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Home My WebLink About162-22 RESOLUTION113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 162-22 File Number: 2022-0594 2022 CITY SALES AND USE TAX BONDS: A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE TOTAL AMOUNT OF $75,513,868.00 TO APPROPRIATE PROCEEDS FROM THE 2022 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, in the amount of $75,513,868.00 to appropriate proceeds from the 2022 City Sales and Use Tax Bonds. PASSED and APPROVED on 7/19/2022 Attest: FA YE T-rEv 'Ma Kara Paxton, City Clerk Treasurer . L Page t Printed on 7120122 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 Text File File Number: 2022-0594 Agenda Date: 7/19/2022 Version: 1 Status: Passed In Control: City Council Meetinq File Type: Resolution Agenda Number: A.6 2022 CITY SALES AND USE TAX BONDS: A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE TOTAL AMOUNT OF $75,513,868.00 TO APPROPRIATE PROCEEDS FROM THE 2022 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, in the amount of $75,513,868.00 to appropriate proceeds from the 2022 City Sales and Use Tax Bonds. City of Fayetteville, Arkansas Page 1 Printed on 712012022 Paul Becker Submitted By City of Fayetteville Staff Review Form 2022-0594 Legistar File ID 7/19/2022 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 6/28/2022 CHIEF FINANCIAL OFFICER (110) Submitted Date Division / Department Action Recommendation: 2022 CITY SALES AND USE TAX BONDS: A RESOLUTION TO APPROVE BUDGET ADJUSTMENTS IN THE AMOUNT OF $75,513,868 TO APPROPRIATE PROCEEDS I FROM THE 2022 CITY SALES AND USE TAX BONDS Budget Impact: VARIOUS VARIOUS Account Number Fund VARIOUS VARIOUS Project Number Budgeted Item? No Does item have a cost? No Budget Adjustment Attached? Yes Purchase Order Number: Change Order Number: Original Contract Number: Comments: Current Budget Funds Obligated Current Balance Item Cost Budget Adjustment Remaining Budget Project Title $ 75,513,868.00 75,513,868.00 Previous Ordinance or Resolution # Approval Date: V20210527 CITY of FAYETTEVILLE ARKANSAS r4ff, MEETING OF July 19, 2022 TO: Mayor and City Council FROM: Paul A. Becker, Chief Financial Officer CITY COUNCIL MEMO DATE: June 30, 2022 SUBJECT: City Council Appropriation of Phase Two of the 2019 Sales Tax Bond Program Proceeds Designated As Sales and Use Tax Capital Improvement Bonds, Series 2022 by approving the attached Budget Amendment :7xd01lviI►yil=1Zlm7_AIICkiF This request is for the City Council to appropriate $75,513,868 in bonds funds for phase two of the 2019 Sales Tax Bond Issue which represents a portion of the bonds authorized by the voters of Fayetteville. This issue is designated Sales and Use Tax Capital Improvement Bonds, Series 2022. DISCUSSION: 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. 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 Two Transportation Improvements 29,753,981 Question Three Trail Improvements 4,611,107 Question Four Drainage Improvements 8,283,433 Question Five Park Improvements 11,047,639 Question Seven City Facilities Improvements 2,713,976 Question Eight Construction of an Arts Corridor 12,727,757 Question Ten Firefighting Facilities Improvements 5,866,989 $ 75,004,882 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 Two of the authorized 2019 Sales Tax Bonds. Specific infrastructure projects will be provided for by budget adjustments as authorized by the City Council. 2 City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar) Budget Year Division Adjustment Number /Org2 BUDGET &INFORMATION MGMT (133) 2022 Requestor: April Melton BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: 2022 CITY SALES AND USE TAX BONDS: A RESOLUTION TO APPROVE BUDGET ADJUSTMENTS IN THE AMOUNT OF $75,513,868 TO APPROPRIATE PROCEEDS FROM THE 2022 CITY SALES AND USE TAX BONDS. COUNCIL DATE: 7/1 9/2022 LEGISTAR FILE ID#: 2022-0594 xeA/L4vspr 6/28/2022 3:19 PM Budget Director Date / D - (City Council) TYPE: JOURNAL #: 7/19/2022 GLDATE: RESOLUTION/ORDINANCE CHKD/POSTED: TOTAL 75,513,868 75,513,868 v.20220616 Increase / (Decrease) Proiect.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 4708.860.7000-6884.00 - 12,615,000 46080 7000 RE Proceeds from - Bonds 4708.860.7000-6884.02 - 199,128 46080 7000 RE Proceeds from - Premium on Bond Issue 4708.860.7000-7506.00 86,371 - 46080 7000 EX Bond Costs - Issuance 4708.860.7999-5899.00 12,727,757 - 46080 7999 EX Unallocated - Budget 4702.860.7000-6884.00 - 29,490,000 46020 7000 RE Proceeds from - Bonds 4702.860.7000-6884.02 - 465,890 46020 7000 RE Proceeds from - Premium on Bond Issue 4702.860.7000-7506.00 201,909 - 46020 7000 EX Bond Costs - Issuance 4702.860.7999-5899.00 29,753,981 - 46020 7999 EX Unallocated - Budget 4703.860.7000-6884.00 - 4,570,000 46030 7000 RE Proceeds from - Bonds 4703.860.7000-6884.02 - 72,397 46030 7000 RE Proceeds from - Premium on Bond Issue 4703.860.7000-7506.00 31,290 - 46030 7000 EX Bond Costs - Issuance 4703.860.7999-5899.00 4,611,107 - 46030 7999 EX Unallocated - Budget 4704.860.7000-6884.00 - 8,210,000 46040 7000 RE Proceeds from - Bonds 4704.860.7000-6884.02 - 129,645 46040 7000 RE Proceeds from - Premium on Bond Issue 4704.860.7000-7506.00 56,212 - 46040 7000 EX Bond Costs - Issuance 4704.860.7999-5899.00 8,283,433 - 46040 7999 EX Unallocated - Budget 4705.860.7000-6884.00 - 10,950,000 46050 7000 RE Proceeds from - Bonds 4705.860.7000-6884.02 - 172,611 46050 7000 RE Proceeds from - Premium on Bond Issue 4705.860.7000-7506.00 74,972 - 46050 7000 EX Bond Costs - Issuance 4705.860.7999-5899.00 11,047,639 - 46050 7999 EX Unallocated - Budget 4707.860.7000-6884.00 - 2,690,000 46070 7000 RE Proceeds from - Bonds 4707.860.7000-6884.02 - 42,394 46070 7000 RE Proceeds from - Premium on Bond Issue 4707.860.7000-7506.00 18,418 - 46070 7000 EX Bond Costs - Issuance H:\Budget Adjustments\2022_Budget\CITY COUNCIL\07-19-22\2022-0594 BA Sales and Use Tax Bonds - Series 2022 .xlsm 1 of 2 Increase / (Decrease) Project.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 4707.860.7999-5899.00 2,713,976 - 46070 7999 EX Unallocated - Budget 4710.860.7000-6884.00 - 5,815,000 46100 7000 RE Proceeds from - Bonds 4710.860.7000-6884.02 - 91,803 46100 7000 RE Proceeds from - Premium on Bond Issue 4710.860.7000-7506.00 39,814 - 46100 7000 EX Bond Costs - Issuance 4710.860.7999-5899.00 5,866,989 - 46100 7999 EX Unallocated - Budget H:\Budget Adjustments\2022_Budget\CITY COUNCIL\07-19-22\2022-0594 BA Sales and Use Tax Bonds - Series 2022 .xlsm 2 of 2