10-15-2019 PAEC Construction
Presented by
Ade Ariwoola, Finance Director
October 15, 2019
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PAEC CONSTRUCTION INTERFUND
LOAN BONDING UPDATE
&
SECOND READING
City Council Meeting
October 15, 2019
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Interfund Loan - $13 M
Authorized Date - 7/2014
Resolution # - 14-667
First Draw - 2016
Due Date - 12/2019
Issue Date - 11/2019
Current Amount - $6.76 M
Background
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Bond Amount - Not to Exceed $7 million
Bond Maturity – Not to Exceed 20 years
Purpose – Interfund Loan
Type of Bond – Limited Tax General Obligation Bonds (LTGO)
Bond Ordinance Detail
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1 – State Grants - $1.00 m
2 – Max Net - $0.97 m
3 – 2019 REET Revenue - $1.0 million
4 – What REET Can Be Used For
5 – Bond – About $5.0 instead of $7 m
6 – Use 10 years Instead of 20 years
Update On The Bond
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Consider 2nd Reading of the Bond Ordinance.
Council Action
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Questions?
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