Approve a Supplemental Resolution to Master Bond Resolution No. 573-99, as \n \n previously supplemented by Resolution No. 574-99, and provide for the issuance \n \n of $32,150,000 in principal amount of General Obligation Sales Tax Bonds, \n \n Series 2003, as the second series of bonds authorized by the Master Bond \n \n Resolution; to provide moneys for the acquisition, construction, and equipping \n \n of the public library and the expansion of the Columbus, Georgia Convention and \n \n Trade Center and to pay costs associated with the issuance of the bonds; to \n \n provide for maturities of the bonds and maximum rates of interest; to authorize \n \n the execution and delivery of an official statement; to authorize the execution \n \n of such contracts and agreements as may be required to accomplish the \n \n transaction. \n \n
Approval
Approved
Background
A referendum held on November 2, 1999 approved the imposition of a Special
Purpose Local Option Sales Tax (SPLOST) for the raising of not more than
$255,441,322 for capital projects. The referendum also constituted the
approval of the issuance of general obligation debt in an amount not to exceed
$76,525,000 for projects other than roads, streets, and bridges.
On December 7, 1999 Columbus Council adopted Master Bond Resolution No. 573-99
authorizing the issuance of up to $76,525,000 in aggregate principal amount of
general obligation sales tax bonds in one or more series and also adopted
Supplemental Resolution No. 574-99 authorizing the issuance of $38,360,000 in
aggregate principal amount of general obligation sales tax bonds dated April 1,
2000 for defeasance of Columbus Building Authority, Series 1999B Bonds, funding
for the city parking garage, and funding for land acquistion and site
preparation for the library project.
On September 17, 2002, Columbus Council adopted Resolution No. 524-02
authorizing the reimbursement of original expenditures for the Trade Center and
Library Projects in the maximum amount of $10,000,000 from the General
Obligation Sales Tax Bonds, Series 2003, and to declare official intent to
issue the Series 2003 Bonds.
Analysis
There remains $38,165,000 of general obligation debt authorization. The
Consolidated Government will competitively sell $32,150,000 in General
Obligation Sales Tax Bonds, Series 2003 on or about January 8, 2003 to provide
funding in the amount of $27,000,000 for the library project and 5,000,000 for
the Trade Center Expansion/Renovation.
Financial Considerations
The principal and interest payments on the Series 2003 bonds will be repaid
from SPLOST proceeds and will be paid in full in 2008.
Projected Annual Fiscal Impact Statement
Legal Considerations
The SPLSOT referendum on November 2, 1999 authorized the issuance of General
Obligation Sales Tax Bonds.
Recommendations/ Actions
Approve a Supplemental Resolution to Master Bond Resolution No. 573-99, as
previously supplemented by Resolution No. 574-99, and provide for the issuance
of $32,100,000 in principal amount of General Obligation Sales Tax Bonds,
Series 2003, as the second series of bonds authorized by the Master Bond
Resolution; to provide moneys for the acquisition, construction, and equipping
of the public library and the expansion of the Columbus, Georgia Convention and
Trade Center and to pay costs associated with the issuance of the bonds; to
provide for maturities of the bonds and maximum rates of interest; to authorize
the execution and delivery of an official statement; to authorize the execution
of such contracts and agreements as may be required to accomplish the