Title
Ordinance to Amend the Streets and Sidewalks Capital Projects Fund, the Parks and Recreation Capital Projects Fund, the Storm Water Capital Projects Fund, and the Debt Service Fund for the Limited Obligation Bonds, Series 2024 (Net Budget Impact $11,455,822)
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LEGISLATIVE INTENT/PURPOSE:
On April 24, 2024, the City of Wilmington issued Limited Obligation Bonds, Series 2024 for street, streetscape, and Riverwalk improvements, the acquisition of two blocks of riverfront property, the repair of a bulkhead wall, parks and recreation improvements, the refinancing of a portion of the City's installment payment obligations related to the Limited Obligation Bonds, Series 2014A, maturing on and after June 1, 2025, and to pay the costs related to the execution, sale, and delivery of the 2024 Bonds.
The City closed this issuance on May 15, 2024.
The True Interest Cost for the Series 2024 was 3.64%. The refunding portion of the transaction resulted in a net present value debt service savings of $393,526 over the life of the bonds. This represents a 3.56% savings of principal refunded compared to the Local Government Commission 3% minimum savings requirement.
This ordinance appropriates the premium, the cost of issuance, and payment to redeem the outstanding bonds, and the funds impacted are the Streets and Sidewalks Capital Projects Fund, the Parks and Recreation Capital Projects Fund, the Storm Water Capital Projects Fund, and the Debt Service Fund.
THEREFORE, BE IT ORDAINED:
THAT, the City Council authorizes the consolidations and other actions necessary to comply with GASB pronouncements that would affect financial reporting compliance; and,
THAT, the following appropriations are hereby made to the Streets and Sidewalks Capital Projects Fund, the Parks and Recreation Capital Projects Fund, the Storm Water Capital Projects Fund, and the Debt Service Fund, and that the following revenues are available to meet these appropriations:
STREETS AND SI...
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