HomeMy WebLinkAbout81-93 RESOLUTION•
•
RESOLUTION NO. R1-91
A RESOLUTION APPROVING A BUDGET ADJUSTMENT
RECOGNIZING COST ITEMS FOR PAYMENT OF
PRINCIPAL, LEGAL SERVICES, TRANSFER TO SALES TAX
BOND FUND AND TRANSFER TO GENERAL FUND
REGARDING THE 1990 SALES TAX BOND ISSUE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1• That the Council hereby approves a budget adjustment recognizing the costs
associated with the acceleration of the debt as follows:
Sales Tax Bond Fund Pnncspal Payment 530,000,000
Legal Services charged by Trustee 54,270
Capital Improvement Construction Fund 28,907,400
Transfers to General Fund 4,644,872
A copy of the budget adjustment is attached hereto and made a part hereof.
PASSED AND APPROVED this 17th day of August , 1993.
APPROVED:
ATTEST`:
By: /:l ,jt eA° ua•-)
Sherry L. Thomas, City Clerk
BY:
Fred Hanna, Mayor
•
•
•
•
Summary
The resources to accelerate the payment of debt were from Investments in Capital Improvements
Construction Fund and Investments - Bond Reserve accounts. The funds were under the control
of the Trustee. The cash for the Transfers are the remaining sales tax collections, interest and
investment earnings associated with the 1990 Sales Tax Bond Issue. Additionally, Arvest
currently is retaining $994,860 that resulted from the acceleration of debt.
Additional budget amendments will be submitted to City Council to recogmze the cost of
refunding the sales tax and legal fees awarded to the plaintiffs attorney. The additional budget
amendments will be submitted after the Chancery Court enters it's final order for payment of
expenses associated with the Sales Tax Lawsuit.
7
3.03
Account #
Account Name
Amount Inc
3350-9350-5500-00
Principal Pay
$30,000,000
3350-9350-5314-01
Legal Services
54,270
3350-0935-6602-47
Trans from Cap Imp Const
(28,907,339)
3350-0935-4999-99
Use of Fund Balance
( 1,146,931)
4470-9470-7602-35
Trans to Sales Tax Bond
28,907,400
4470-0947-4999-99
Use of Fund Balance
(28,907,400)
3350-9350-7602-01
Trans to General Fund
3,337,675
1010-0001-6602-35
Trans from Sales Tax Bond
(3,337,675)
4470-9470-7602-01
Trans to General Fund
5,059
1010-0001-6602-47
Trans from Cap Imp Const
( 5,059)
4520-9520-7602-01
Trans to General Fund
1,302,138
1010-0001-6602-52
Trans from Sales Tax Const
(1,302,138)
Totals
0.00
Additional budget amendments will be submitted to City Council to recogmze the cost of
refunding the sales tax and legal fees awarded to the plaintiffs attorney. The additional budget
amendments will be submitted after the Chancery Court enters it's final order for payment of
expenses associated with the Sales Tax Lawsuit.
7
3.03
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
Department: State r,* ,a0.1
Division:
Program:
Date Requested
.3sLI 1.9(14Q�
Adjustment #
Project or Item Requested: 1 j
1-o/lai&PI IS M4ffS14 -}
o kW L
IKA & rfp rit6t, 4 Iiftosae,cs
$#.)4 &&r't. Ito t444 r''6 1YAC ()Cjul
it tL m.4a W- fa 1.44&144_ vFJ-f vsC(47Pa atorfi
4. I
Project or Item Deleted:
jyktiiicalion alCis Incicm-a. se: ea 4 199.SJu 1 �u I Justificationofthis Decrease:
'(� (ro.�Id IIZ.Ii ca Aol� rj ,� 11'' d
.11 -sof r0 ,) 'tk+v1� QGC..Cfas.Ct 4�Ilata.„
Sri Lurk Q.= it ReSJ, LikLet
Gott
Increase
Account Name Amount Account Number Project Number
Se t aA\ro. t.cc.-
Decrease
Account Name Amount Account Number Project Number
Lt
Approval Signatures
Re.uested By
airit
-1Qe ,.r. -r
Department Drector
lAAd Services Du
Mayor
7-2-7-4R
Budget Office Use Only
Type: A BCD ® F
Date of Approval
Posted to Genaal Ledger
Entered in Category Log
Budget Office Copy