HomeMy WebLinkAbout25-16 RESOLUTION1 13 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolutiont 25-'16
File Number:2015-0627
2015 SALES AND USE TAX BONDS FOR STREET PROJECTS:
A RESOLUTION TO APPROVE BUDGET ADJUSTMENTS IN THE AMOLTNT OF S8,914,876.00 TO
APPROPzuATE PROCEEDS FROM THE 2015 SALES AND USE TAX BONDS FOR STREET PROJECTS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKÄNSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves two budget
adjustments, copies of which are attached to this Resolution, in the amount of $8,914,876.00 to appropriate
proceeds from the 2015 Sales and Use Tax Bonds for street projects.
PASSED and APPROVED on I/512016
Attest:
Lisa Branson, Deputy
Page 1 Pr¡nted on 1nh6
C¡ty of Fayetteville, Arkansas
Text File
File Numbe¡= 2015-0627
I 13 West Mounta¡n Street
Fayetteville, AR 72701
ø7q 575-8323
Agenda Date:11512016
ln Gontrol: City Council Meeting
Agenda Number: A. 25
Version: 1 Status: Passed
File Type: Resolution
2OI5 SALES AND USE TAX BONDS FOR STREET PROJECTS:
A RESOLUTION TO APPROVE BLIDGET ADruSTMENTS IN THE AMOUNT OF $8,914,876.00
TO APPROPRIATE PROCEEDS FROM THE 2015 SALES AND USE TAX BONDS FOR STREET
PROJECTS
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 two budget
adjustments, copies of which are attached to this Resolution, in the amount of $8,914,876.00 to
appropriate proceeds from the 2015 Sales and Use Tax Bonds for street projects.
City of Fayelteviile, Arkansas Page 1 Pilnted on 1/6nU6
Marsha Hertweck
City of Fayetteville Staff Review Form
20t5-0627
Legistar File lD
Lls/2oL6
City Council Meeting Date - Agenda ¡tern OnlV
N/A for Non-Agenda ltem
t2/17/201s Accounting & Audit /
Finance & lnternal Services Deoartment
Division / Department
-
Subm¡tted By Submitted Date
Action Recommendation :
This request is for the City Council to approp
approval of a Budget Adjustment. This will authorize the use of the proceeds for the final phase of Transportat¡onD^^ ,J ô-^ -,-.^_Bond Prograrn.
Budget lmpact:
Sales Tax Construction Bonds
Fund
Transportation Bond Street lmprovements
project Title
Current Budget 5 Zf,g6g,g99.0o
Funds Obligated L6,240,A67.23
Current Balance $ s,oas,gsr.ty
sDoes item have a cost?
Budget Adjustment Attached ?
4520.9s56.XXXX.XX
Account Number
06035.1
Project Number
Budgeted ltem? yes
Yes
Item Cost
Budget Adjustment
No
9,01_5,225,00
Remaining Budget $ 1q,,oqq,os6.v7
previous ordinance or Resorution # v20140710
Original Contract Number:
Comments;
Approval Date:
ÏHE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENT CORRESPONDENCE
CITY COUNCIL AGENDA MEMO
To: Mayor Lioneld Jordan and Fayetteville City Council
From: Paul Becker, Finance Director
Date: December 1612015
Subject: Appropriation of City Sales and Use Tax Bonds in the amount of $8,914,876
PROPOSAL:
On October 6,2015 the City Council of Fayetteville Authorized the issuance of $9,000,000 worth of sales tax
bonds for the street projects as authorized by the citizens of Fayetteville in 2006 by referendum. These bonds
were subsequently sold and the net proceeds ofthat sale are now available for appropriation. The proceeds for
the project totaled $9,075,225 with $100,350 in issuance costs and S8,914,875 remaining for the project fund.
RECOMMENDATION:
Staff recommends approval of an ordinance requesting the council to approve $100,350 in issue costs and
$8,914,876 in project funds of sales tax bonds for the Street Bond Programs pursuant to the attached budget
amendment.
BUDGET IMPACT:
The approval of the attached budget amendments to the 2015 and 2016 budgets will provide the remaining
funds authorized to complete Street Projects as authorized by the City Council.
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Division: Accounling & Audit
Dept.: Finonce & lniernolServices
Requestor: Morsho Hertweck
Budget Year
2015
Adjustment Number
BU DG ET ADJ USTMENT DESCRI PT¡ON / JUSTTFTCATTON :
To recognize the proceeds from the 2015 Sales and Use Tax Bond lssue and the corresponding expenditures for the
street program.
** The offsetting expense side will be listed on the 201-6 Budget Adjustment. **
COUNCIL DATE:
LEGISTAR FILE ID#:
1 /5/2016
20't5-0627
Kení'w Sptfíng'a/
72176/2075 5:L9 ?1,4
Budget Director
TYPE:
Dote
RESOLUTION/ORDINANCE
DESCRIPTION:
GLDATE:
POSTED:
12/31/2015
v.20150925TOTAL
Accounl Number
100,350 100,350
lncreose / (Decreose)Project.Sub#
Project SubExpenseRevenue AT Account Nome
4520.0952.6884.00 8,935,000 0603s RE Proceeds from Bond Sales
4s20.0952.6884.02
4520.9556.7 506.00 L00,350
80,225 06035
- 0603s
RE Premium on Bond lssue
EX **Bond lssuance Cost
1
7
4s20.0952.4999.99 (8,91-4,875)RE Use of Fund Balance
C:\Users\lsmilh\AppDoto\Rooming\15\Temp\2750050ó-7o2d-42b5-o40o-ocof73bOdóób lofl
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Division: Accounting & Audii
Dept.: Finonce & lnternolServices
Requestor: Morsho Hertweck
Budget Year
20ró (BY)
Adjustment Number
BU DG ET ADJ USTM ENT DESCRI PTION / JUSTI FICATION :
To recognize the proceeds from the 20L5 Sales and Use Tax Bond lssue and the corresponding expenditures for the
street program.
** The offsetting revenue side will be listed on the 20L5 Budget Adjustment. **
COUNCIL DATE:
LEGISTAR FILE ID#:
11512016
2015-0627
Kwí'vvSprínq<r
72/16{201^5 5:1-9 ?'t4
Budgel Director
TYPE:
DoÍe
RESOLUTION/ORDINANCE
DESCRIPTION:
GLDATE:
POSTED:/
v.2O150925
TOTAL
Account Number
8,914,875 8,914,875
lncreose / (Decreose)Proiect.Sub#
Expense Revenue Projecl Sub AT Account Nome
4520.9556.5809.00 8,91,4,875 - 0603s EX **Streetlmprovements
4520.0952.4999.99 - 8,914,875 RE Use of Fund Balance
C:\Useß\lsmilh\AppDolo\Rooming\15\Temp\eo57b00d-O7l c-42d4-bo14-c9füSff426d lofl