HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 14-00218
Date: 4/14/2014 Requesting Department: Finance
Commission Meeting Date: 04/24/2014 District Impacted:
Type: 1 Resolution n Ordinance Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Unspent Sunshine State Loan Proceeds
Purpose of Item:
Law Department
Matter ID No.
To comply with the City's continuing covenants under the Bond Resolution and the Tax Compliance
Certificate, and in accordance with advice from Bond Counsel, the City Administration requests the
City Commission to authorize such necessary financial transactions as indicated in the attached
resolution.
Background Information:
Pursuant to City Commission Resolution, R-11-0228, adopted May 26, 2011, on July 21, 2011 the
City issued $70,645,000 of Special Obligation Non -Ad -Valorem Revenue Refunding Bonds, Series
2011-A (the "Series 2011-A Bonds") to refund the City's previous loans from the Sunshine State
Governmental Financing Commission borrowed in 1987, 1988, 1995, 2007, 2008, and 2009 (the
"Sunshine State Loans"). The Tax Compliance Certificate, dated as of July 21, 2011, for the Series
2011-A Bonds required that remaining proceeds and interest not spent as of February 1, 2014 be
used only to pay interest on the Series 2011-A Bonds; Please see attached resolution.
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budg
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director
Chief' rA. ".;;
City Manager ,/�>
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