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2013-57 AMENDING AN ORDINANCE AUTHORIZING ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2010
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2013-57 AMENDING AN ORDINANCE AUTHORIZING ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2010
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8/13/2015 11:41:23 AM
Creation date
8/13/2015 11:41:22 AM
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Resolution/Ordinance
Res Ord Num
2013-57
Res Ord Title
AMENDING AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2010, TO AMEND THE DEFINITION OF THE "2010C PROJECT"
Department
Finance
Approved Date
7/1/2013
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FINANCIAL MANAGEMENT DEPARTMENT <br /> #2013-22 <br /> DATE: June 14, 2013 <br /> TO: Honorable Mayor McElroy and City Council Members <br /> FROM: Ryan P. McCrady, City Manager <br /> Gregg Zientara, City Treasurer& Director of Finance <br /> SUBJECT: Ordinance Amending Council Ordinance 2010-79 to Amend the Definition of <br /> 2010C Project Work Scope <br /> SUMMARY RECOMMENDATION: <br /> City Administration recommends City Council approval of the attached Ordinanc , which amends <br /> City Council Ordinance 2010-79 approved by the City Council on November 15, 2010. <br /> BACKGROUND: <br /> The original ordinance granted approval for the City of Decatur to issue 2010 Series General <br /> Obligation Bond debt for the purpose of funding projects as follows: <br /> 2010 Series A ā Letter of Credit payoff for Wabash Crossing, North Water Street Demolitions, <br /> Reynolds Building redevelopment agreement, <br /> 2010 Series B ā Water projects including lake dredging, secondary water supply, dam repairs, <br /> OldTowne TIF District projects including streetscape improvements in the downtown footprint, <br /> Central Park improvements and Transfer House interior renovations, <br /> 2010 Series Cā Parking Garage B&C renovations and construction of a new par ing lot on North <br /> Main Street, <br /> 2010 Series D ā Refunding of the 1998 General Obligation Bond which financed certain <br /> improvements to the City of Decatur Public Library. <br /> Bond proceeds with the 2010 Series A and 2010 Series D issues have been spe it in accordance <br /> with original project specifications. <br /> Bond proceeds with the 2010 Series B issue have been spent or funds have bee 1 encumbered in <br /> accordance with original project specifications. <br /> Bond proceeds with the 2010 Series C issue have been spent in accordance with original project <br /> specifications, with actual project expense for project completion under the original budget <br /> expense, thus, leaving an unspent balance approximating$480,000. <br /> As certain 2010 Series B project scope items have emerged, not originally envisi ned in the 2010 <br /> Series B project scope, this ordinance will expand the originally defined 2010 Series C project <br /> scope to allow for unspent 2010 Series C monies to be used for completion of su h items. <br /> council letter[2].doc Page 1 of 2 <br />
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