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File #: 20-1797   
Status: Agenda Ready
File created: 9/29/2020 In control: OFFICE OF MANAGEMENT AND BUDGET
On agenda: 10/20/2020 Final action:
Title: MOTION TO ADOPT budget Resolution No. 2020-534 within the Tourist Development Capital Fund in the amount of $2,654,200 to appropriate the remaining balance of funds related to the County's Bond Anticipation Note, Series 2020A as part of Fiscal Year 2020.
Attachments: 1. Exhibit 1 - Budget Resolution
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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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. 2020-534 within the Tourist Development Capital Fund in the amount of $2,654,200 to appropriate the remaining balance of funds related to the County’s Bond Anticipation Note, Series 2020A as part of Fiscal Year 2020.

 

body

Why Action is Necessary

Board approval is required to transfer budget from reserve.

 

What Action Accomplishes

Amends the Fiscal Year 2020 budget within the Tourist Development Capital Fund to appropriate the remaining balance of the Bond Anticipation Note, Series 2020A 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 TOURIST DEVELOPMENT CAPITAL FUND.

 

On August 25, 2020 (Item No. 85), the Board approved the Bond Anticipation Note, Series 2020A to pay certain costs of the Convention Center Expansion Project, related enabling project costs, and costs of the loan. The Bond Anticipation Note, Series 2020A were issued in the amount of $227,200,000 with an estimated interest rate of 1.65%.

 

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 Tourist Development Capital Fund from the reserve in FY20 to pay certain costs of the Convention Center Expansion Project, related enabling project costs, and costs of the loan.