HomeMy WebLinkAbout1998-11-09 99-8 RESOLVECOUNCIL ACFIOtN -
Item No— 99-8 _.
Date; l-9-98
low'SubjecL RESOLVE, Appropriating Supplemental PERC Performance Credit and Cash
Reserves Associated with the Poetry Deal Restructuring to the General Fwd
Improvement Reserve Account
Responsible Department: Administramn
Commentary:
In addition m the $328,607.75 recently received (Cowed Resolve 98410) by the City of Bangor from the
todowited Review Committee due m the conuactmsiructunng involving PERC, Bangor -Hydro Electric
Company and amerMwg Cbsdarcommodities, an additional $10,046.57 will be distributed to the City as
well. This secondroundofdistributioos has occurred as Marion Towmhipelatednotmjoin u Usenew
Parity Deal thus releasing slightly more then S63,500 to all other participating commodities. This will be
the final distribution related to the Restructuring Agreement between the parties. Future distributions will
be based upon performance credits related to plant operations and perfonnwce measures.
M with Cowed Resolve 98-410, we recommend that these funds be appropriated to Ore City's General
Fwd Improvement Reserve Account for future capital needs.
Manager's Comments: d,gp4aett
uu �t
CityManager
Associated Information:
Resolve, Spreadsheet Calculation
Budget Approval: n //
Legal Approval:
C(ry Solicitor
Introduced for
_Passage
x First Reading and Referral to Finance Committee 11116®5Pon Page_of_
3<Referrd
99-8
Assigned to Councilor Tyler November 9, 1998
CITY OF BANGOR
Appropriating Supplemental PERC Performance Credit sail Cash
(TITLE.)fbPy._...._...._.._....._......._.._.........._...._..._..._........._........._.............. _..........
Reserves Associated with the Parity Deal Restrurmring to the General B dImprovewrit
Reserve Accomt
B9 My Council OW gig afBaymr:
R OLPED, the supplemental Penobscot Energy Recovery Company Performance
Credit for the period January 1, 1998 to April 30,1998 and certain reserve funds held by PERC
released as part ofdie Parity Deal Restructuring totaling $10,046.57 are hereby appropriated to
the GeneralF d Improvement Reserve Account(#100-3572!00).
IN CITY COUNCIL
November 9, 1998
First Reading
Referred to Finance Committee
IN CITY COUNCIL
Nosewer 23, 1998
Notim for Passage Made a
Seceded
Passed
C 1Y CL
99-8
E E 5 0 L V E
Appropriating Rupp leIDent el PERC Per-
formance Credit and Cash Reserves As-
sociated with the Parity Neal Destruct -
wring to the General Fund Improvement
Reserve Account
6�jpn.
ri
ALLOCAMN OF TRUE-UP FUNOS TO CHARTER MUNICIPALITIES
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