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Commissioner Keigher - To Approve Budget Change Request to Recognize $5,020,000 General Obligation Refunding Bonds, Series 2016 Proceeds ($5,020,000)
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STAFF CONTACT
Tonya Frye - Financial Operations Manager - Finance - 704- 866-3032
BUDGET IMPACT
budget
Savings of $202,969 in bond interest over a period of three years.
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BUDGET ORDINANCE IMPACT
There is minimal impact to the current budget ordinance.
BACKGROUND
On April 26, 2016 the Board of Commissioners approved the issuance of General Obligation Refunding Bonds, Series 2016. The refund totaling $5,020,000 is comprised of $1,750,000 General Obligation School Bonds, Series 2006 and the $3,400,000 General Obligation College Bonds, Series 2007. The True Interest Cost for the bonds was 0.779456% and total savings from the refunding is $202,969 over three years. The bonds closed on May 24, 2016 and 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