HomeMy WebLinkAbout2013-01-14 13-061 RESOLVECOUNCIL ACTION
Item No. 13-061
Date: January 14, 2013
Item/Subject: Resolve, Appropriating $846,987 of Arena Fund Revenues for FY 2013
Debt Service
Responsible Department: Finance
Commentary:
In July 2012, the City issued the permanent financing for the Cross Insurance Center. At
the time the FY 2013 budget was prepared, the City was not certain at what point the
permanent financing would be issued. With favorable market conditions, the City was able
to issue 100% of the general obligation bonds in July 2012.
Therefore, the attached resolve will appropriate $846,987 of the revenues received directly
from Penn National by the Arena Fund during FY 2013 to pay the first interest payment on
the debt.
De rtment Head
Manager's Comments: This was reviewed and recommended for approval by the Finance
Committee on January 7, 2013.
City Manager
Associated Information: Resolve
Budget Approval:
Legal Approval:
Introduced for
Passage
X First Reading
Referral
Finance Director
Page _of_
Solicitor
Assigned to Councilor Sprague
CITY OF BANGOR
13-061
JANUARY 14, 2013
(TITLE.) Resolve, Appropriating $846,987 of Arena Fund Revenues for FY 2013 Debt Service
By the City Council of the City of Bangor.•
RESOLVED, THAT $846,987 of Arena Fund Revenues received from the casino operations
directly from Penn National are hereby appropriated to fund the interest payment due in FY
2013 as a result of the July 2012 permanent financing of the Cross Insurance Center.
IN CITY COUNCIL
January 14, 2013
,;06t Reading
CITY CLERK
IIS CITY COUNCIL
January 28, 2013
Motion made and.seccnc?ed for Passage
Passed
OP
e
GLTY XLERK