HomeMy WebLinkAboutR-2002-202 RESOLUTION NO. 2002-202
A RESOLUTION OF THE CITY OF DANIA BEACH, FLORIDA,
REALLOCATING $550,752 OF BOND PROCEEDS TO PAY FOR
CERTAIN ADDITIONAL CAPITAL IMPROVEMENT PROJECTS;
PROVIDING FOR THE ADOPTION OF REPRESENTATIONS;
PROVIDING FOR CONFLICTS, FURTHER, PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on March 26, 2002, the City Commission issued a Series
2002A Note in the amount of $2,350,000 in order to fund certain capital
improvement projects, and
WHEREAS, due to elimination of the public works facility improvements, and
the award of the Swim Central Grant, the City did not spend $550,752 of bond
proceeds, and
WHEREAS, the City needs to reallocate the $550,752 in bond proceeds to
additional capital improvement projects in order to remain compliant with both the
bond documents and arbitrage requirements, and
WHEREAS, each of the capital improvement projects for which the bond
proceeds are being reallocated were approved in the FY 2002 and FY 2003
Budget,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DANIA BEACH AS FOLLOWS:
Section 1. ADOPTION OF REPRESENTATIONS: The foregoing
Whereas paragraphs are hereby ratified and confirmed as being true, and the same
are hereby made a specific part of this Resolution.
I RESOLUTION NO.2002-202
Page 1
Section 2. REALLOCATION OF BOND PROCEEDS: $550,752 of bond
proceeds from the Series 2002A Note are hereby reallocated to fund for the
projects as listed as Attachment A.
Section 3. EFFECTIVE DATE: This Resolution shall take effect
immediately upon its final passage.
PASSED AND ADOPTED this 26T" day of November, 2002.
-
*RERT CHUNN, JR.
OMMISSIONER
ATTEST ROLL CALL:
COMMISSIOINER BERTINO - YES
COMMISSIONER MCELYEA - YES
COMMISSIONER MIKES —YES
VICE MAYOR FLURY - YES
MAYOR CHUNN -YES
ARLENE JO N ON
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
BY:
THOM J. ANS RO
CITY ATTORNEY
2 RESOLUTION NO.2002-202
Page 2
•
Attachment A
Original Project Amount to Amount
Alternate Project
Reallocate Allocated
Recreation Grounds $150,000
Swimming Pool $300,000 Renovation
I
Vac-Con Truck $150,000
Public Works Facility $250,000 ;., Police "803" project $80,000
• Grants Matching 752 Beach Renourishment $77,000
,z Replacement of Fishing Pier $15,000
s_= wooden deck
First Aid Stand $10,000
Partial Frost Park $8 752
Community Center
Renovation of City Hall $60,000
3 RESOLUTION NO.2002-202
Page 3
AGENDA REQUEST FORM
CITY OF DANIA EEACFI 7*
f.
AGENDA ITEM NO.
1. DATE OF COMMISSION MEETING: 11126102
2. DESCRIPTION OF AGENDA ITEM: REALLOCATE $550,752 BOND PROCEEDS
FOR OTHER CAPITAL IMPROVEMENT PROJECTS
3. COMMISSION ACTION BEING REQUESTED:
Adopt Resolution or Ordinance ® Expenditure ❑ Award Bid/RFP ❑
Presentation ❑ General approval of item ® Continued from meeting ❑
Other(please explain) ❑
4. SUMMARY EXPLANATION & BACKGROUND:
IN MARCH 2O02, THE CITY COMMISSION APPROVED THE ISSUANCE OF
$2,350,000 IN PROMISSIORY NOTES TO FINANCE CERTAIN CAPITAL
IMPROVEMENT PROJECTS. DUE TO ELIMINATION OF CERTAIN ORIGINAL
PROJECT AND GRANT AWARD, THE CITY HAS TO REALLOCATE $550,752 FOR
OTHER CAPITAL IMPROVEMENT PROJECTS BUDGETED IN FY 2002 OR FY 2003
FISCAL YEAR TO COMPLY WITH THE BOND INDENTURE.
5. ATTACHED EXHIBITS AND ADDITIONAL BACKUP MATERIALS (PLEASE LIST):
MEMO TO CITY MANAGER
6. FOR PURCHASING REQUESTS ONLY: Dept:
7. Amount:
8. Fund: GENERAL: ❑ WATER: ❑ SEWER: ❑ STORMWATER: ❑
Account name: Account#:
Finance Director Approval: Date:
8. REVIEWED AND APPROVED FOR ADDITION ON AGENDA:
Patricia Varney 11/19/2002
Submitted by: Date
Administrative Services/Risk Management Date
Department Director Date
City Manager Date
CITY OF DANIA BEACH
DEPARTMENT OF FINANCE
MEMORANDUM
TO: Ivan Pato, City Manager Memo: DF-02-006
FROM: Patricia Varney, Director of Finance
DATE: November 18, 2002
SUBJECT: Reallocation of Bond Proceeds
Purpose
To reallocate $550,752 bond proceeds from Series 2002A to other capital improvement
projects.
Background
On March 26, 2002, the Commission approved the issuance of $3,000,000 in loan
proceeds to fund certain capital improvement projects. Of this amount $550,752 has to be
allocated due the following explanations:
1) $300,000 for the building of the swimming pool. The Swim Central
is to fund for the entire project, however, the City has to advance the
first 1/3 of the costs which is approximately $300,000. This is mainly
a cash flow issue as the City does not have to match any of the project
costs. Therefore, the $300,000 loan is not required.
2) Elimination of the capital improvement project on the Public Works
facility in the amount of $250,000.
3) Savings realized in the CDBG matching grant in the amount of
$752.00
Attached below is the alternate projects recommended by finance management to utilize .
the bond proceeds in order to comply with the bond indenture. All these projects were
approved by the Commission in the FY 2003 budget process.
•
Original Project Amount to Alternate Project Amount
Reallocate Allocated
Recreation Grounds $150,000
Swimming Pool $300,000 Renovation
Vac-Con Truck $150,000
yyn r r - s r irr
Public Works Facility $250,000 Police "803" project $80,000
y' $77,000
Grants Matching 752 % " Beach Renourishment
z:
Replacement of Fishing Pier $15,000
wooden deck
First Aid Stand $10,000
Partial Frost Park Community $8,752
ON Center
�°�_ Renovation of City Hall $60,000