File #: 19-187   
Type: Resolution (Consent) Status: Passed
File created: 4/16/2019 In control: Finance
On agenda: 4/23/2019 Final action: 4/23/2019
Enactment date: 4/23/2019 Enactment #: 2019-109
Title: Commissioner Philbeck - Finance - To Appropriate Proceeds from Sale of $30,168,328 Limited Obligation Bonds
Sponsors: Tracy L. Philbeck
Attachments: 1. Adopted 2019-109, 2. BCR
Related files: 19-128

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Commissioner Philbeck - Finance - To Appropriate Proceeds from Sale of $30,168,328 Limited Obligation Bonds

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STAFF CONTACT

Tiffany Murray - Finance Division Director - 704-866-3032

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

There is minimal impact to the current budget ordinance.

BACKGROUND

On April 24, 2019 Gaston County sold Limited Obligation Bonds totaling $30,168,328.  The proceeds will be used to finance the jail infill/expansion project, upgrade of the public safety radio system equipment and infrastructure and reimburse the County for the Apple Creek Corporate Center land purchases.  The $30,168,328 consists of two series - $21,613,328 (Series A) which was sold as traditional tax-exempt Limited Obligation Bonds, and the remaining $8,555,000 (Series B) was sold as a taxable Limited Obligation Bonds which are taxable to the bondholder.  The total interest cost for the Series A bonds was 2.93% and the total interest cost for the Series B bonds was 3.27%. The issuance closed on April 24, 2019.  The attached Budget Change Request is recognizing the proceeds and setting up the budget for the expenditures.  The Apple Creek funds are being appropriated into a project for the purpose of preparing the park for development.

POLICY IMPACT

N/A

ATTACHMENTS

Budget Change Request