Title
ORDINANCE NO. 24O-09-145: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL, FLORIDA MODIFYING CERTAIN OF THE PARK, RECREATIONAL, LEISURE AND CULTURAL PROJECTS FUNDED BY THE CITY’S GENERAL OBLIGATION BONDS, SERIES 2017 TO INCLUDE CERTAIN ADDITIONAL COMPONENTS THEREOF AND PROVIDING FOR A NEW PROJECT WITHIN THE CATEGORY OF PARK, RECREATIONAL, LEISURE AND CULTURAL PROJECTS, IN EACH CASE, THE COSTS OF WHICH WILL BE PAID, ALL OR IN PART, FROM CERTAIN AVAILABLE AMOUNTS ON DEPOSIT IN THE 2017 PARK, RECREATIONAL, LEISURE AND CULTURAL PROJECTS ACCOUNT ESTABLISHED UNDER CITY ORDINANCE NO. 16O-12-154 ENACTED ON JANUARY 9, 2017 IN CONNECTION WITH THE GENERAL OBLIGATION BONDS, SERIES 2017; MODIFYING CERTAIN OF THE PARK, RECREATIONAL, LEISURE AND CULTURAL PROJECTS FUNDED BY THE CITY’S GENERAL OBLIGATION BONDS, SERIES 2018 TO INCLUDE ADDITIONAL COMPONENTS THEREOF, THE COSTS OF WHICH WILL BE PAID, ALL OR IN PART, FROM CERTAIN AVAILABLE AMOUNTS ON DEPOSIT IN THE 2018 PARK, RECREATIONAL, LEISURE AND CULTURAL PROJECTS ACCOUNT ESTABLISHED UNDER CITY ORDINANCE NO. 18O-07-124 ENACTED ON AUGUST 27, 2018 IN CONNECTION WITH THE GENERAL OBLIGATION BONDS, SERIES 2018; APPROVING THE FORM, AND AUTHORIZING THE EXECUTION, OF A CERTIFICATE OF THE CITY FOR PURPOSES OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, EVIDENCING CERTAIN MATTERS RELATING TO THE MODIFICATIONS TO THE PARK, RECREATIONAL, LEISURE AND CULTURAL PROJECTS PROVIDED FOR HEREIN; AUTHORIZING THE PROPER OFFICIALS OF THE CITY TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH THE MATTERS PROVIDED FOR HEREIN; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
Body
Request Action:
Pass an Ordinance to modify the list of projects funded by the City's General Obligation Bonds, Series 2017 and Series 2018 within the Park, Recreational, Leisure and Cultural Projects.
Need Summary Explanation/ Background:
There remains a balance in some of the funds in some of the projects and it is the desire for the city to transfer those balances for use for other eligible projects within the same categories. This modification is to delineate the change to the specific projects for the funding to be spent on. The modification includes the following transfers:
1. From St. George Park (funded by Series 2018 GO Bonds) $782,986.94 and from Bradley Park (funded by Series 2018 GO Bonds) $10,464.06 to transfer the total of $793,451.00 to Maye Jenkins Park.
2. From Renaissance Park (funded by Series 2017 GO Bonds) $96,600.00 and South Gateway Park (funded by Series 2017 GO Bonds) $3,400.00 to transfer the total of $100,000.00 to Windermere Park Community Center Roof.
Cost Summary/ Fiscal Impact:
Include projected cost, approved budget amount and account number, source of funds, and any future funding requirements
Attachments:
Ex.A-1-Third Addendum Tax Certificate re: 2017 Series Bonds
Ex.A-2-First Addendum Tax Certificate re: Series 2018 Bonds