Title
Consider/Discuss/Act on an Ordinance Amending Ordinance No. 2006-06-082 that Established a Sinking Fund for the Funding of Operations and Maintenance Obligations Under the Operation and Maintenance Agreements with the USDA-NRCS for Certain Floodwater Retarding Structures in the City of McKinney, Collin County, Texas by Providing for the Inclusion of Future Funding Obligations Associated with Operations and Maintenance Agreements for Additional Floodwater Retarding Structures in Said Sinking Fund and by Providing for the Periodic Update of Costs Associated with Said Sinking Fund
Summary
MEETING DATE: October 21, 2014
DEPARTMENT: Engineering
CONTACT: Mark Hines, PE, Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Ordinance
ITEM SUMMARY:
* This ordinance amends the Sinking Fund created 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" to include East Fork above Lavon Floodwater Retarding Structure Site 2A and subsequent NRCS floodwater retarding structures as they are rehabilitated within the City's jurisdiction.
* The Sinking Fund is also amended to include the estimated operation and maintenance costs of $3,500 for a year for Site 2A and increase the estimated operation and maintenance costs for the floodwater retarding structures in the previously approved agreement from $2,500 to $3,500 per year for each such structure.
* The Sinking Fund is further amended to allow the estimated cost of the operation and maintenance of the floodwater retarding structures to be increased or decreased in accordance with the underlying agreements upon the direction of the City Council through a resolution or ordinance without further amending the Sinking Fund Ordinance.
* The Sinking Fund is also amended to allow the City Council to d...
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