2010-12 General Fund Budget Amendment - Loan Payoff•
ORDINANCE 2010-12
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, AMENDING THE ADOPTED BUDGET
FOR FISCAL YEAR 2009-2010 TO APPROPRIATE $1,568,000 TO SATISFY
AN OUTSTANDING LOAN OBLIGATION RELATING TO THE
CONSTRUCTION OF PUBLIC IMPROVEMENTS; PROVIDING FOR
CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE.
•
WHEREAS, in 1997, the Village obtained a loan of $6,560,000 from First Union Bank
(predecessor in interest to Wachovia Bank) for the construction and renovation of the Public
Safety Facility, the Community Center and recreational facilities; and
WHEREAS, after the next scheduled principal payment of $150,000, the principal balance of the
loan will be $1,568,000; and
WHEREAS, the Village Administration recommends transferring the amount of the principal
balance from the General Fund Unreserved, Undesignated Reserve Account to satisfy the loan,
which is the last outstanding debt owed by the Village General Fund; and
WHEREAS, because the transfer of funds from the Unreserved, Undesignated Reserve Account
increases the total amount of the 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 budget amendment for the
payment of outstanding debt 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 NORTH PALM
BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are hereby ratified as true and correct and incorporated
herein,
Section 2. The Village Council hereby amends the adopted Village of North Palm Beach
General Fund budget for Fiscal Year 2009-2010 as follows:
Budget Amendment:
Account Descri tion Use Source
General Fund:
A4600-09100 A ro riated Fund Balance $ 1,568,000
A8535-49151 Debt Service-First Union ($6.SM) $ 1,568,000
Total General Fund: $1,568,000 $1,568,000
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Section 3. 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 4. All ordinances and resolutions, or parts of ordinances and resolutions, in conflict
herewith are hereby repealed to the extent of such conflict.
Section 5. This Ordinance shall be effective immediately upon adoption.
PLACED ON FIRST READING THIS 12th DAY OF AUGUST, 2010.
PLACED ON SECOND, FINAL READING AND PASSED THIS 26th DAY OF AUGUST, 2010.
(Village Seal) ~-
MAYOR
ATTEST:
VILLAGE CLERK
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
VILLAGE ATTORNEY
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