Title
Resolution Authorizing the Transfer of Two Hundred Ninety Five Thousand Twenty Six Dollars ($295,026) from Certain Inactive Bond Funded Projects to the Langley Clear Zone Phase-2 Land Acquisition Project and for Other Strategic Property Acquisition
Purpose
PURPOSE/BACKGROUND:
See Discussion below.
Discussion:
City staff has identified two hundred and fifty thousand dollars ($250,000) from various bond funded projects, currently available to be utilized as matching funds for the Langley Clear Zone Phase-2 land acquisition project. Staff has also identified bond funds left over from a previously funded acquisition project that has been completed and is now being consolidated into Strategic Property Acquisition account. Those funds are itemized on Attachment A. Hampton City Charter Sec. 6.12 and Hampton City Code Sec. 2-137 require that City Council approve the transfer of unencumbered appropriations from one department to another department, as well as any transfer of bond proceeds. Pursuant to those provisions, the City Manager and Budget Director request Council approval for the transfer of those funds.
Impact:
Net Impact Zero. (Inter-Departmental Transfer of Funds.)
Recommendation:
Rec
Approval.
Body
WHEREAS, Hampton City Charter Sec. 6.12 and Hampton City Code Sec. 2-137 require that City Council approve the transfer of unencumbered appropriations from one department to another department, as well as any transfer of bond proceeds;
WHEREAS, City staff has identified Two Hundred Ninety Five Thousand Twenty Six and 00/100 dollars ($295,026.00) from certain inactive bond funded projects that would be better utilized if transferred to other projects.
BE IT RESOLVED, by the City Council of the City of Hampton, Virginia that it authorizes the City Manager and Budget Director to transfer bond proceeds in the amount of Two Hundred Ninety Five Thousand Twenty Six and 00/100 dollars ($295,026.00) of to be allocated as follows: (1) Two Hundre...
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