title
Approve Budget Ordinance Amendments to Recognize Capital Financing Proceeds for FY 2017-18.
body
Staff:
Department:
Kenneth C. Pennoyer, Director
Business Management
Amy Oland, Assistant Director
Overview: The Town recently completed the issuance of $12.5 million of General Obligation referendum bonds. In order for these funds to be available to spend on the identified capital projects, Council must enact budget ordinance and project ordinance amendments recognizing the receipt of these funds.
Recommendations:
That the Council enact the attached budget ordinance amendment to adjust the Stormwater Management Fund; and
That the Council enact the attached project ordinance amendments to adjust the 2015 Parks and Recreation Improvements Bond Fund and the 2015 Streets and Sidewalks Bond Fund.
Key Issues:
* Referendum Bonds (see affected funds below): On April 19, 2018, the Town closed on $12,500,000 of G.O. referendum bonds. The total amount of the proceeds, including a bid premium (amount received over the value of the bond as a result of a higher yield than the current interest rate), is $13,099,788, of which $12,933,538 is for capital projects and $166,250 is to pay costs associated with the financing. The proceeds will be split among three bond orders as follows:
o 2015 Stormwater Bond Fund $2,829,554
o 2015 Parks & Recreation Improvements Bond Fund 4,506,327
o 2015 Streets & Sidewalks Bond Fund 5,763,907
Enactment of the attached Budget Ordinance Amendment for the 2015 Stormwater Management Fund will appropriate $2,700,000 in bond proceeds and the additional $129,554 of proceeds from the bid premium for the Elliott Road Storage project. In addition, this budget ordinance amendment will reimburse the temporary appropriation of $205,000 of Stormwater Management Fund fund balance that was appropriated earlier this year for preliminary design expenditures.
Enactment of the attached Project Ordinance Amendment for the 2015 Parks a...
Click here for full text