Metropolitan Water Reclamation District of Greater Chicago - File #: 12-0090

• File #: 12-0090
• Version: 1
• Type: Agenda Item
• Status: Adopted
• File created: 1/11/2012
• In control: Finance Committee
• On agenda: 1/19/2012
• Final action: 1/19/2012
• Title: Authority to Transfer $25,000,000.00 earned interest income from the Capital Improvements Bond Fund, $1,000,000.00 earned interest income from the Corporate Working Cash Fund, and $2,000,000.00 earned interest from the Stormwater Working Cash Fund, to the Bond and Interest Fund, in the amount of $28,000,000.00, pursuant to the provisions of 70 ILCS 2605/5.9

Date	Ver.	Action By	Action	Result
1/19/2012	1	Committee of the Whole	Recommended	Pass
1/19/2012	1	Board of Commissioners	Approved	Pass

TRANSMITTAL LETTER FOR BOARD MEETING OF JANUARY 19, 2012

COMMITTEE ON FINANCE

Mr. David St. Pierre, Executive Director

Title

Authority to Transfer $25,000,000.00 earned interest income from the Capital Improvements Bond Fund, $1,000,000.00 earned interest income from the Corporate Working Cash Fund, and $2,000,000.00 earned interest from the Stormwater Working Cash Fund, to the Bond and Interest Fund, in the amount of $28,000,000.00, pursuant to the provisions of 70 ILCS 2605/5.9

Body

Dear Sir:

As part of the 2012 District Budget equity transfers of earned interest income of $25,000,000.00 from the Capital Improvements Bond Fund, $1,000,000.00 from the Corporate Working Cash Fund, and $2,000,000.00 from the Stormwater Working Cash Fund, totaling $28,000,000.00, to the Bond and Interest Fund, were approved by the Board of Commissioners at its meetings on December 8, 2011, and December 15, 2011. Earned investment interest income exists in the Capital Improvements Bond Fund, Corporate Working Cash Fund, and Stormwater Working Cash Fund, and is sufficient to fund such transfers. These transfers will fund an excess contribution to the Metropolitan Water Reclamation District Retirement Fund that was approved as part of the budget process.

It is requested that, pursuant to the provisions of 70 ILCS 2605/5.9, the Treasurer be authorized to transfer $25,000,000.00 earned interest income from the Capital Improvements Bond Fund, $1,000,000.00 earned interest income from the Corporate Working Cash Fund, and $2,000,000.00 earned interest from the Stormwater Working Cash Fund, to the Bond and Interest Fund, to provide $28,000,000.00 of the total $30,000,000.00 contribution of earned interest income to the Metropolitan Water Reclamation District Retirement Fund being requested by separate Board Letter.

Requested, Mary Ann Boyle, Treasurer, MAB:wns

Respectfully Submitted, Cynthia M. Santos, Chairman Committee on Finance

Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for January 19, 2012