Agenda

Back to Calendar Return

County Administrator's Report 11. 8.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/06/2017
Issue: Supplemental Budget Amendment #162 - Series 2017 Capital Project Bonds
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #162 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board adopt the Resolution approving Supplemental Budget Amendment #162, Debt Service Fund (203) and Series 2017 Capital Project Fund (311), in the amount of $90,321,401, to recognize proceeds from the issuance of the 2017 Capital Bonds per the Bond Agreement ($87,163,447 is available toward the project after bond fees and capitalized interest), and to appropriate these funds to be used for the building of a new Jail Facility located on the McDonald Shopping Center Property.

BACKGROUND:

Escambia County has issued the Series 2017 Capital Bonds with funds loaned from RBC Capital Markets, LLC, Raymond James & Associates, Inc., and Wells Fargo Bank. These funds will be used toward the building of a new jail facility located on the McDonald Shopping Center Property. Currently bids are in process to find the appropriate vendor to commence construction activities associated with this capital project. The new jail will be built using FEMA and Bond proceeds.

BUDGETARY IMPACT:

This amendment will increase Fund 311 by $88,742,424 and Fund 203 by $1,578,977.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Board policy requires Increases and decreases in revenues must be approved by the Board.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA#162
Series 2017 Bond Backup