Title
Consider/Discuss/Act on a Resolution Directing the City's Finance Director to Increase the Sinking Fund for Flood Retarding Structures ("FRS Sinking Fund") Established by Ordinance NO. 2006-06-082 and Amended by Ordinance NO. 2014-10-081 ("ORDINANCES") by an Amount Equal to Two Percent (2%) of the Estimated Operation and Maintenance Costs of the Flood Retarding Structure for NRCS Lake 4 Through the Program Life of Said Flood Retarding Structure as Required by Contract and Thereafter Modifying the Amount of the FRS Sinking Fund in Accordance with the Ordinances
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
Operational Excellence
MEETING DATE: January 3, 2017
DEPARTMENT: Development Services / Engineering
CONTACT: Michael Hebert, PE, Assistant Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Resolution
ITEM SUMMARY:
* This Resolution amends the Sinking Fund originally established in 2006 for the purpose of funding Operations and Maintenance obligations identified in the "Operation and Maintenance Agreement East Fork Above Lavon Watershed Collin County, Texas, for Rehabilitated Structures 1A, 2B, 3C, 3D, 3E, 5A, and 17" and amended in 2014 to include East Fork Above Lavon Floodwater Retarding Structure Site 2A (FRS 2A) and make certain other modifications to the Sinking Fund.
* The 2014 amendment to the Sinking Fund also changed the funding source for the Sinking Fund from the City's ad valorem tax to the City's Stormwater Drainage Utility Fund and the City's Stormwater Utility Fee if the Sinking Fund can be, and is actually, funded and maintained by and through the proceeds collected in conjunction with the Stormwater Utility Fee for each fiscal year while any liability exists by reason of the obligations undertaken under the Operation and Maintenance Agreements with the USDA-NRCS and the Texas State Soil and Water Conservation Board (TSSWCB).
* NRCS funding for the rehabilitation of FRS 4 will be administ...
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