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CL- 2016 Consent Agenda   Item #:   C.    
City Council Regular Meeting
Meeting Date: 12/04/2018  
Subject:    Ordinance for the Appropriation of Bond Proceeds
From: Michael Adkins

COUNCIL ACTION
First Reading:      11/20/2018
Final Adoption:    12/04/2018
SUMMARY
The City has successfully issued General Obligation Bonds for Fiscal Year 2019.  Appropriation of the bond proceeds is needed to fund the various projects as specified in the FY 2019 Capital Improvement Plan.
 
BACKGROUND
The City's Capital Improvement Plan for FY 2019 includes bond funding in the amount of $7,396,440 for project costs.  In accordance with City Council's approval on July 17, 2018, General Obligation Bonds have been issued and proceeds have been received.  A bond premium of $254,367 was also received and will be used to cover the costs associated with the bond issuance.
 
RECOMMENDATION
It is recommended that the City Council adopt the attached Ordinance Amending the FY 2019 Budget Appropriation Ordinance by utilizing bond proceeds in the amount of $7,650,807 to cover related bond issuance costs and fund projects as specified in the FY 2019 Capital Improvements Plan.

Attachments
Ordinance

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