Attachment No. 2
RESOLUTION NO. 24-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORWALK AUTHORIZING AN AMENDMENT TO THE FISCAL YEAR 2023/24 ADOPTED
BUDGET TO RECORD FINANCING TRANSACTIONS
WHEREAS, the City Council approved the issuance of lease financing debt for funding of the solar project, in the amount of $5,458,000 with Webster Bank with a closing date of June 12, 2024; and
WHEREAS, the City expects the Project Costs will be $5,000,000, with $117,000 in cost of issuance and $341,000 in capitalized interest;
WHEREAS, the City Council desires to appropriate the issuance of debt issuance fund in the debt service fund; and
WHEREAS, the capitalized interest will remain as part of the fund balance until il earned; and
WHEREAS, the City Council desires to transfer lease financing proceeds to capital funds to be used by solar capital project:
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF NORWALK HEREBY DETERMINES, FINDS, AND RESOLVES AS FOLLOWS:
Section 1.The City Manager is authorized to make the following appropriation and prepare the necessary budget amendment for the following account:
Account Number Debit Credit
Revenue: 320-95-0000-4671 $5,458,000
Expenditures: 320-95-0000-2603 $117,000
Fund Balance: 320-0480 $341,000
Revenue: 433-90-9320-4790 $5,000,000
Expenditures: 320-95-9433-3990 $5,000,000
Section 2.The Mayor, or presiding officer, is hereby authorized to affix her signature to this Resolution signifying its adoption by the City Council of the City of Norwalk and the City Clerk, or her duly appointed assistant, is directed to attest thereto.
APPROVED AND ADOPTED this 28th day of May 2024.
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MARGARITA L. RIOS
MAYOR
ATTEST:
__________________________
THERESA DEVOY, CMC
CITY CLERK