HomeMy WebLinkAbout2002-07-22 02-299 ORDERCOUNCIL ACTION
Item No 2-799
Date: July 15, 2002
Item/Subject: ORDER -Authorizing the Transfer of $101,480.20 from the Overlay Account
Responsible Department: Finance
Commentary:
As Connell is aware the total amount of taws to be raised was established by adoption w the adopted,
budget resolve. As the final value exceeds the as placed
estimate used when the budget was adopted, the
Gry Assessor, as empowered by state statute, has placed the additional funds into the Overlay Account.
The Overlay Account Is used to account for abatements throughout the year. Based on historical
abatement levels, the additional funding will not be needed within the Overlay Account. This order would
transfer the additional Ponds into the General Fund's Debt Service Division, thereby allowing the General
Fund to pay off a note with the Alrport Fund prior to its final maturity of July 1, 2005.
The note was originally executed when me General Fund and Airport Fund traded parcels of property.
The City took ownership of the Armory (now the Parks and Recreation Center) and the Airport received
the Naval Reserve Center. As the value of the Armory exceeded the value of the Naval Reserve Center
by $299,974, a ten-year note to the Airport was executed for the difference. This action will pay off the
note three years early, reducing future debt service costs.
A"�
Department Head
Managor"s Comments:
11Jr swz Arc aiR 4xJkuwJ rnl %k girl
n crAn�na /h /arfGly�wm//nr).
IJN Manage+
Associated Information:
Legal Approval:
/VxaW 52`
Finance Director
Introduced for
-(passage
_ First Reading page _ of
Referral
02-299
.^ Assigaedro Cwmcilw P=iugcou July 22, 2002
%'vo
.,, y CITY OF BANGOR
A.
(TORE.) Order, Authorizing the Transfer of $101,980.20 from the Overlay Account
By the Ory cwx# of nte ay of Bavon
ORDERED, THAT
WREREAR, dre final fi�l year 2W3 assessed value erteeds de amount redmalod! during
de fisml yew 2003 budget process, ant
WREREA% In acmidmce wen Aa[e StMule, such amounts on be added to the Overlay by
Me Oty Assessor.
NOW, TREREPORE, EE R ORDERED by the City Council of tha City of Bangor, dot
de amort of$ 101,98120 W ban6 rrecl from die Cm yAaount to the Debt Service Dmsion W allow
Por the early repayment of a Oeriewi Fund note held by the Airport Furd.
IN CITY COUNCIL
July 22. 2002 02-299
Motion Made aad Seconded
for Passage
PassedORDER
Title, Authorising tLe Transfer of
_
prrx) � �I {(( $101.400.20 from the Overlay Account
\ / d
Assigned to
Councilor
/'L�✓I'�1r1�