff recommends Council approval of the following: Establish the Bond Projects Fund. Approve the Bond Projects Fund Project - Length and Fiscal Year Budgets (attached). Approve an amendment to the Capital Improvements Fund budget decreasing the appropriation for project expenditures by $269,000 and increasing a transfer to the Bond Projects Fund by $269,000. Approve an amendment to the General Fund budget increasing the appropriation to the Engineering Department, Personal Services expenditures by $30,100 and increasing a transfer from the Bond Projects Fund by $30,100. Staff recommends OPWA Trustee approval of the following: Approve an amendment to the OPWA Sales Tax Capital Future Fund account budget increasing the appropriation to transfer $1,150,162 to the Bond Projects Fund. Approve a transfer of $1,150,161.56 from the OPWA Sales Tax Capital Future Fund account to the Bond Projects Fund. Approve monthly transfers of those amounts (15% of one percent of the sales tax) to be accumulated through June 30, 2001 to the Bond Projects Fund. ATTACHMENTS: Ordinance No. 553 Exhibit "A" Bond Projects Fund Proposed Budget ORDINANCE NO. 553 ORDINANCE AMENDING ORDINANCE NO. 326 DATED APRIL 19, 1983, AS AMENDED BY AMENDED ORDINANCE NO. 326 DATED MAY 5, 1983, AS FURTHER AMENDED BY ORDINANCE NO. 395 DATED AUGUST 18, 1988; AMENDING THE PURPOSE OF THE ONE PERCENT (la) SALES TAX LEVIED BY ORDINANCE NO. 326, AS PREVIOUSLY AMENDED; ESTABLISHING EFFECTIVE DATE OF THIS ORDINANCE; AND CONTAINING OTHER PROVISIONS RELATED THERETO. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OWASSO, OKLAHOMA: Section 1. Amendment of Prior Ordinance. That Ordinance No. ' 326 of the City of Owasso, Oklahoma (the "City ") dated April 19, 1983, as heretofore amended by Amended Ordinance No. 326 of the City dated May 5, 1983, and as further amended by Ordinance No. 395 of the City dated August 18, 1988 (collectively, the "Prior Ordinance ") is hereby amended by deleting Section 4 of the Prior Ordinance pertaining to the purpose of the Ordinance and said Section 4 is replaced in its entirety with the following: "Section 4. Purpose. It is hereby declared to be the purpose of this Ordinance to provide revenues to finance or fund capital projects and related costs only; said projects to be reviewed by the Capital Improvements Committee, approved by the City Council, with oversight given by the Citizens' Watchdog Committee established by the City Council, and subject to competitive bidding as required by law. Specifically, the revenues shall be used (i) to pay the principal and interest requirements on The Owasso Public Works Authority's Public Improvement Revenue Bonds, Series 1988 issued in the original principal amount of $6,100,000 and /or the Authority's Public Improvement Revenue Bonds to be issued in the original principal amount of not to exceed $8,500,000, or any indebtedness issued to refund said bond issues, (ii) after paying debt service on the referenced bond issues, for making deposits in an amount equal to fifteen percent (15 %) of the proceeds of said one percent (1$) sales tax to the Capital Future Fund of the City for the purposes of funding future capital improvement projects of the City as authorized by the voters of said City in an election called for that purpose, provided that the amounts in the Capital Future Fund accumulated to date, plus those amounts to be accumulated through June 30, 2001, shall be immediately available to fund those projects listed on Exhibit "A" hereto, and (iii) to finance or fund other capital projects reviewed by the Capital Improvements Committee, approved by the City Council, with oversight given by the Citizens' Watchdog Committee established by the City Council. Any additional indebtedness, except as referenced above, incurred by the City and /or the Authority utilizing the proceeds of said one percent (lo) sales tax must be approved by a majority of the registered, qualified voters of the City, voting at periodic elections for such purposes. Because the project costs and the sources of revenue referenced on Exhibit "A" involve estimates and projections, the City Council based upon a recommendation from the Capital Improvements Committee is authorized to add to those capital projects listed or to delete and /or modify individual projects based upon actual project costs and revenue receipts." Section 2. Effective Date. The provisions of this Ordinance No. 553 shall be effective on October 14, 1997 subject to approval by a majority of the registered voters of the City voting on the same in the manner prescribed by law. Section 3. provisions of Prior Ordinance Unaffected. Except as amended herein, the provisions of the Prior Ordinance shall remain in full force and effect. PASSED AND APPROVED this 11th day of August, 1997. CITY OF OWASSO, OKLAHOMA BY Mary Lou Barnhouse, Mayor (SEAL) ATTEST BY Marcia Boutwell, City Clerk APPROVED AS TO FORM: Ronald D. Cates, City Attorney The projects to be funded and the total estimated cost of said projects are set forth below: STREETS: A. 86th St (Cedar to Main) Improvements (4 lane) B. 86th & Mingo Intersection C. 76th & 129th Intersection D. 116th & Garnett Intersection E. 86th & 145th Intersection F. Signalize 86th & 123rd G. Resurface N Main (1st to 9th) H. Resurface Atlanta (3rd to 11th) I. Resurface Carlsbad (3rd to 5th) J. Resurface 11th St (Main to Cedar) K. Resurface 129th E Ave (High School to 93rd) L. Resurface 86th (Main to 97th E Ave) M. Right -of -Way & Utility Relocation (76th & 169) TOTAL STREETS $6,021,000 FACILITIES: A. Renovate City Hall for Police Department B. Replace Roof & Carpet in Community Center C. Construct City Hall Facility TOTAL FACILITIES $3,200,000 SPORTS PARK DEVELOPMENT: A. Parking Lot Extension B. Second Restroom (soccer) C. Construction of FourPlex Field D. Construction of Soccer Field TOTAL SPORTS PARK S 500,000 TOTAL ALL PROJECTS $9.721,000 NOTE: There has been discussion that consideration should be given to the acquisition of at least 50 acres of property suitable for industrial development. Cost of acquiring such property would be between $200,000 and $350,000, depending upon location and access to utilities. While it appears that there is considerable interest and support for such a project, there is a belief that earmarking the land acquisition as a project, without the resources necessary to develop the property, might not be in the best interest of the community. Therefore, the proposed funding sources total $262,000 Exhibit A - 1 more than the total project costs, leaving excess potentially available for land acquisition at a later date. The estimated funding sources for the above referenced projects are set forth below: A. Revenue Bonds (Net) $6,960,000 ($8,000,000 Gross) B. Interest on Bond Reserves & Construction Account $ 100,000 C. Capital Future Fund Account (As of 6/30/98) $1,239,000 D. Annual Appropriation to Capital Future Fund (next three fiscal years) $ 931,000 E. 86th Street Reserves on Hand $ 653,000 F. Existing monies already allocated to City Hall $ 100,000 $9,983,000 Exhibit A - 2 BOND PROJECTS FUND PROPOSED PROJECT - LENGTH BUDGET FY 1997 -98 Project - Length Fiscal Year Budget Budget PROJECTED BEGINNING FUND BALANCE (7-1-1997) $0 $0 PROPOSED REVENUE , Proceeds of 1998 Revenue Bonds 7,460,000 7,460,000 Transfer from Sales Tax Capital Future Fund 2,1701000 1,255,000 Transfer from Capital Improvements Fund 269,000 269,000 ' Interest 100,000 20,000 PROPOSED EXPENDITURES & TRANSFER OUT , Street Projects 5,9072000 5,473,900 ' Facilities 3,188,000 3,000,000 Sports Park 5001000 500,000 Contengency /Other Projects 262,000 0 Transfer to General Fund (Engineering Salaries) 142,000 30,100 PROPOSED NET PROJECTED ENDING FUND BALANCE (6 -30 -1998) $0 $0 on