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Wabash council approves rainy day fund transfer to cover solar project payment
Summary
Council approved Resolution 18205 to transfer funds into the rainy day fund to finance the city’s solar project payment; the transfer was characterized by staff as an appropriate use to support long-term utility savings and was approved by roll call.
The Wabash City Council voted to approve a transfer of funds into the rainy day fund to cover payments tied to the city’s solar project, a staff member told the council Monday.
A staff member explained that the transfer addressed an immediate payment need and that language in the resolution was adjusted after consultation with the state board of accounts to show the transfer is an appropriate use of the rainy day fund because the solar project will reduce future utility expenses. The staff member said the general fund will supply the money for the rainy day fund so the city can make the December payment linked to the project.
Councilors moved and seconded adoption of Resolution 18205, and a roll call vote recorded affirmative responses from the members present. No dissenting votes or abstentions were recorded in the hearing transcript.
Council discussion noted that city code requires a determination that rainy day funds be used for a proper purpose; the resolution’s additional whereas language was added to clarify that condition following the staff consultation with the state board. The council set no further conditions in the recorded discussion. The transfer was approved and will allow the city to proceed with the payment schedule for the solar project.
