Broward County Commission Regular Meeting
Director's Name: Norman Foster
Department: Office of Management and Budget
Information
Requested Action
title
MOTION TO ADOPT budget Resolution No. 2020-530 within the Convention Center Hotel Fund in the amount of $41,277,000 to appropriate the County’s Bond Anticipation Note, Series 2020B as part of Fiscal Year 2020.
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Why Action is Necessary
Board approval is required to transfer budget from reserve.
What Action Accomplishes
Amends the FY20 budget within the Convention Center Hotel Fund to appropriate the Bond Anticipation Note before fiscal year 2020 is closed.
Is this Action Goal Related
No
Previous Action Taken
None
Summary Explanation/Background
THE OFFICE OF MANAGEMENT AND BUDGET RECOMMENDS APPROVAL OF THE FOLLOWING YEAR-END ACTIONS WITHIN THE CONVENTION CENTER HOTEL FUND.
On August 25, 2020 (Item No. 84), the Board approved the Bond Anticipation Note, Series 2020B to repay in full the Broward County, Florida Bond Anticipation Note, Series 2019, to reimburse the County for certain costs of the Hotel Project and pay costs of the loan. The Bond Anticipation Note, Series 2020B were issued in the amount of $52,000,000 with an estimated interest rate of 1.16%.
Source of Additional Information
Norman Foster, Director, Office of Management and Budget, (954) 357-6346
Fiscal Impact
Fiscal Impact/Cost Summary
This action transfers budget in the Convention center Hotel Fund from the reserve in FY20 to repay in full the Broward County Bond Anticipation Note, Series 2019.