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ORDINANCE AMENDMENT TO APPROPRIATING ORDINANCE # 1AUTHORIZING BUDGET TRANSFER #131-19-1 TRANSFERRING FUNDS FROM DEBT SERVICE PRINCIPAL ACCOUNT IN THE AMOUNT OF FIVE MILLION, FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS [$5,500,000] TO THE GENERAL FUND PENSION ACCOUNT IN THE AMOUNT OF FOUR MILLION, FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS [$4,500,000] AND ONE MILLION DOLLARS AND ZERO CENTS [$1,000,000] TO THE GENERAL FUND LITIGATION ACCOUNT
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WHEREAS, Article VIII, Section 3 of the City Charter and Section 2-386 (1) of the Code of General Ordinances requires the approval of the Board of Alders for the transfer of funds within the General Fund Operating Budget as adopted; and
WHEREAS, On August 02, 2018 the Bond Sale Committee approved refunding of General Obligation Refunding Bonds, Issue of 2018, Series B (Federally Taxable) Not exceeding $160,000,000; and,
WHEREAS, The issuance of the Refunding Bonds results in aggregate present debt service savings of a little over Thirty One Million [$31M] for the fiscal year ending June 30, 2019; and
WHEREAS, Per the bond sale resolution a portion of the debt service savings will be allocated via a budgetary transfer as follow;
Category Amount Description
Police and Fire Pension $2,250,000 Additional pension payment for FY 19
City Employee Retirement fund (CERF) $2,250,000 Additional pension payment for FY 19
GF Litigation Settlement Account $1,000,000 Additional transfer to set up a special
fund litigation reserve account for court
cases
NOW, THEREFORE, BE IT ORDAINED by the New Haven Board of Alders that Transfer #131-19-1 be approved to transfer five million, five hundred thousand dollars and zero cents [$5,500,000] to the general fund pension account in the amount of four million, five hundred thousand dollars and zero cents [$4,500,000] and one million dollars and zero cents [$1,000,000] to the general fund litigation account.