AGENDA ITEM REPORT
TITLE:
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A RESOLUTION AUTHORIZING EXPENDITURES FROM THE COMMUNITY IMPROVEMENT FUND FOR ALL FUTURE ANNUAL DEBT SERVICE PAYMENTS FOR THE 2021 SERIES CAPITAL IMPROVEMENT REVENUE NOTE.
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BACKGROUND:
The City Code of Ordinances, Chapter 2, “Administration,” Article IX, “Community Improvement Fund,” Section 2-603, “Authority to expend funds,” requires that a resolution, separate and apart from the annual budget process, must be approved to authorize expenditures from the Community Improvement Fund.
DISCUSSION:
The City Commission authorized the issuance of the 2021 Series Capital Improvement Revenue Note for the purpose of providing funds, together with other available funds, to re-finance the 2018 Series Capital Improvement Revenue Note. Consistent with the 2018 Series Capital Improvement Revenue Note, the 2021 Series Capital Improvement Revenue Note annual debt service payment will be funded from the Community Improvement Fund.
This resolution authorizes funds to be expended from the Community Improvement Fund for the following:
• The FY21 annual debt service payments for the 2021 Series Capital Improvement Revenue Note, for which funding is available in the FY21 Budget for the Community Improvement Fund; and
• All future debt service payments related to the 2021 Series Capital Improvement Revenue Note. Funding for these payments will be budgeted according to the yearly payment schedule.
RECOMMENDATION:
Staff recommends approval of this resolution.
FISCAL IMPACT:
REVENUES: $ 0
EXPENDITURES: $ 1,040,340 (For FY2021)
BUDGETED? Yes
NOTES: Not to exceed $2,523,030 from Account 1496-9121, Transfers Out-Debt Service Fund. This amount includes previously authorized Debt Service payments in addition to 2021 Series Capital Improvement Revenue Note debt service payments.