Fiscal Note
This resolution amends the Monona Terrace 2014 adopted capital budget, Project No. 1, Building and Building Improvements (810598). The amendment replaces $200,000 of Reserves Applied with General Obligation borrowing. The estimated annual debt service over the ten-year payback period is $23,446, which will be funded by Room Tax. The Monona Terrace reserve balance will be $200,000 higher than anticipated under the current budget.
Title
Amending the Monona Terrace Community and Convention Center 2014 capital budget to replace Reserves Applied with G.O. borrowing of $200,000.
Body
WHEREAS, the 2014 Monona Terrace capital budget of $2.687 million is funded with $1.2 million of Monona Terrace reserves applied and $1.487 million of Room Tax; and
WHEREAS, the G.O. bonds issued as part of the original Monona Terrace financing will be retired in 2014; and
WHEREAS, projects totaling $200,000 have not yet been started but will be completed later in 2014; and
WHEREAS, it would be advantageous to fund these projects with G.O. debt, thereby more rapidly replenishing the Monona Terrace reserves and providing more flexibility in the 2015 budget; and
WHEREAS, the debt service on the borrowing would be paid from Room Tax.
NOW, THEREFORE, BE IT RESOLVED, that the Monona Terrace 2014 capital budget be amended to delete $200,000 of Reserves Applied and add G.O. borrowing of $200,000.
$200,000 EM01-79999-810598 Reserves Applied
($200,000) EM01-79140-810598 G.O. Borrowing Proceeds