Title
Amending the City's Operating and Capital Improvement Budget to reflect the final sale details resulting from the issuance of the Taxable Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2019A; Taxable Sales Tax Revenue Refunding Bonds, Series 2019B; and Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 2019C; and to adjust capital project revenues for the mill and overlay program.
Body
WHEREAS, on February 6, 2019, the City Council adopted RES 19-166 preliminarily approving the 2019 Bond Sale and on February 20, 2019 adopted RES 19-267 to issue and sell the 2019 Bonds to the Underwriters subject to the approval of the Pricing Committee and compliance with a set of parameters and executed by a Bond Purchase Agreement which closed on April 8, 2019; and
WHEREAS, the Taxable Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2019A refunded the Taxable Variable Rate Demand Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2009A; and
WHEREAS, the Taxable Sales Tax Revenue Refunding Bonds, Series 2019B refunded the Taxable Subordinate Sales Tax Revenue Refunding Bonds, Series 2016H; and
WHEREAS, the Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 2019C refunded the Subordinate Sales Tax Revenue Refunding Bonds, Series 2016G and the HRA Parking Facility Lease Revenue Bonds, Series 2009 (RiverCentre Parking Ramp Improvements); and
WHEREAS, the debt service schedules for the 2019 Bonds were less than what was originally budgeted and resulted in savings in the sales tax fund; and
WHEREAS, the spending and financing budgets need to be adjusted in the debt service fund and sales tax fund to reflect the final results of the sale; and
WHEREAS, assessment revenues for the 2018 and 2019 mill and overlay projects were less than those originally estimated resulting in a funding shortfall; and
WHEREAS, additional sales tax resources are available to pay to support eligible mill and overla...
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