Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Council appropriates $2.09 million from sewer capital fund to cover bond debt service
Summary
Shaker Heights authorized a $2,087,500 appropriation from Sewer Capital Fund (402) to pay debt service on 2025 bond anticipation notes; the finance director called it an accounting step following a closed sale and finance committee recommended approval.
Council unanimously approved an ordinance to appropriate $2,087,500 from the Sewer Capital Fund to cover payment and interest on one-year bond anticipation notes issued earlier to fund sanitary sewer improvements.
Dr. Potts explained the transaction: the city closed on $5 million of one-year BANs (bond anticipation notes) earlier in May and paid down $2,000,000 of 2025 notes plus $87,500 in interest; the requested appropriation formalizes the entries in the Sewer Capital Fund. "This request before you this evening is mainly an accounting housekeeping item for the finance department," Dr. Potts said.
Finance committee reviewed the item and recommended it unanimously; council moved and passed the appropriation under suspension and enacted it the same evening. No conditions or amendments were added during the meeting.
