HomeMy WebLinkAbout157-17 RESOLUTIONC
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 157-17
File Number: 2017-0394
2017 LIBRARY IMPROVEMENT BONDS:
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $26,905,000.00 TO
APPROPRIATE PROCEEDS FROM THE 2017 LIBRARY IMPROVEMENT BONDS TO FUND THE
LIBRARY IMPROVEMENT PROJECT
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, in the amount of $26,905,000.00 to
appropriate proceeds from the 2017 Library Improvement Bonds to fund the Library Construction Project.
PASSED and APPROVED on 8/1/2017
Attest:
Sondra E. Smith, City Clerk. Treasurer
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Page 1 Printed on 812117
City of Fayetteville, Arkansas 113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
a Text File
File Number: 2017-0394
Agenda Date: 8/1/2017 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: C. 3
2017 LIBRARY IMPROVEMENT BONDS:
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $26,905,000.00
TO APPROPRIATE PROCEEDS FROM THE 2017 LIBRARY IMPROVEMENT BONDS TO FUND
THE LIBRARY IMPROVEMENT PROJECT
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, in the amount of $26,905,000.00 to
appropriate proceeds from the 2017 Library Improvement Bonds to fund the Library Construction
Project.
City of Fayetteville, Arkansas Page 1 Printed on 8/412017
Paul Becker
City of Fayetteville Staff Review Form
2017-0394
Legistar File ID
8/1/2017
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
7/14/2017
CHIEF FINANCIAL OFFICER (110)
Submitted By Submitted Date Division / Department
Action Recommendation:
Approval of an ordinance requesting the City Council to approve a budget adjustment of $26,905,000 in project
funds for the Library Construction Project.
Budget Impact:
4150
Account Number
Library Construction
Fund
Project Number Project Title
Budgeted Item? No Current Budget $ -
Funds Obligated $
Current Balance �$
Does item have a cost? Yes Item Cost $ 26,905,000.00
Budget Adjustment Attached? Yes Budget Adjustment $ 26,905,000.00
Remaining Budget $ -
V20140710
Previous Ordinance or Resolution #
Original Contract Number; Approval Date:
Comments:
n, CITY OF
FAYETTEVILLE
ARKANSAS
MEETING OF AUGUST 1, 2017
TO: Mayor and City Council
CITY COUNCIL MEMO
FROM: Paul Becker, Finance and Internal Services Director
DATE: July 14, 2017
SUBJECT: Appropriation of the proceeds of the Library Improvement Bonds, 2017
RECOMMENDATION:
Approval of an ordinance requesting the City Council to approve a budget adjustment of
$26,905,000 in project funds for the Library Construction Project.
BACKGROUND:
On September 19, 2016, the City Council of Fayetteville authorized the issuance of $26,500,000
worth of property tax bonds for the Library Construction Project as authorized by the citizens of
Fayetteville.
DISCUSSION:
The bonds have been sold and the net proceeds of that sale are now available for the
appropriation. The bonds were sold with a premium providing the City with proceeds for the
project of $26,905,000.
BUDGET/STAFF IMPACT:
The attached budget adjustment will provide the authorized funds for the Library Construction
Project. The debt service fund budget will be created after the trustee has provided the
statements.
Attachments:
Staff Review form
City Council Memo
Budget Adjustment
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Budget Year Division Adjustment Number
Non -Departmental (800)
2017 /Org2
Requestor: Paul A. Becker
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
To recognize the proceeds from the City of Fayetteville, AR Library Improvement Bonds, Series 2017 bond Issue and the
corresponding expenditures for the capital improvements.
RESOLUTION/ORDINANCE
COUNCIL DATE: 8/1/2017
LEGISTAR FILE ID#: 2017-0394
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7/14/2017 2:39 PM
Budget Director Date
TYPE:
DESCRIPTION:
GLDATE:
POSTED:
TOTAL 26,905,000 26,905,000 v.20170707 -
Increase / (Decrease) Project.Sub#
Account Number Expense _ Revenue Project Sub AT Account Name
4150.800.9150-5804.00 26,905,000 17007 1 EX **Building; Costs -Building Costs
4150.800.9150-6884.00 - 26,905,000 17007 1 RE **Proceeds from Bond Sales - Base
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