2009-07 Budget Amendment & Loan PayoffRESOLUTION 2009-07
• A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, AUTHORIZING AND DIRECTING THE
MAYOR AND VILLAGE CLERK TO AMEND THE FISCAL YEAR 2008-2009
BUDGET FOR THE PURPOSE OF TRANSFERRING $57,625 FROM
SATISFIED DEBT SERVICE ACCOUNTS AND $234,775 FROM THE
UNRESERVED, UNDESIGNATED FUND BALANCE TO THE BANK OF
AMERICA DEBT SERVICE ACCOUNT TO PAY OFF AN OUTSTANDING
LOAN OBLIGATION; PROVIDING FOR CONFLICTS; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, during the budget approval process, the Village Council determined that that the
Village should aggressively pursue debt free status; and
WHEREAS, the Village has satisfied three of its outstanding loan obligations in the General
Fund and wishes to satisfy a fourth outstanding loan obligation to Bank of America dating back
to 2001 in the original amount of $2,800,000; and
WHEREAS, the Village Council wishes to amend the fiscal yeaz 2008-09 budget to transfer the
remaining funds from debt service accounts for satisfied loan obligations and funds from the
unreserved, undesignated fund balance to the Bank of America debt service account to pay off
the outstanding loan obligation; and
WHEREAS, the Village Council determines that the adoption of this Resolution is in the best
interests ofthe Village and its residents.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA, as follows:
Section 1. The foregoing recitals are ratified as true and incorporated herein.
CJ
Section 2. The Village Council of the Village of North Palm Beach, Florida, does hereby
approve the budget amendment for transfer of the amounts listed below:
Budget Amendment:
Account Descri tion Use Source
General Fund:
A4600-09100 A ro riated Fund Balance $ 234,775
A8535-49172 Debt Svc- Southtrust ($403k) 22,115
A8535-49173 Debt Svc-Wachovia $230k 22,341
A8535-49174 Debt Svc-Suntrust ($123.Sk) 13,169
A8535-49152 Debt Service-BOA ($2.8M) $ 292,400
Total $ 292,400 $ 292,400
Section 3. The Mayor and Village Clerk aze hereby authorized and directed to execute the
budget amendment for and on behalfofthe Village ofNorth Palm Beach.
• Section 4. All resolutions or pazts of resolutions in conflict herewith aze hereby repealed to
the extent of such conflict.
Section 5. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 22nd DAY OF JANUARY, 2009.
(Village Seal)
ATTEST:
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VILLAGE CLERK
MAYO
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