BA #11-048 - Laserfiche WebLink

Home Browse Search

CITY OF CASSELBERR Y Budet Amendment Request BA # 11-048 DATE: July 25, 2011 TO: Barbara Lipscomb, City Manager FROM: Randy Newlon, Finance Director EXPLANATION OF REQUEST: Authorization is requested authorize the negotiated placement of Sales Tax Revenue Bond, Series 2011A and Sales Tax Refunding Bond, Series 201113. The 2011A bond will raise principle in the amount of $5,305,000 to be set aside in a capital improvement fund and budgeted by the City Commission to pay for transportation projects. The 2011B reissue bond will refinance Sales Tax Revenue Refunding Note, Series 2002A and Sales Tax Revenue Note, Series 2002B at a lower interest rate estimated to save about $75,000 over the life of the new reissue loan. $50,000 is estimated in proceeds to fund issuance costs to be capitalized and amortized from the Debt Service Fund. Increase: Account Number 201-0190-517.71-07 201-0190-517.71-08 201-0000-383.00-01 201-0190-517.72-07 201-0190-517.72-08 201-0000-381.10-00 001-0190-519.91-04 001-0000-389.90-00 305-0000-383.00-01 Decrease: Account Description Principle - STRN 2002 A Principle - STRN 2002 B Debt Proceeds Interest - STRN 2002 A Interest - STRN 2002 B Transfer from Fund 001 Transfer to Fund 201 Other Non-operating Sources Debt Proceeds Account Number Account Description 305-0000-389.90-00 Other Non-operating Sources 201-0000-389.90-00 Other Non-operating Sources REQUESTED BY: Department Head FINANCE DEPT: COMMISSION ACTION: /-approved. denied Amount $1,187,000 $1,867,000 $3,104,000 $ 19,105 $ 11,910 $ 31,015 $ 31,015 $ 31,015 $5,305,000 Amount $5,305,000 $ 50,000 Date: 7-2-" ._ I Date: -2 --2-b l/ Finance Use Only: entered by: date: count: batc ~