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CASSELIIERRY CITY COMMISSION Minutes of March 8, 2021 — Regular Meeting Page 13 of 19 Staff Presentation: City Manager Randy Newlon stated that Resolution 21-3230 provides for a bond issuance identified as "City of Casselberry, Florida, Capital Improvement General Obligation Bond, Series 2021" in the aggregate principal amount of $6,000,000. Budget Amendment #21-026 in the amount of $62,000 is provided to recognize the costs of issuance. He noted that Section 4 of Resolution 21-3230 had been modified slightly from what was published in the agenda packet to read as follows: "...this Series 2021 Resolution (including the Bond Ordinance and the Bond Resolution) shall be deemed to be and shall constitute a contract between the City and such owners." This change was made to incorporate as part of this resolution a reference to the Bond Ordinance, Ordinance 21-1549 adopted earlier in the meeting and the Bond Resolution, Resolution 20-3157 adopted by the City on April 27, 2020. No other changes were made to the resolution. Mr. Newlon advised this would be the first of two or three resolutions which would be brought before the City Commission before the full $24,000,000 bond amount was finally issued. The amount for which authorization to borrow is being requested at this meeting through Resolution 21-3230 is $6,000,000. The City, through its advisor Dunlop and Associates, requested proposals from lenders and received three proposals. The best proposal came from JPMorgan Chase Bank, N.A. for a duration of seventeen (17) years with a fixed rate of 2.01%, with payments beginning in 2022. The proceeds from this loan would be used to pay for the construction of the improvements to Secret Lake Park and to fully fund the construction planning and engineering for the five other parks that were authorized under the bond referendum. Budget Impact: Approval of Budget Amendment #21-026 will increase the Parks Master Plan Fund Other Debt Service Cost account #307-0190-517.73-00 and Other Non -Operating Sources account #307-0000- 389.90-00 in the amount of $62,000. Debt proceeds in the amount of $6,000,000 have been budgeted in Parks Master Plan Fund Debt Proceeds account #307-0000-384.00-00. Sufficient funds for the capital costs related to the Parks and Recreation improvements have been budgeted in various capital accounts within the Parks Master Plan Fund. BA #21-026 Explanation of Request: This Budget Amendment seeks City Commission approval to provide funding for the cost of issuance of General Obligation Bonds Series 2021 for Parks Master Plan in the amount of $62,000. Account Number Account Description Amount Increase: 307-0190-517.73-00 Other Debt Service Cost $62,000 307-0000-389.90-00 Other Non-operating Source $62,000 Recommendation: The City Manager and the Finance Director recommended approval of Resolution 21- 3230 and related Budget Amendment #21-026. Audience Participation: No one came forward to address Resolution 21-3230 and related Budget Amendment #21-026.