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Commissioner Philbeck - Finance - To Approve Budget Change Request Recognizing $60,516,875 in General Obligation Refunding Bonds, Series 2020 Bond Proceeds and Bond Premium
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STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
budget
Increase CIF Fund (Fund 41) revenue by $60,516,875.10. Increase CIF Fund expenditures by $60,516,875.10.
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BUDGET ORDINANCE IMPACT
Increase CIF Fund (Fund 41) revenue by $60,516,875.10. Increase CIF Fund expenditures by $60,516,875.10.
BACKGROUND
On September 22, 2020 the Board of Commissioners authorized the issuance of General Obligation Refunding Bonds. On October 28, 2020, Gaston County issued General Obligation Refunding Bonds in the amount of $50,145,000. The all-in true interest cost (TIC) was .705% with a net present value (PV) savings of $4,324,978 for the County. The bond premium was $10,371,875.10 for a total appropriation of $60,516,875.10.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)