City of Valdez - File #: RES 19-0058

• File #: RES 19-0058
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/26/2019
• In control: City Council
• On agenda: 12/3/2019
• Final action: 12/3/2019
• Title: #19-58 - Amending the 2019 City Budget by Appropriating $900,000 from Debt Service Fund for Principal Payment for the 2019 General Obligation Bond
• Sponsors: City Council

Date	Ver.	Action By	Action	Result
12/3/2019	1	City Council	approved	Pass

ITEM TITLE: 

#19-58 - Amending the 2019 City Budget by Appropriating $900,000 from Debt Service Fund for Principal Payment for the 2019 General Obligation Bond

SUBMITTED BY: Brian Carlson, Finance Director

FISCAL NOTES: 

Expenditure Required: $900,000

Unencumbered Balance: $8MM

Funding Source: Debt Service Fund Balance

RECOMMENDATION:

Approve

SUMMARY STATEMENT:

•                     This resolution appropriates funds for the first scheduled debt service payment for the pending 2019 General Obligation Bond

o                     This bond is scheduled for a December 16^th Closing, therefore “pending”

•                     The bond was structured with an immediate principal payment in 2019 for the purpose of legal compliance with state statutory ad-valorem tax revenue limits

•                     Remaining principal and interest payments are scheduled over the remaining seven years, 2020-2026, with the ability to prepay in any amount at any time.