12-07-1993 Meeting - Laserfiche WebLink

Browse Search

For the Future The Transmission Project has been complete for some time. The Purification Project is still under construction. Included elsewhere in this agenda is a report prepared by the CPA firm of Coopers & Lybrand which outlines costs for the Purification Project from inception to March 31, 1992 and projected costs for April 1, 1992 through completion. The report includes a schedule titled "Schedule of Participants' share of Forecasted Construction Costs" and is located on page five of the report. It indicates that the Authority can expect additional project costs of $390,183 for the period April 1, 1992 through final completion. The Authority has paid $129,253 for the project during the period April 1, 1992 through September 30, 1993, leaving a remaining estimated exposure of $260,930. This remaining exposure amount of $260,930 is $129,560 greater than the amount remaining for the project of $131,370. Fortunately, the Authority can utilize the funds that are left over ($496,775) from the transmission project to fund the completion of the plant. Section 4.02. of the Bond Covenant for the Transmission issue includes a statement that declares that any funds remaining after the completion of the transmission project can be used for "the purchase price of an undivided interest in the Southeast Plant.".