TRANSMITTAL LETTER FOR BOARD MEETING OF JANUARY 19, 2012
COMMITTEE ON FINANCE
Mr. David St. Pierre, Executive Director
Title
Authority to Transfer $30,000,000.00 from the Bond and Interest Fund to the Metropolitan Water Reclamation District Retirement Fund pursuant to the provisions of 70ILCS 2605/5.9
Body
Dear Sir:
As part of the 2012 District Budget, an equity transfer of $30,000,000.00 earned interest income was approved from the Bond and Interest Fund to the Metropolitan Water Reclamation District Retirement Fund. Funds are available in the amount of $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, and were approved for transfer to the Bond and Interest Fund in a separate board letter. The additional $2,000,000.00 earned interest income is available in the Bond and Interest Fund. The total earned interest income for all funds requested for transfer to the Metropolitan Water Reclamation Retirement Fund is $30,000,000.00.
This $30,000,000.00 additional funding contribution to the Metropolitan Water Reclamation Retirement Fund was approved by the Board of Commissioners at its meetings on December 8, 2011 and December 15, 2011.
It is requested that, pursuant to the provisions of 70ILCS 2605/5.9, the Treasurer be authorized to transfer $30,000,000.00 from the Bond and Interest Fund to the Metropolitan Water Reclamation District Retirement Fund to provide for additional 2012 funding for the pension program.
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