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2016.04.28 Parks Packet
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2016.04.28 Parks Packet
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6/23/2016 4:01:33 PM
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6/23/2016 12:51:26 PM
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Commissions
Meeting Date
4/28/2016
Document Type
Agenda/Packets
Commission Name
Parks
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Estimated <br />Project Sources <br />High <br />Park Fund <br />$ 907,000 <br />Street CIP Funds <br />2,588,000 <br />Tax Abate Bond <br />5,050,000 <br />• 2019 <br />$ 8,545,000 <br />Tax Abatement Bonds <br />• $5,050,000 Park Project Costs <br />365,000 Cap Interest (3 year max) <br />65,000 Cost of Issuance <br />60,000 Underwriter's Discount <br />$5,540,000 Total Bond Issue <br />15 Years @ NIC of 2.44% <br />464,000 Avg. Annual Tax Levy <br />4/28/2016 <br />Debt Service Levy By Year <br />Payable <br />• 2017 <br />$ 606,793 <br />• 2018 <br />624,706 <br />• 2019 <br />621,245 <br />Reduction <br />• 2020 <br />63,235 <br />$558,010 <br />• 2021 <br />68,228 <br />553,017 <br />• 2022 <br />13,235 <br />608,010 <br />• 2023 <br />18,598 <br />602,647 <br />• 2024 <br />18,569 <br />602,676 <br />$464,000/year needed for new issue <br />Reimbursement Resolution <br />Allows the City to use future bond proceeds <br />(reimburse) for expenses incurred prior to <br />issuance. <br />2 <br />
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