RES 2017-47 Adopted RESOLUTION NO. 2017-47
A RESOLUTION TO AUTHORIZE THE CITY TO UTILIZE FUNDS GENERATED
T NAL
I ADDITONAL
RIVERSIDE VILLAGE LICENSES AND PERMITS FOR ADDI C
CONSIDERATION FOR THE HOTEL DECK
WHEREAS, the City has previously authorized an increase in the
construction budget for the Project Jackson hotel parking deck (the "Hotel Deck") of
$600,000 from legally available funds, including interest on unspent proceeds of the
installment purchase revenue bonds, Series 2017B ("IPRBs") issued by North Augusta
Public Facilities Corporation (the "Corporation") under the terms of a Trust Agreement
between the Corporation and U.S. Bank, National Association (the"Trust Agreement"); and,
WHEREAS, a portion of the funds necessary to pay for such budget increase
is being generated from Riverside Village licenses and permits that are not a part of the City
budget for operations; and,
WHEREAS, the remainder of such funds is being generated from interest
earned on the unspent IPRBs; and,
WHEREAS, Riverside Village licenses and permits as well as interest earned
on the unspent IPRBs will continue to be earned until project completion; and,
WHEREAS, the City has determined that approximately $232,000 of project
funds from interest on unspent IPRBs are available as of October 31st, and there is sufficient
funding in the Riverfront/Central Core Fund to cover the balance of approximately
$368,000; and,
WHEREAS, the Riverfront/Central Core Fund will be fully reimbursed by
funds generated from Riverside Village licenses and permits as well as additional interest
earned on the unspent IPRBs.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of
the City of North Augusta, South Carolina in meeting duly assembled and by the authority
thereof, that:
1. Approximately $232,000 of interest earned on the unspent IPRBs be
designated as additional consideration for the Hotel Deck.
2. Approximately $368,000 from the Riverfront/Central Core Fund be
designated as additional consideration for the Hotel Ddeck.
3. The Riverfront/Central Core Fund be reimbursed in full by license
and permit revenues from Riverside Village as well as additional
interest earned on the unspent IPRBs through the end of the projects.
4. The City Administrator and City Finance Director are hereby
authorized to release the funds described herein upon the satisfaction
of all conditions to such release set forth in the Trust Agreement.
DONE, RATIFIED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF NORTH AUGUSTA, SOUTH CAROLINA,ON THIS THE DAY OF NOVEMBER, 2017.
ee/
Robert A. Pettit, Mayor
ATTEST:
►Y'1C■_. �.
Donna B. Young, Cit Clerk
1
1