Laserfiche WebLink
. <br /> Page 3. <br /> Personnel and Finance Committee <br /> Water Works Sinking Fund - Page 68 <br /> It was noted that this fund is proposed at $15,621 which is <br /> the same amount budgeted for the current year. This fund is used <br /> exclusively to make bond payments. <br /> Councilman Crone questioned whether the Water Works have their <br /> own separate bonding power. Mr. Vance noted that the Water Works <br /> Department does have its own bonding power based on revenue bond <br /> power. This is based on two principles , namely: need for capital <br /> renovation, and the ability to pay the bond back. This process is <br /> not a petition process. The Public Service Commission would make <br /> the final. decision. <br /> Councilman Puzzello noted that the three budgets reveiwed this <br /> evening are set for public hearing on November 19th. <br /> Following further discussion by the Council members Councilman <br /> Serge made a motion seconded by Councilman Braboy that the budgets <br /> for Water Works General, Water Works Depreciation Fund as amended, <br /> and Water Works Sinking, be recommend favorably to Council. The <br /> motion passed unanimously. <br /> Councilman Puzzello requested that the actual experience <br /> numbers be brought to tomorrow's meeting when the Committee reviews <br /> the Waste Water and Parking Garage budgets . <br /> Councilman Serge made a motion seconded by Councilman Braboy <br /> that the meeting be adjourned. The meeting was adjourned at 5 : 10 p .m. <br /> Respectfully Submitted, <br /> Ann Puzzello, Chairman <br />