Title
Resolution authorizing an emergency appropriation in the amount of $4,835,114.67 to early retire debt and record the costs of issuance for Special Service Area Number 16 Unlimited Ad Valorem Special Tax Bonds, Series 2013.
Staff Summary
* In Fiscal Year (FY) 2023, the Lake County Board approved the early redemption of $7,000,000 Special Service Area Number 16 bonds, fifteen years ahead of schedule, resulting in approximately $3,565,000 in interest savings to taxpayers within this Special Service Area.
* The bond closing was completed, and the County now must record the transaction to FY 2023 (when the cash transfers were made to retire the debt early).
* The purpose of this resolution is to acknowledge the expenses associated with the early retirement of debt and establish a budget to retire the bonds in FY 2023, since the defeasance was not anticipated when the FY 2023 budget was established.
* To retire the debt early, a total of $4,835,114.67 will be appropriated to FY 2023 with $4,750,000 as Principal Payments and $65,064.67 in residual interest as Interest Payments for the early retirement and $20,050 for the required Costs of Issuance in Fund 354 - Debt Service Fund for SSA16.
Body
RESOLUTION
WHEREAS, the Lake County Board approved the early redemption of $7,000,000 Special Service Area Number 16 bonds, fifteen years ahead of schedule resulting in approximately $3,565,000 in interest savings to taxpayers within this Special Service Area; and
WHEREAS, Lake County has received confirmation that the bonds are closed; and
WHEREAS, the cash transfers for the debt repayment occurred in FY 2023, and an emergency appropriation is required to record the transaction on Lake County's financial statements; and
WHEREAS, an emergency appropriation in the amount of $4,835,114.67 in Fund 354 - Debt Service Fund for SSA16 for the early repayment of the Special Service Area Number 16 bonds is required because the defeasance was not anticipated when the FY 2023...
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