File #: 19-010   
Type: Resolution (Consent) Status: Passed
File created: 1/4/2019 In control: Financial and Management Services - Finance
On agenda: 1/22/2019 Final action: 1/22/2019
Enactment date: 1/22/2019 Enactment #: 2019-015
Title: Commissioner Philbeck - Finance - To Appropriate $60,000,000 in G.O. School Bond Proceeds
Sponsors: Tracy L. Philbeck
Attachments: 1. Adopted 2019-015, 2. BCR

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Commissioner Philbeck - Finance - To Appropriate $60,000,000 in G.O. School Bond Proceeds

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STAFF CONTACT

Linda Grimsley - Interim Finance Director - 704-866-3035

BUDGET IMPACT
budget

There are no debt payments due in FY19 but we did incur issuance costs for the bonds.  Those expenses will be paid from the proceeds of the bonds.  Debt payments for all future years will be budgeted during the budget process.

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BUDGET ORDINANCE IMPACT

N/A

BACKGROUND

On November 8, 2018, Gaston County sold $60,000,000 of General Obligation Bonds.  The proceeds will be used to finance school additions and to finance the construction of a new middle school that will replace the current Belmont Middle School.  The true interest cost for these bonds is 3.304711%.  The issuance closed on November 15, 2018.  The attached Budget Change Request is recognizing the proceeds and setting up the budget for the expenditures.

POLICY IMPACT

N/A

ATTACHMENTS

Budget Change Request