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AUTHORIZING TRANSFER OF TRANSPORTATION CAPITAL FUND #540 INTO TRANSPORTATION SALES TAX FUND #305
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WHEREAS, the County of Kane issued General Obligation Bonds (Motor Fuel Tax Alternate Revenue Source), Series 2001, to provide funds which, together with other available funds, will be used to construct, maintain and improve County highways, roads and bridges and other structures and property related to transportation in and for the County; and
WHEREAS, the issuance of General Obligation Bonds (Motor Fuel Tax Alternate Revenue Source), Series 2001 created Transportation Capital Fund #540 to account for service reimbursements received for projects funded by the 2001 MFT Alternate Revenue bond issue; and
WHEREAS, the projects funded by the 2001 MFT Alternate Revenue bond issue have been completed and applicable service reimbursements have been received; and
WHEREAS, the balance remaining in the Transportation Capital Fund #540 consists exclusively of American Rescue Plan Act ("ARPA") State and Local Fiscal Recovery Funds ("SLFRF"); and
WHEREAS, pursuant to ARPA the County may use a portion of its SLFRF for allowable government services by calculating and utilizing recoupment of lost revenue; and
WHEREAS, Resolution 21-349 authorized an allocation of Kane County SLFRF to be used for Recoupment of Lost Revenue under ARPA and its permissible uses for government services; and
WHEREAS, Resolution 21-385 authorized the net lost revenue for the year 2020 be reimbursed and allocated to eligible special revenue funds; and
WHEREAS, an allocation of $39,900 in lost revenue for the year 2020 was made to Transportation Capital Fund #540; and
WHEREAS, a fund balance remains in the Transportation Capital Fund #540 of approximately $27,530.
NOW, THEREFORE, BE IT RESOLVED, that the exact amount of the remaining fund balances from the Transportation Capital Fund #540 is ...
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