6a - PAEC Funding Update❖ Originally issued in 2003
❖ Original amount was $15 million at 4.676%
❖ Refinanced the balance of $12.415 million
in 2013 at 2.67%
❖ Current Debt Service amount is $812k
❖ Bond maturity is 2033
co)m M U cgn�(:@T -
❖ Ordinance 06-539 "WHEREAS, the City' s current
levy of 6% utility taxes are necessary for the
construction of the community center, for the
overlay program, for the ongoing maintenance of
the community center, Knutzen Family Theatre,
Celebration Park, continuation of existing city
services; an ....
In 2009 the City spent $555k to support the
operation at the Center.
�:� In 2014, the City spent $302k
D)UMS'o'- BEV
❖ Resolution 14-664-"The City shall
maintain a minimum of $ 0.5 million in
a reserve for the future general capital
needs of the building. This fund is set
aside for equipment replacement,
major building upgrades, and roof
replacement of the Center."
:• Term - 3 years
❖ 2015/16 Budget Amendment