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)
Body
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 SIDEWALKS CAPITAL PROJECTS FUND
[2CRRF0810 Riverwalk North Marina]
Appropriation
Issuance Cost
2CRRF0810-IMPSTSSW-CPCONSTR-CPDEBT $268,086
Revenue
Premium on Issuance of LOBs, Series 2024
2CRRF0810-8DTINSTOBL-8INSTALFIN-IFISSUEPRM $2,197,598
Installment Financing
2CRRF0810-8DTINSTOBL-8INSTALFIN-INSTFINCG ( $1,929,512 )
PARKS AND RECREATION CAPITAL PROJECTS FUND
[3CRPK1863 Soccer Complex]
Appropriation
Issuance Cost
3CRPK1863-IMPSTSSW-CPCONSTR-CPDEBT $12,473
Revenue
Premium on Issuance of LOBs, Series 2024
3CRPK1863-8DTINSTOBL-8INSTALFIN-IFISSUEPRM $12,473
Refunding Series 2024 LOBS
DEBT SERVICE FUND
Appropriation
Issuance Cost
15091600 580080 $ 142,710
Payment to redeem LOBs, Series 2014
15091700 580054 $10,961,846
Revenue
Issuance of Refunding LOBs, Series 2014
15009311 331021 $10,224,896
Premium on Issuance of LOBs, Series 2014
15009311 331022 $ 879,660
STORM WATER FUND
Appropriation
Issuance Cost
50091600 580080 $ 909
Payment to redeem LOBs, Series 2014
50091700 580054 $ 69,798
Revenue
Issuance of Refunding LOBs, Series 2014
50009311 331021 $ 65,105
Premium on Issuance of LOBs, Series 2014 $ 5,602
50009311 331022