Summary On March 14, 2016, the City Commission adopted Resolutions 16-06 and 16-07 authorizing the issuance and sale of the Series 2016 Capital Improvement Revenue and Revenue Refunding Bonds (Series 2016 Bonds) for the purpose of refunding the Series 2006 Capital Improvement Revenue and Revenue Refunding Bonds (Series 2006 Bonds) and to provide funds for the construction of the Public Services Operations Center/Warehouse and the Project Legacy multi-purpose facility.
Subsequently, on March 29, 2016, the sale of the Series 2016 Bonds was competitively bid and awarded to UBS Financial Services. The bond closing was completed on April 11, 2016 providing the City with $17,549,178.90 for the purposes previously stated. After distribution to the escrow agent of funds required for the refunding of the Series 2006 Bonds, the City received $10,133,007.93 to provide for closing costs and provide funding for the stated capital projects.
The budget amendment attached to Resolution 16-11 as "Exhibit A" is necessary to properly account for revenues and expenses related to the Series 2016 Bond proceeds.
A breakdown of the budget amendment is as follows:
- The Debt Service Fund (Fund 070) is increased by $7,134,906 to account for the refunding of the Series 2006 Bonds;
- The Internal Service Fund Operations Center/Warehouse Fund (Fund 701) is established with a budget of $4,586,231 to provide for both closing and construction costs; and,
- The Project Legacy Fund (Fund 318) is increased by $5,802,419 to provide for both closing and construction costs.
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