DATE: September 13, 2018
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
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Report of Account Balance from 2017 General Obligation Bond Issue
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Purpose
The purpose of this memo is to provide information to the Budget and Finance Committee concerning the amount of bond proceeds remaining from the Series 2017 General Obligation Public Improvement Bonds.
Background
In June 2017, the City issued $23,120,000 of General Obligation Bonds to fund various general government capital projects, primarily in the areas of transportation, communication equipment and fire apparatus. In accordance with IRS rules for issuance of tax-exempt debt, the City is required to spend the proceeds within three years of issuance along with meeting certain spending milestones throughout the period. This report is an update to the Committee on the balance.
Financial Impact
As of 6/30/2018, the cash balance in the General Obligation Bond account is $7,800,069 (71% spent). Please see the attached schedule for more information. The bond account is in compliance with expenditure requirements for tax-exempt bond proceeds.
Recommendation
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No action is required.