Subject:
Title
Consider a request for a supplemental appropriation to adjust the Fiscal Year 2014 budget to account for a recent bond issue.
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Presented By: City Staff.
Recommendation and Review
On June 5, 2014, the City sold $56,285,000 in bonds to provide funding for several capital projects and to refinance existing debt.
$13,610,000 in bonds were issued as General Obligation Public Improvement Bonds, Series 2014A to fund the City Hall project, energy efficiency project and Ramblewood athletic complex project.
$42,675,000 in bonds were issued as General Obligation Public Improvement Refunding Bonds, Series 2014B to refinance the following debt:
1. General Obligation Bond, Series 2005
2. General Obligation Public Improvement Bonds, Series 2006
This request will appropriate funds for the respective debt service line items, bond issuance costs and the various capital project line items.