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4.5. SR 08-02-2021
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4.5. SR 08-02-2021
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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent August 2, 2021 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Resolution Authorizing Transfer from Cal Portner, City Administrator <br />Government Building Fund to 2020A and <br />Reviewed by <br />2020B Bonds Debt Service Funds <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution authorizing the transfer from the Government Building Fund to the 2020A CIP <br />Debt Service and 2020B CIP Refunding Debt Service funds. <br /> <br />Background/Discussion <br />In November of 2020, the City Council authorized the issuance of $9,435,000 Capital Improvement Plan <br />Bonds, Series 2020A, for the expansion of the Public Safety Facility and construction of Fire Station #3. The <br />Council also authorized the issuance of $5,340,000 Capital Improvement Plan Refunding Bonds, Series 2020B, <br />to refund the Series 2010A and 2012A Capital Improvement Plan Bonds. <br /> <br />The bonds are a general obligation of the city payable by a tax levy or other sources. The scheduled interest <br />payment due August 2, 2021, is $140,875.47 for the 2020A CIP Bonds and $116,714.84 for the 2020B CIP <br />Refunding Bonds. Interest of $37,541.67 for the 2020B CIP Refunding Bonds is attributable to the refunded <br />2010A CIP Bonds payable by a debt service tax levy. The remaining interest of $79,173.17 for the 2020B CIP <br />Refunding Bonds, attributable to the 2012A CIP Bonds, and the $140,875.47 interest for the 2020A CIP Bonds <br />will come from the Government Building fund. <br /> <br />Financial Impact <br />The Government Building fund has a cash balance of $3,229,550 and will transfer $140,875.47 to the 2020A CIP <br />Debt Service Fund and $79,173.17 to the 2020B CIP Refunding Debt Service Fund. <br /> <br />Mission/Policy/Goal <br />Responsibly grow and develop a sustainable and prosperous community. <br /> <br />Attachments <br /> Resolution <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />
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