The following resolution will need to be approved increasing the Debt Service Fund appropriation by $70,000. The Board approved refunding the 2002 bonds, resulting in a savings of over $200,000 to the local taxpayers over the next five years. The bond issuance costs for the refunding issue are recorded in the year that the bonds are issued, and were not a part of the original budgeted appropriation. Therefore, the budget must be extended by $70,000. Please let me know if you have any questions.
WOODLAND SCHOOL DISTRICT #404
RESOLUTION #2559
DEBT SERVICE FUND BUDGET EXTENSION
WHEREAS, the 2011-12 Debt Service Fund budget for Woodland School district was adopted with expenditures of $1,650,000 and
WHEREAS, the Board of Directors approved a refunding of the District's outstanding Unlimited Tax General Obligation Refunding Bonds, 2002, and
WHEREAS, the bonds were sold and issued on March 6, 2012, including accrued interest and issuance costs, which are greater than the original amount included in the annual Debt Service Fund Appropriation, and
WHEREAS, the source of funds for the issuance costs and the June 2012 interest payment on the bonds will be available in the Debt Service Fund cash and investments, as set forth in Form F-200
NOW THEREFORE BE IT RESOLVED that the Debt Service Fund be extended in the amount of $70,000 from $1,650,000 to a total budgeted expenditure and other financing uses of $1,720,000.
Adopted this 11th day of June, 2012
BOARD OF DIRECTORS
ATTEST:
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Secretary to the Board President
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Director