RESOLUTION NO. 24-38
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORWALK
AUTHORIZING A BUDGET TO ESTABLISH FUNDING FOR SOLAR
ENERGY PROJECT NO 7871 – NON-LOW INCOME COMMUNITY
FACILITIES SOLAR PANELS AND PROJECT NO 7874 – LOW INCOME
COMMUNITY FACILITIES SOLAR PANELS
WHEREAS, the City Council authorized the City Manager to finalize negotiations and acquire equipment to initiate the Sustainability, Energy Efficiency Infrastructure Improvement Project which consists of various energy efficient upgrades and installations; and
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 Project has been divided into two separate projects based on site qualification for Low-Income Community Credit and is anticipated to begin in Fiscal Year 2024; and
WHEREAS, the City Council desires to establish a project budget to begin activity on the 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
Prop “C” Fund: 227-70-7871-2080 $2,162,000
Fund Balance: 227-0480 $2,162,000
Loan Proceeds: 433-70-7871-2080 $5,000,000
Fund Balance: 433-0480 $5,000,000
Water Fund: 702-70-7874-2080 $1,320,000
Fund Balance: 702-0480 $1,320,000
Building
Renovation Fund: 747-70-7874-2080 $4,258,000
Fund Balance: 747-0480 $4,258,000
Resolution No. 24-38 Page 2 of 2
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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 on this 18TH day of June 2024
MARGARITA L. RIOS
MAYOR
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THERESA DEVOY, CMC
CITY CLERK