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Home My WebLink About2001 06 19 Other Handout JUNE 19,2001 HANDOUT. , , ITEM #1 The TLBD 2I'OUD reviewed the Revenues and ~xDenditure statement and had two Questions: 1) Ouestion The Bond proceeds came in at $2,240,922 verses the $2,500,000 budgeted. Why? Answer The $2,240,922 is the bond proceeds per the official statement. (See "Sources & Uses" offunds attached.) This amount was determined to be the amount needed in the bonds to cover the expenses of the project less the amounts already collected through prepayments + the first year's collections. The difference is due, in part, to our use of the 1 st year capital collections towards the project verses debt service. We were therefore able to go for a smaller bond- we had cash in hand. 2) Question What was the $245,004 Figure under the "Transfer to General Fund" item? Answer The sum of $245,003.97 represents TLBD expenses charged to the General Fund during the 1998/99 period. In FY 00, this sum was "transferred" to the expense to the TLBD fund. (See the attached sheet showing the charges that make up the transfer). Beauti1ication - TLBD Expense Stalmlent ~ ,. , ' . CITY'OF WINTER SPRINGS FISCAL YEAR 2000-2001 TLBD IMPROVEMENT FUND REVENUES & EXPENDITURES - 308 ( I (<1 ~ Account Number 315100 384015 363300 361100 Description of Revenues Revenues Through May FY 98/99 FY 99/00 FY 00/01 FY 00/01 Actual Actual Actual Budget $0 $ 163,220 ' $304 $160,000 ~ > $0 $0 ~240,~~~_ ___ $2,500,.QQQ.J 1 $153,393 $0 $0 $411 $11,977 $8,154 $30,000 $ 153,804 $ 175,197 $2,249,380 $2,690,000 $0 $ 182,363 $0 $0 $ 153,804 $ 357,560 $2,249,380 $2,690,000 Exp & Enc Through May FY 98/99 FY 99/00 FY 00/01 FY 00/01 Actual Actual Actual Budget $30 $0 $100 $91,561 $4,649 $0 $785 $0 $0 $0 $20,000 $2,170,000 $20,180 $0 $0 $100,257 $100,000 $0 $275,000 ? , $15 $357,560 $124,906 $2,545,100 $153,789 $0 $2,124,474 $144,900 $153,804 $357,560 $2,249,380 $2,690,000 TLBD Assessment Collect Bond Proceeds Prepaid Assessments Interest Earned TOTAL TLBD IMPROVEMENT FUND REVENUES 389100 Appropriation from Fund Balance TOTAL TLBD IMPROVEMENT FUND REVENUES AND APPROPRIATIONS FROM FUND BALANCE Account Number 53411 53114 53410 56315 56820 57310 59130 Description of Expenditures Service Charges Legal- Tuscawila Billing Services Cost Construction Improvements Beautification-Tusca PUD Bond Issuance Costs Transfer to General Fund TOTAL TLBD IMPROVEMENT FUND EXPENDITURES 59990 Appropriation to Fund Balance TOTAL TLBD IMPROVEMENT FUND EXPENDITURES AND APPROPRIATIONS TO FUND BALANCE CHANGE IN FUND BALANCE $0 $153,789 $243,846 FUND BALANCE - October 1 ($28,574) $153,789 $ (182,363) $2,124,474 $144,900 APPROPRIATION TO (FROM) FUND BALANCE $153,789 ($28,574) $2,095,900 $388,746 FUND BALANCE - September 30 C-19 ESTIMATED SOURCES AND USES OF FUNDS Sources of Funds: Series 200 I Bond Proceeds Less Original Issue Discount Other Available Moneys(l) Accrued Interest 52,265,000.00 ] ($24,078.05) ..l.) :>..L.io.J "i ;>.;;>. 5316,000.00 $2.483.42 c::::> < > Total Estimated Sources of Funds $2.559.405.37 Uses of Funds -LcD ~ I =0 .>. S ., -' Deposit of Accrued Interest to Interest Account (I) Deposit to Construction Fund (2) Underwriter's Discount Cost of Issuance (3) $2,483.42 ~ $2,454,181.04 $25,842.95 Q 76,897.96 w Total Estimated Uses of Funds $2.559.405.37 (I) Assessments and prepayment of Assessments and interest thereon received by the City pursuant to the levy for tax year 1999. Those amounts will be used to reimburse the City for Project costs. (2) Includes capitalized interest of$43,137.00. (3) Includes costs of issuance, and other fees and expenses including the municipal bond insurance premium and Reserve Fund Surety Bond premium associated with the issuance of the Series 200 I Bonds. LITICA TION There is not now pending any litigation restraining or enjoining the issuance or delivery of the Series 200 I Bonds or questioning or affecting the validity of the Series 2001 Bonds or the proceedings and authority under which they are to be issued. Neither the creation, organization or existence of the City, nor the title of the Mayor, the present City Commission members or other officials of the City to their respective offices is being contested. There is no litigation pending which in any manner questions the right of the City to issue the Series 200 I Bonds in accordance with the provisions of the Resolution and the laws oft~ State of Florida. The City experiences routine litigation and claims incidental to the conduct of its affairs. The City carries substantial insurance for these exposures, and pending claims are defended by and, if necessary, are anticipated to be paid by the insurance carriers. LEGAL MA TIERS Certain legal matters incident to the validity of the Series 200 I Bonds and the issuance thereofby the City are subject to the approving opinion of Akerman, Senterfitt & Eidson, P.A., Orlando, Florida, Bond Counsel. Copies of such opinion will be available at the time of the delivery of the Series 2001 Bonds and the proposed form of such opinion is set forth in Appendix E hereto and reference is made thereto for the terms thereof. The actual legal opinion to be delivered may vary from that text if necessary to rellect facts and law on the date of delivery. The opinion will speak only as of its date, and subsequent distribution of it by recirculation of the Official Statement or otherwise shall create no implication that subsequent to the datc of the opinion Bond Counsel has reviewed or expresses any opinion concell1ing any or the matters referenced in the opinion. Certain legal matters will be passed upon for thc City by Anthony A. I I I: '! ! 15 'I i . ~ CITY OF WINTER SPRINGS TUSCAWILLA LIGHTING AND BEAUTIFICATION DISTRICT CHARGED TO GENERAL FUND FY98 GSG SIR SPEEDY FEDEX 21,933.50 470.00 20.00 22,423.50 FY99 SRI TINKLEPAUGH ORLANDO SENTINEL MS REPROGRAPHICS GSG ARCH KANGEE FEDEX 170,664.30 2,350.00 2,279.10 173.19 34,500.00 2,800.00 9,790.63 23.25 222,580.47 \" \- e. D e. -- p~ .5c....-$ C- ~ c:- 5 ~ .6 -\-- G e.-..J.::..-r-c-. , TOTAL G2~3.0 t---' "-""c' ... --.. "'\'~ \ ""'"'" .J... ....... .;:: '-( c:> <::> I "r :::I:- -' -+- r ~..s...c::c...r-c. eo T L-~ D e. .c. <? ~ Se.. --C-, r"' c:! 4- -+~ -\-\.-<..... Po. ':::> <::>..J c...- Qr- e.- -+ '--- C- ~"'\ - .s -\-~+ ~~ ~f'-\~ .J.- '" ~ .s -Cc..-r- . TLBD Capital Budget Estimate ExDenses PRE-Construction Costs Legal Services Design Services Planning & Admin Services Sub-Total, Pre-Con Construction Costs Entranceway Improvements Median Improvements Slgnage Improvements Escalation Cost Increased Construction Cost (Fuentes, additional wall) ~norEntranceways Brick Pavers Contingency (J .5% Of Bid Price) Construction Admin Sub-Total, Const Bond Issuance Costs $200,000 $184,000 $16,000 $400,000 $936,418 $726,739 $44,000 SSft-,059 $18,200 $45,000 $10,000 $128,036 $40,000 $2,002,452 Bond Issuance Costs $100,000 Sub-Total, Bonds $100,000 Total Expenses $2,502,452 ITEM #2 Starmer Ranaldi Planning and Architecture Inc. 890 Northern Way Suite E-1 Winter Springs, Fl 32708 Invoice BilL TO Kip lockcuff Public Works Director 1126 East SR 434 Winter Springs, Florida 32708 DATE INVOICE # 6/142001 2001-044 PROJECT INVOICE # 98018-04 PROJECT FEE PREVIOUS INVOICE PERIODS PRESENT PERIOD PROJECT PREVo PAID ACCOUNT PERCENT. DUE NUMBER PROJECT NAME PHASE FEE INVOICE TO DATE BALANCE COMPLETE THIS PERIOD. sri- 98018 City of Winter Springs Schematic Design $ 13,240 $ 13,240 $ 13,240 $ - 100% $ - Architecture & Landscape for Tuscawilla Lighting Design Development $ 57,360 $ 57,360 $ 57,360 $ - 100% $ - and Beautification District P.O. No. 47021 Construction Doc. $ 66,900 $ 66,900 $ 66,900 $ - 100% $ - Bid Administration $ 2,100 $ 2,100 $ 2,100 $ - 100% $ - Add Services Entryway Design Mods. 36 Hrs. @ $85.00 $ 3,060 $ - $ - $ - 100% $ 3,060.00 for ASI #1 Sub-Total $ - $ 3,060.00 REIMBURSABLE EXPENSES PREVIOUS INVOICE PERIODS PRESENT PERIOD PROJECT PREVo PAID ACCOUNT DUE NUMBER PROJECT NAME EXPENSE/INVOICE AMOUNT INVOICE TO DATE BALANCE THIS PERIOD. Reproduction: srl-98018 OWner Review Sets MS18824 $ 422.50 $ 422.50 $ 422.50 $ - $ - Plotting: sri-98018 Final CD Plotting 38@$10.50 $ 399.00 $ 524.15 $ 524.15 $ - $ - $ - Sub-Total $ - $ - Total 3,060.001 Please call if any questions arise. Regards, . Page 1 of 1