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Consider approving a resolution amending the City of Lawton FY25 budget, as amended, by appropriating up to $350,000.00 to the General Fund for the purpose of securing funding for the closure and post-closure cost estimates regarding the statutory required landfill assurance mechanism for the City of Lawton’s landfill facilities as required by the Oklahoma Department of Environmental Quality.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: The Oklahoma Department of Environmental Quality approved a consent order with the City of Lawton requiring the City to establish and submit to DEQ an alternative financial assurance mechanism(s) in the amount of the currently approved cost estimates no later than October 31, 2024. After looking at the various options, a letter of credit was determined to be the best option. Upon approval of the incurring of indebtedness through a line of credit, a budget amendment is needed to appropriate up to $350,000.00 to the General Fund for the purpose of securing funding for the closure and post-closure cost estimates regarding the statutory required landfill assurance mechanism for the City of Lawton’s landfill facilities as required by the Oklahoma Department of Environmental Quality.
EXHIBIT: Resolution No. 24-_____
KEY ISSUES: None
FUNDING SOURCE: General Fund
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY25 budget, as amended, by appropriating up to $350,000.00 to the General Fund for the purpose of securing funding for the closure and post-closure cost estimates regarding the statutory required landfill assurance mechanism for the City of Lawton’s landfill facilities as required by the Oklahoma Department of Environmental Quality.