HomeMy WebLinkAbout2003-086RESOLUTION NO. 2003- 086
A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA
AMENDING THE FISCAL YEAR 2002-2003 BUDGET.
WHEREAS, certain appropriation and expenditure amendments to
adopted Fiscal Year 2002-2003 Budget are to be made byresolution the
section 129.06(2)(a) -(e), Florida Statutes (2002); and Pursuant to
WHEREAS, the Board of County Commissioners of Indian River County
desires to amend the fiscal year 2002-2003 budget, as more specifically set forth
in Exhibit "A" attached hereto and by this reference made a part hereof,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that the Fiscal Year
2002-2003 Budget be and hereby is amended as set forth in Exhibit "A" u on
adoption of this Resolution. p
This Resolution was moved for adoption by Commissioner
Adams , and the motion was seconded by Commissioner Ginn
and, upon being put to a vote, the vote was as follows:
Chairman Kenneth R. Macht Aye
Vice Chairman Caroline D. Ginn Aye
Commissioner Fran B. Adams Aye
Commissioner Arthur R. Neuberger Aye
Commissioner Thomas S. Lowther Aye
The Chairman thereupon declaed this Resolution duly passed and adopted
this 19th day of August , 2003.
Attest:
By
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INDIAN RIVER COUNTY, FLORIDA
Board of County Commissioners
Kenneth R. Macht
Chairman
Resolution No. 2003 - 086
Budget Office Approval:
Entry
Number
Exhibit "A"
Budget Amendment: 015
Fund/ Department/
Account Name
Account Number
Decrease
Revenues
225039-384010
Land Acquisition Bonds Fund/
Debt Proceeds — Bond Premium
Land Acquisition Bonds Fund/
Cash Forward — October 1
Land A u' " I
cq isition Bonds Fund/
Legal Services
$7,800,000
225039-384011
Expenses
Land Acquisition Bonds Fund/
Bond Issuance Costs
Land Acquisition Bonds Fund/
Other Professional Services
Land Acquisition Bonds Fund/
Interest — Debt Service
Land Acquisition Bonds Fund/
Principal — Debt Service
$192,405
225039-389040
$600,000
22511717-033110
$22,500
22511717-033160
$66,504
22511717-033190
$17,000
22511717-077210
22511717-077110
Land Acquisition Bonds Fund/
Bond Call Premium — Debt Svc.
$8,320,000
22511717-077111
$166,400
Consent Agenda
Indian River County
Interoffice Memorandum
Office of Management & Budget
To: Members of the Board of County Commissioners
Joseph A. Baird
Assistant County Administrator
Through:
From:
Date:
Jason E. Brown
Budget Manager
August 12, 2003
Subject: Budget Amendment 015 - Series 2003 Land Acquisition
General Obligation Bond Issue ($7,800,000)
Description and Conditions
On May 20, 2003, the Board of Commissioners approved a resolution authorizing the issuance of the
Series 2003 Land Acquisition General Obligation Refunding Bonds. These bonds were issued to
refund all outstanding principal from the Series 1995 General Obligation Bonds. Due to reduced
interest rates, the refinancing resulted in a reduction of about $200,000 in annual debt service costs.
Provided herein is a summary of sources and uses of funds for the bond issue along with the
necessary budget amendment.
Sources and Uses of Funds
Sources of Funds:
Par Amount of Bonds
Plus: Original issue Premium
Additional County Funds
Total Sources
Uses of Funds:
Payment of Refunded Bonds
Costs of Issuance
Total Sources
$7,800,000.00
192,404.65
600,000.00
$8,592,404.65
$8,486,400.00
106,004.65
$8,592,404.65
In order to account for the transactions associated with this bond issue, a budget amendment is
necessary. Attached to this agenda item is a budget resolution (Budget Amendment 015) amending
the fiscal year 2002/03 budget.
F:1Budget\Jason\budget amendments 200203\015 ba 2003 Iaac bond issue.doc
Board of Commissioners
Page 2of2
August 12, 2003
Staff Recommendation
Staff recommends that the Board of Commissioners approve the attached budget resolution
amending the fiscal year 2002/03 budget.
APPROVED AGENDA ITEM:
BY:
James E. Chandler
County Administrator
FOR: August 19, 2003
Indian River County
Administrator
Legal
Budget
Department
Risk Management
A
roved
Date
��ia,03
.045