Title
Amending the financing and spending budgets in the Fire, Library and Parks and Recreation departments in order to establish the 2015 Energy Conservation Loan Program Projects.
Body
WHEREAS, the Energy Conservation Loan Program was established in 2007 to help departments retrofit city owned facilities to reduce energy usage and carbon dioxide emissions, and
WHEREAS, Energy Conservation Loans are paid back over terms not exceeding five years through energy savings attained by the projects, and
WHERAS, departments who use the program are charged an interest rate equal to the 5-year treasury note plus 1% on the day of the loan drawdown, and
WHEREAS, the Energy Conservation Loan Program budget is adopted in the City’s annual operating budget, and
WHEREAS, three projects have been identified in 2015 to take advantage of the Energy Conservation Loan Program, and
WHEREAS, the Fire Department will use the funds for a lighting retrofit at Energy Park Drive, and
WHEREAS, the Parks and Recreation Department will use the funds for new control programming and additional variable frequency drivers (VFDs) which control heating and cooling devices at the Oxford Community Center, and
WHEREAS, the Library Department will be using the funds for the purchase of new LED lamps at the Rondo Library, so
THEREFORE BE IT RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor, that $61,140 is available for advance of appropriation in the operating budget, as heretofore adopted and amended by this Council, be hereby further amended in the Operating Budgets in the following particulars:
Financial Analysis
See Attachment