HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/04/2010 - POSTPONEMENT OF SECOND READING OF ORDINANCE NO. 04 DATE: May 4, 2010 SUMMARY
STAFF: Steve Catanach, Kraig Bader, AGENDA ITEM_
T COLLINS CITY COUNCIL
Dennis Sumner 2D
Postponement of Second Reading of Ordinance No. 043, 2010, Appropriating Unanticipated Revenue and Electric
Revenue Bond Proceeds for the Smart Grid Investment Grant Project in the Light and Power Fund and for Bond
Issuance Costs to May 18, 2010.
EXECUTIVE SUMMARY
Ordinance No. 043,2010, was adopted on First Reading on April 20, 2010, by a vote of 6-1 (Nays: Kottwitz).
Postponement of Second Reading until May 18, 2010, is requested in order to ensure that the revenue amounts that
are appropriated align with the actual bond costs contained in the Electric Utility Enterprise Ordinance authorizing the
issuance of the bonds. Postponement of Second Reading of the Electric Utility Enterprise bond ordinance until May
18,2010,will be requested to allow bond counsel time to review the changes in the regulations from the IRS regarding
the use of Qualified Energy Conservation Bonds ("QECBs").
STAFF RECOMMENDATION
Staff recommends postponement of Second Reading of the Ordinance until May 18, 2010.