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CASSELBERRY CITY COMMISSION Minutes of August 24, 2015 — Regular Meeting Page 13 of 20 BA #15 -054 Explanation of Request: This item recognizes debt service proceeds for issuance of Infrastructure Sales Surtax Series 2015 bonds in the amount of $9,894,000 and related bond issuance costs in the amount of $55,000 to be utilized for construction and capital improvements within the City as stated in Resolution 15- 2777. Account Number Account Description Amount Increase: 114- 0000 - 384.00 -00 Debt Proceeds $9,894,000 114 - 0190 - 517.73 -00 Other Debt Service Costs $ 55,000 Decrease: 114 - 0000 - 389.90 -00 Other Non - Operating Source $9,839,000 Recommendation: The City Manager and the Finance Director recommended approval of Resolution 15- 2777 and Budget Amendment # 15 -054. MOTION: Vice Mayor Solomon moved to approve Resolution 15 -2777 and related Budget Amendment 15 -054, as presented. Motion was seconded by Commissioner Hufford. Motion carried unanimously by voice vote 5 -0. B. Resolution 15-2778 — RepgMent of Seminole County Promissory Note in the Amount of $1,511,245 and Related Budget Amendment #15 -055 The City Clerk read Resolution 15 -2778 by title as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING REPAYMENT OF AN OUTSTANDING LOAN WITH SEMINOLE COUNTY IN THE AMOUNT OF $1,511,245; PROVIDING FOR CONFLICTS, SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE." Staff Presentation: Finance Director Rebecca Bowman gave a brief overview of Resolution 15 -2778, explaining that the resolution provided for repayment of a promissory note taken out April 1, 2015 in the amount of $1,511,245 in favor of Seminole County for advancement of funding toward progress on the Oxford Road redevelopment project, with the understanding that repayment would be made from revenues the City would receive from the infrastructure sales tax. She added that one of the stipulations contained in Resolution 15 -2777 which was approved in the agenda item immediately before this one, was that the City would repay the funds advanced by Seminole County in order to remain in right parity of debt outstanding on this revenue source. She further added that, if approved, the City would repay Seminole County the amount of $1,511.45 and that Budget Amendment #15-055 would be necessary as there was no existing funding source to make the repayment.