He assured Eichenwald that the city will not be using that money to pay fines because it has not been fined by either agency. And he anticipates it won’t be fined “unless we don’t do what they want us to do.”
He said if more extensive work that costs millions of dollars is required by EPA or DEP in future years, the city will float a bond, which surrounding “signatory” municipalities would help pay.
Acting as a committee-of-the-whole, the five council members at the meeting unanimously recommended the full council pass Bill 49, a proposed ordinance that Schweyer defined as “an official accounting measure.”
Schweyer explained the city is required to put the more than $182 million remaining from the lease into its water and sewer funds to comply with its annual audit.
City Council will do that by giving final approval to Bill 49 when it next meets during the first week in November.
On paper, more than $114.7 million will be transferred the city’s water fund and more than $67.3 million to the sewer fund. But the entire $182-plus-million will just pass through those funds on its way to being transferred back into a restricted account in the city’s general fund.