Item:
Title
Budget Ordinance Amendment No. 24BCC00080 - Appropriation in the Debt Service Fund for the Issuance of $50,390,687.60 of 2016 General Obligation Bonds (Series 2023) Per a June 26, 2023 Board Approved General Obligation Bond Resolution
Body
Date of BOCC Meeting: March 11, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve Budget Ordinance Amendment No. 23BCC00080 recognizing the appropriation of $50,390,687.60 of issued 2016 General Obligation bonds to pay off previous General Obligation BANS financing which was authorized pursuant to bond orders approved in the 2016 referendum for community college, library, museum and school purposes.
The requested Budget Amendment, although technical, is necessary to accurately reflect the transaction on the County's books. As such, the request to approve the recognition of the appropriation to the Debt Service Fund budget is being made at this time. Please note that the complete transactions (e.g., the recognition of the refinancing proceeds and the retirement/refunding and debt issuance costs expenditures) are accounted for in the Debt Service Fund, accordingly. The budgetary appropriation amounts for the General Obligation bond issuance of $50,390,687.60:
Debt Service Fund (Financing of 2016 General Obligation Bonds [Series 2023]):
Other Financing Sources Increase
General Obligation Bond (Series 2023) proceeds $50,390,687.60
Expenditures
Debt issuance costs $390,687.60
Refunding debt payment and additional new funds $50,000,000
Alignment with Strategic Plan: This request aligns with Goal 5 of the Strategic Plan, Accountable, Efficient and Visionary Government. By embracing new and efficient ways of using capital, County dollars can do more for its citizens.
Resource Persons: Tiffany Murray, Chief Financial Officer, S. Keith Lane, Budget & Management Services Director
County Manager's Recomme...
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