It is recommended that the City Council take the following actions to facilitate the clean-up and close-out of the City's Legacy Capital Project Funds with residual bond proceeds from the 2004 Bond Program, Certificate of Obligations Bond Series 2005, Certificate of Obligations Bond Series 2013B and the General Obligations Bond Series 1994:

1.  Adopt the attached ordinance increasing estimated receipts and appropriations from residual 2004 Bond Program proceeds for the following amounts and Funds:  $720,790.32 in the Library Improvements Fund (39009); and $2,000.00 in the CO Special Projects Fund (39002);

2.  Adopt the attached ordinance increasing estimated receipts and appropriations from residual Certificate of Obligations Bond Series 2005 proceeds for the following amount and Fund:  $55,893.54 in the CO Special Projects Fund (39002);

3.  Adopt the attached ordinance increasing estimated receipts and appropriations from residual Certificate of Obligations Bond Series 2013B proceeds for the following amount and Fund:  $1,907.06 in the Culture and Tourism Capital Projects Legacy Fund (39201);

4.  Adopt the attached ordinance increasing estimated receipts and appropriations from residual General Obligations Bond Series 1994 proceeds for the following amount and Fund:  $23,376.23 in the Streets Improvements Fund Close (39409);

5.  Approve the following transfers to the General Debt Service Fund in the amounts from the following Funds:  $720,790.32 from the Library Improvements Fund (39009); $57,893.54 from the CO Special Projects Fund (39002); $1,907.06 from the Culture and Tourism Capital Projects Legacy Fund (39201); and $23,376.23 from the Streets Improvements Fund Close (39409); and

6.  Adopt the attached ordinance increasing estimated receipts and appropriations in the General Debt Service Fund in the amount of $803,967.15 from residual bond proceeds.

The purpose of this Mayor and Council Communication (M&C) is to clean-up and zero out Legacy Capital Funds that have residual bond proceeds from the 2004 Bond Program, Certificate of Obligations Bond Series 2005, Certificate of Obligations Bond Series 2013B and the General Obligations Bond Series 1994 and move the remaining proceeds to the General Debt Service Fund along with preparing the funds to be closed.

The Financial Management Services Department has been conducting a comprehensive review of Legacy Capital Funds that have residual bond proceeds and provide recommendations for clean-up and closure. The goal has been to verify and "clean up" data in all of the old funds in order to close funds that are no longer needed so that the City's financial records are in the best possible condition. All the funds contain residual balances following completion of all projects and Staff recommends the residual amounts be transferred to the General Debt Service Fund.

This M&C does not request approval of a contract with a business entity.