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<br /> Al In order to account for the transactions associated with this bond issue , a budget amendment is
<br /> necessary . Since the bond issue and interest costs were better than expected , this amendment transfers
<br /> the savings to the General Fund and M . S . T. U . Attached to this item is Budget Amendment 026 for
<br /> Board approval .
<br /> Staff Recommendation
<br /> Staff recommends the Board of Commissioners approve the attached budget amendment for the
<br /> transactions associated with the Dodgertown Bond Issue .
<br /> Attachments
<br /> • Miscellaneous Budget Amendment 026
<br /> Assistant County Administrator Joe Baird noted that we were very fortunate to have
<br /> such good market conditions for these bonds with an interest rate of 4 . 87 % over 30 years .
<br /> We have tried to minimize the impact on the taxpayers by using 3 sources of income for this
<br /> bond issue ; the state ' s 1/2 million- dollar grant money ; the additional one - cent tourist tax of
<br /> $ 360 , 000 ; and the remaining amount from the '/2- cent optional sales tax . The amount
<br /> required from the 1/2 - cent optional sales tax will decrease as the tourist tax funds increase .
<br /> County Administrator Jim Chandler commended Mr . Baird for the time and effort he
<br /> put into structuring this transaction .
<br /> Mr . Baird then commended Budget Manager Jason Brown and Finance Director Ed
<br /> Fry for their contributions to the effort .
<br /> ON MOTION by Commissioner Adams ,
<br /> SECONDED by Commissioner Stanbridge , the
<br /> Board unanimously approved Budget Amendment
<br /> # 026 for the transactions associated with the
<br /> Dodgertown Bond Issue, as recommended by staff.
<br /> AUGUST 21 , 2001 BIN/ 4
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