2019-200 Ordinance Amending an Ordinance Adopted by the Council of the City of Decatur, Illinois, Macon County, Illinois, on the 17th Day of June, 2019, Providing for the Issuance of not to Exceed $2,300,000 General Obligation Bonds of said City for Certa

Home Browse Search

LETTER to the DECATUR CITY COUNCIL Financial Management Department #2019—11 DATE: October 30, 2019 TO: Honorable Mayor Moore Wolfe and City Council Members FROM: Scot Wrighton, City Manager Gregg D. Zientara, City Treasurer& Director of Finance SUBJECT: Ordinance amending an ordinance adopted by the Council of the City of Decatur, Macon County, Illinois, on the 17"' day of June, 2019, providing for the issuance of not to exceed $2,300,000 general obligation bonds of said City for certain capital improvements described in said ordinance, and making other related changes SUMMARY RECOMMENDATION: It is recommended that the City Council approve the attached Ordinance, which upon Council adoption will amend City Council Ordinance 2019-46 to change the definition of"projecY' in said Ordinance to include any capital improvement or equipment acquisition. Council Ordinance 2019-46 approved the issuance of debt to finance certain city projects, including: • construction of the Library Facility Parking Lot, • certain improvements to the air handling system in the Library Facility Council adoption of this Ordinance will add the following item to the project list funded with Council Ordinance 2019-46: • refunding of the Police Motorola Radio acquisition transacted in December 2018, with acquisition approved by Council Resolution R208-165 This later item is a continuation of the financing plan defined in late 2018 with the Police Motorola radio transaction. BACKGROUND: On June 17, 2019, Council adopted City Council Ordinance 2019-46, which provided for the issuance of not to exceed $9,300,000 General Obligation Bonds to finance the refunding of City issued General Obligation Bonds Series 2010A, and to provide for the issuance of not to exceed $2,300,000 General Obligations Bonds for the purposes of financing (a) improving the Decatur Public Library and (b) resurfacing and improving the Decatur Public Library parking lot. The debt issue refunding the General Obligation Bonds Series A was transacted on August 7, 2019 in a par value amount of $6,720,000, yielding debt principal and interest savings on the remaining years to debt maturity on December 15, 2030 of$851,410, with present value savings of$731,193. Page 1 of 2