Fiscal Note
This resolution increases G.O. borrowing by $300,000 to replace funds borrowed in 2004 that lapsed to the Debt Service Fund at the end of 2006. Debt service associated with this borrowing is estimated at $38,000 in the first year of payment (2008). There is no impact on the tax levy in 2007.
Title
Amending the Library's 2007 Capital Budget to reauthorize funding and increase G.O. borrowing by $300,000 in accordance with Federal Arbitrage law.
Body
WHEREAS Federal Arbitrage law requires tax exempt debt proceeds to be spent within two years of issuance; and
WHEREAS at the end of 2006, the Library had three projects which included $300,000 of unspent proceeds from the 2004 G.O. Debt issuance as follows: Sequoya Branch Expansion ($150,000), New Far West Branch Library ($70,000), and Pinney Branch Improvements ($80,000) (the latter as a result of a transfer from the New Far West Branch Library in 2006); and
WHEREAS this $300,000 lapsed to the Debt Service Fund;
NOW THEREFORE BE IT RESOLVED that the 2007 Library Capital Budget be amended to restore the budget authority and increase G.O. borrowing by $300,000 for the projects listed below.
CB18-58401-810428 $150,000 Sequoya Branch Expansion (general building improvements)
CL18-58110-810488 70,000 New Far West Branch Library (land)
CB18-58401-810531 80,000 Pinney Branch Improvements (general building improvements)