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Home My WebLink About283-24 RESOLUTION113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 283-24 File Number: 2024-708 2024 CITY SALES AND USE TAX BONDS (BUDGET APPROPRIATION): A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT 1N THE AMOUNT OF $15,000,000.00 TO APPROPRIATE PROCEEDS FROM THE 2024 CITY SALES AND USE TAX BONDS BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution, appropriating proceeds from the 2024 City Sales and Use Tax Bonds in the ,��ii�►r► amount of$15,000,000.00. • G\T Y pF •�G% PASSED and APPROVED on November 19, 2024 'FAYETTEVILLE Attest: �'.,95 '9QkgiVSPS •�.` Page 1 Office of the City Clerk Treasurer Kara Paxton — City Clerk Treasurer Jackson Shelton — Senior Deputy City Clerk OF 4AYETTF 1 i 0 µM .. 4 RKAN SPS 113 W. Mountain Street, Suite 308 Fayetteville, Arkansas 72701 Phone: 479.575.8323 cityclerk@fayetteville-ar.gov Departmental Correspondence To: Lioneld Jordan, Mayor From: Kara Paxton, City Clerk Treasurer'��G CC: City Attorney Kit Williams, Senior Assistant Blake Pennington, Chief of Staff Susan Norton & Chief Financial Officer Paul Becker Date: November 8, 2024 RE: City Clerk Treasurer Kara Paxton — Out of Office due to Medical Procedure Mayor Lioneld Jordan, Due to a medical procedure, I will be unavailable to sign documents or attend meetings starting November 11th, 2024. 1 plan to be back in the office as of November 25th, 2024. Senior Deputy City Clerk Treasurer Jackson Shelton or Deputy City Clerk — Codifier Courtney Spohn will notify you should these dates change. The recommended recovery time for my medical procedure (Spinal Cord Stimulator Implant) ranges from 4 to 8 weeks. The surgeon stated that I must be off work for at least one week. The surgeon also encouraged me to utilize telework options in the weeks following the initial surgery week. He also stated that should I need to physically come to work, I need to park as close to the building as possible, no lifting/carrying heavy or large objects, and no sudden twisting or turning. In my absence, I authorize Senior Deputy City Clerk Treasurer Jackson Shelton to attest your (Mayor Lioneld Jordan) signature. Should an issue arise that Mr. Shelton is not available to sign within a 24- hour timeframe, I authorize Deputy City Clerk — Codifier Courtney Spohn to sign in our absence. As the official custodian of the City's seal, I authorize Mr. Shelton and Ms. Spohn to use the seal for official purposes only. Please direct city staff to route all Alcohol Permits to Mr. Shelton for review and electronic signature. Please notify the Accounting Department that check requests will be reviewed and signed by Ms. Spohn before being emailed to the Accounting Department. Ms. Spohn will also be responsible for approving purchase requests submitted November 11th — November 15th, 2024. Mr. Shelton and Ms. Spohn will go above and beyond to ensure that our office continues to support all our internal and external customers while I am out of office. Over the last 3 years Ms. Spohn has continuously demonstrated her professionalism and advanced skillset in her positions. Mr. Shelton has been with our office for almost 2 years now and has consistently impressed me by going above and beyond in his work duties. I am confident that Mr. Shelton and Ms. Spohn will successfully manage the office while I am out. M/10 CITY OF FAYETTEVILLE ARKANSAS MEETING OF NOVEMBER 19, 2024 TO: Mayor Jordan and City Council THRU: CITY COUNCIL MEMO 2024-708 FROM: Paul Becker, Chief Financial Officer SUBJECT: City Council Appropriation of Phase Three of the 2019 Sales Tax Bond Program Proceeds Designated As Sales and Use Tax Capital Improvement Bonds, Series 2024 by approving the attached Budget Amendment. RECOMMENDATION: This request is for the City Council to appropriate $15,000,000 in bond funds for phase three of the 2019 Sales Tax Bond Issue, which represents the final portion of the bonds authorized by the voters of Fayetteville. This issue is designated Sales and Use Tax Capital Improvement Bonds, Series 2024. BACKGROUND: On April 9, 2019, the Citizens voted to authorize Sales Tax Bonds of up to $226,065,000 for various purposes as specified in Ordinance 6126 approved by the City Council. Subsequently, the City Council authorized issuance of $127,595,000 par value of the authorized bonds and appropriated the infrastructure project balance of those bonds pursuant to Resolution 200-19 on September 3, 2019. This was Phase One of the 2019 Sales Tax Bond Program. On May 3, 2022, the City Council approved Phase Two of the Sales Tax Bond Program with the passage of Ordinance 6563. The bonds authorized by this resolution were sold on June 19, 2022, and that sale was closed on June 22, 2022, at which time the monetary proceeds of the bond sales of $75,513,868 less issuance costs and underwriting fees of $508,986 were transferred to the Bond Trustee for subsequent expenditure by the City. This net amount available for project expenditures for all projects equaled $75,004,882. DISCUSSION: On August 20, 2024, the City Council approved Phase Three of the Sales Tax Bond Program with the passage of Ordinance 6784. The bonds authorized by this resolution were sold, and the sale was closed on October 15, 2024, at which time the monetary proceeds of the bond sales of $15,000,000 less issuance costs and underwriting fees of $295,582 were transferred to the Bond Trustee for subsequent expenditure by the City. This net amount available for project expenditures for all projects equaled $14,704,418. BUDGET/STAFF IMPACT: The approval of this resolution and the attached budget amendment will allow the City to appropriate the proceeds of the bond sale for Phase Three of the authorized 2019 Sales Tax Bonds. Specific infrastructure projects will be provided for by budget adjustments as authorized by the City Council. Mailing address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 Amounts received for project expenditures for each authorized bond question were as follows: Question Question Two Transportation Improvements Question Five Park Improvements ATTACHMENTS: SRF (#3), BA (#4) Available For Construction $ 9,905,877 $ 4,798,541 $ 14,704,418 Mailing address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 == City of Fayetteville, Arkansas y 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 - Legislation Text File #: 2024-708 City Council Appropriation of Phase Three of the 2019 Sales Tax Bond Program Proceeds Designated As Sales and Use Tax Capital Improvement Bonds, Series 2024 by approving the attached Budget Amendment. A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $15,000,000.00 TO APPROPRIATE PROCEEDS FROM THE 2024 CITY SALES AND USE TAX BONDS BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution, appropriating proceeds from the 2024 City Sales and Use Tax Bonds in the amount of $15,000,000.00. Page 1 Paul A Becker Submitted By City of Fayetteville Staff Review Form 2024-708 Item ID 11/19/2024 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 10/29/2024 CHIEF FINANCIAL OFFICER (110) Submitted Date Division / Department Action Recommendation: 2024 CITY SALES TAX AND USE BONDS: A RESOLUTION TO APPROVE BUDGET ADJUSTMENTS IN THE AMOUNT OF $15,000,000 TO APPROPRIATE PROCEEDS FROM THE 2024 CITY SALES AND USE TAX BONDS. Budget Impact: VARIOUS VARIOUS Account Number Fund VARIOUS VARIOUS Project Number Budgeted Item? No Does item have a direct cost? No Is a Budget Adjustment attached? Yes Purchase Order Number: Change Order Number: Original Contract Number: Comments: Total Amended Budget Expenses (Actual+Encum) Available Budget Item Cost Budget Adjustment Remaining Budget Project Title $ 15,000,000.00 15,000,000.00 Previous Ordinance or Resolution # Approval Date: V20221130 City of Fayetteville, Arkansas - Budget Adjustment (Agenda) Budget Year Division Adjustment Number CHIEF FINANCIAL OFFICER (110) /Org2 2024 Requestor: Paul A. Becker BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: 2024 CITY SALES TAX AND USE BONDS: A RESOLUTION TO APPROVE BUDGET ADJUSTMENTS IN THE AMOUNT OF $15,000,000 TO APPROPRIATE PROCEEDS FROM THE 2024 CITY SALES AND USE TAX BONDS. COUNCIL DATE: ITEM ID#: 11/19/2024 2024-708 Kevin Springer 771712024 77:04 6M RESOLUTION/ORDINANCE Budget Division Date TYPE: D - (City Council) JOURNAL#: GLDATE: CHKD/POSTED: TOTAL Account Number 15,000,000 15,000,000 Increase / (Decrease) Expense Revenue Project.Sub# Project Sub.Detl AT v.2024926 Account Name 4802.860.7000-6884.00 - 10,105,000 46020 7000 RE Proceeds from - Bonds 4802.860.7000-7507.00 4802.860.7000-7506.00 39,410 159,713 - - 46020 46020 7000 EX 7000 EX Bond Discount Bond Costs - Issuance 4802.860.7999-5899.00 9,905,877 - 46020 7999 EX Unallocated - Budget 4805.860.7000-6884.00 4805.860.7000-7507.00 - 19,091 4,895,000 - 46050 46050 7000 RE 7000 EX Proceeds from - Bonds Bond Discount 4805.860.7000-7506.00 4805.860.7999-5899.00 77,368 4,798,541 - - 46050 46050 7000 EX 7999 EX Bond Costs - Issuance Unallocated - Budget 1 of 1