2018-03 Budget Amendment - Golf Course LoanORDINANCE NO. 2018-03
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, APPROVING A LOAN FROM THE
VILLAGE'S GENERAL FUND UNASSIGNED FUND BALANCE TO FINANCE
IMPROVEMENTS TO THE COUNTRY CLUB GOLF COURSE; PROVIDING
FOR THE TERMS OF THE LOAN; AMENDING THE COUNTRY CLUB BUDGET
TO ACCOUNT FOR THE LOAN PROCEEDS WITHIN THE GOLF COURSE
MAINTENANCE — CONSTRUCTION AND MAJOR RENOVATION ACCOUNT;
PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village Council wishes to loan money from the General Fund Unassigned Fund
Balance to the Country Club Enterprise Fund to finance improvements to the Country Club Golf
Course in accordance with the terms and conditions set forth in this Ordinance; and
WHEREAS, the Village's Audit Committee has reviewed the terms and conditions of the loan
and recommended approval of the loan to the Village Council; and
WHEREAS, in order to effectuate the loan and fund the improvements, the Village Council wishes
to amend the Country Club Budget to account for the loan proceeds within the Enterprise Fund
Golf Course Maintenance — Construction and Major Renovation Account; and
WHEREAS, because this amendment increases the total amount of the Country Club Fund budget,
this transfer must be accomplished by ordinance as required by Section 166.241, Florida Statutes; and
WHEREAS, the Village Council determines that the adoption of this Ordinance is in the best
interests of the residents and citizens of the Village of North Palm Beach.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE
OF NORTH PALM BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are ratified as true and correct and incorporated herein.
Section 2. The Village Council hereby approves a loan from the General Fund Unassigned
Fund Balance to the Enterprise Fund to finance improvements to the Country Club Golf Course
under the following terms and conditions:
A. The maximum loan amount is $1,700,000.00;
B. Repayment of the loan shall commence on September 30, 2019 and shall be repaid in ten
(10) annual installments, with interest only payments until fiscal year 2024. The first payment
shall include the interest that accrues during Fiscal Year 2018.
C. The loan shall be repaid at an annual interest rate of 2.09%.
D. The amortization schedule for a loan amount of $1,700,000 is attached hereto and
incorporated herein. If the loan amount is reduced, the amortization schedule shall be
adjusted accordingly based on the loan terms and conditions set forth above without need
to amend this Ordinance.
Page 1 of 2
Section 3. In order to fund the loan described in Section 2 above, the Village Council hereby
amends the adopted Village of North Palm Beach Enterprise fund budget for fiscal year 2017-2018
as follows:
Budget Amendment:
Account
Description
Use
Source
Country Club:
L4100-09210
Loan from General Fund
$ 1,700,000
L8045-66210
Golf Course Maintenance —
Construction & Major Renovation
$ 1,700,000
Total Country Club
$ 1,700,000
$ 1,700,000
Section 4. The Mayor and Village Clerk are hereby authorized and directed to execute the
budget amendment for and on behalf of the Village of North Palm Beach.
Section 5. All ordinances or parts of ordinances and resolutions or parts of resolutions in
conflict herewith are hereby repealed to the extent of such conflict.
Section 6. If any section, paragraph, sentence, clause, phrase or word of this Ordinance is for
any reason held by a court of competent jurisdiction to be unconstitutional, inoperative or void,
such holding shall not affect the remainder of this Ordinance.
Section 7. This Ordinance shall be effective immediately upon adoption.
PLACED ON FIRST READING THIS 22ND DAY OF MARCH, 2018.
PLACED ON SECOND, FINAL READING AND PASSED THIS 12TH DA
11
(Village Seal)
ATTEST:
VILLAGE CLERK
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
VILLAGE ATTORNEY
Page 2 of 2
MAYOR
APRIL, 2018.