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2003-086
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2003-086
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Last modified
7/25/2017 4:15:10 PM
Creation date
9/30/2015 5:07:42 PM
Metadata
Fields
Template:
Resolutions
Resolution Number
2003-086
Approved Date
08/19/2003
Resolution Type
Budget
Entity Name
Budget Amendment 015
Subject
Amending Fiscal Year 2002-2003 Budget
Series 2003 Land Acquisition General Obligation Bond Issue
Archived Roll/Disk#
2746
Supplemental fields
SmeadsoftID
2470
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Consent Agenda <br />Indian River County <br />Interoffice Memorandum <br />Office of Management & Budget <br />To: Members of the Board of County Commissioners <br />Joseph A. Baird <br />Assistant County Administrator <br />Through: <br />From: <br />Date: <br />Jason E. Brown <br />Budget Manager <br />August 12, 2003 <br />Subject: Budget Amendment 015 - Series 2003 Land Acquisition <br />General Obligation Bond Issue ($7,800,000) <br />Description and Conditions <br />On May 20, 2003, the Board of Commissioners approved a resolution authorizing the issuance of the <br />Series 2003 Land Acquisition General Obligation Refunding Bonds. These bonds were issued to <br />refund all outstanding principal from the Series 1995 General Obligation Bonds. Due to reduced <br />interest rates, the refinancing resulted in a reduction of about $200,000 in annual debt service costs. <br />Provided herein is a summary of sources and uses of funds for the bond issue along with the <br />necessary budget amendment. <br />Sources and Uses of Funds <br />Sources of Funds: <br />Par Amount of Bonds <br />Plus: Original issue Premium <br />Additional County Funds <br />Total Sources <br />Uses of Funds: <br />Payment of Refunded Bonds <br />Costs of Issuance <br />Total Sources <br />$7,800,000.00 <br />192,404.65 <br />600,000.00 <br />$8,592,404.65 <br />$8,486,400.00 <br />106,004.65 <br />$8,592,404.65 <br />In order to account for the transactions associated with this bond issue, a budget amendment is <br />necessary. Attached to this agenda item is a budget resolution (Budget Amendment 015) amending <br />the fiscal year 2002/03 budget. <br />F:1Budget\Jason\budget amendments 200203\015 ba 2003 Iaac bond issue.doc <br />
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