HomeMy Public PortalAbout2019-09-19 packet
Notice of Meeting and Tentative Agenda
CITY OF JEFFERSON
Finance Committee
Thursday, September 19, 2019 at 7:30 AM
City Hall, 320 E. McCarty Street, Jefferson City, MO ~ Boone-Bancroft Room
TENTATIVE AGENDA
1. Call to Order
2. Roll Call
3. Approval of the minutes of the June 20, 2019 meeting
4. Financial Reports
a. Sales Tax Report
b. Revenue Model Report
c. Expense Report
d. Fund Balance Report
5. Lodging Tax Report
6. Audit Contract – Margie Mueller
7. Parks Special Obligation Bonds – Ryan Moehlman
8. Discuss sinking fund plan to support City-wide fleet requests
9. New Business
10. Old Business
11. Adjournment
NOTES
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CITY OF JEFFERSON
Finance Committee Meeting
Thursday, June 20, 2019
MINUTES
The meeting was called to order by the Finance Committee Chairman, Councilman Mihalevich at 7:30 am. Roll
call showed that Councilmen Mihalevich, Prather, Graham, Hensley, and Councilwoman Wiseman were in
attendance.
Next the minutes of the April 18, 2019 meeting were reviewed. A motion to approve was made by
Councilwoman Wiseman and seconded by Councilman Prather. The minutes were approved unanimously.
The next item on the agenda was a report by the Finance Director, Margie Mueller, covering the Financial
Reports. Ms. Mueller reviewed the Revenue Model, the June sales tax receipts, year-to-date general ledger
account information, and the current fund balance calculation.
The next item on the agenda was a report by Chief Accountant, Shiela Pearre, covering the Lodging Tax receipts
to date. 4/7 of the Lodging tax collected during the timeframe where the rate has been 7%, less any expenses paid
by the 4 Cent Lockbox Fund, is $5,395,974. The average monthly amount collected for the 4 Cent Lockbox Fund
is $53,117. A report comparing occupancy rates for 2019, 2018, 2017, 2016, 2015, 2014, and 2013 was included
along with a report listing occupancy rates from other cities.
The next item on the agenda was an LCRA update by City Counselor, Ryan Moehlman.
The next item on the agenda was a cell phone utility tax update by Mr. Moehlman
The next item on the agenda was new business. Mr. Crowell brought up the fact that the first budget meeting for
fiscal year 2020 is tentatively scheduled for July 22, 2019.
There was no old business to discuss.
The meeting adjourned at 8:00 am.
As recorded by:
Shiela Pearre, Chief Accountant
Memo
To:Steve Crowell
From:Shiela Pearre
Date:September 6, 2019
Re:Sales Tax Revenues
The City received the September 1% Sales Tax in the amount of $1,247,796 which is $51,506 more
than projected for September. January through September shortage is $65,149 (0.56%) in the General Fund.
1% General Sales Tax
Receipt Actual Budget
Period Receipts Projection1 Variance
Nov-18 Jan-19 $1,071,917 $ 998,455 $73,462
Dec-18 Feb-19 $885,496 $ 877,738 $7,758
Jan-19 & Oct-Dec 18 Qtrly Mar-19 $1,088,631 $ 1,176,381 ($87,750)
Feb-19 Apr-19 $892,285 $ 938,586 ($46,301)
Mar-19 May-19 $731,421 $ 704,912 $26,509
Apr-19 & Jan-Mar 19 Qtrly Jun-19 $1,126,211 $ 1,090,066 $36,144
May-19 Jul-19 $979,846 $ 1,131,589 ($151,744)
Jun-19 Aug-19 $770,155 $ 744,888 $25,267
Jul-19 & Apr-June 19 Qtrly Sep-19 $1,240,711 $ 1,196,290 $44,421
adjustment Sep-19 $7,085 $ 0 $7,085
Aug-19 Oct-19 $ 918,967
Sep-19 Nov-19 $ 694,005
Oct-19 & Jul-Sept 19 Qtrly Dec-19 $ 1,169,382
Total Overage/Shortfall $8,793,758 $11,641,260 ($65,149)
1Budgeted based on 3-year average percentage
1/2% Capital Improvement Tax - Sales Tax G
Receipt Actual Budget
Period Receipts Projection2 Variance
Nov-18 Jan-19 $525,696 $ 428,843 $96,853
Dec-18 Feb-19 $427,711 $ 376,994 $50,717
Jan-19 & Oct-Dec 18 Qtrly Mar-19 $527,714 $ 505,264 $22,450
Feb-19 Apr-19 $430,468 $ 403,129 $27,339
Mar-19 May-19 $351,775 $ 302,764 $49,011
Apr-19 & Jan-Mar 19 Qtrly Jun-19 $554,062 $ 468,191 $85,871
May-19 Jul-19 $481,405 $ 486,025 ($4,620)
Jun-19 Aug-19 $372,416 $ 319,934 $52,482
Jul-19 & Apr-June 19 Qtrly Sep-19 $605,262 $ 513,814 $91,448
adjustment Sep-19 $3,435 $ 0 $3,435
Aug-19 Oct-19 $ 394,703
Sep-19 Nov-19 $ 298,080
Oct-19 & Jul-Sept 19 Qtrly Dec-19 $ 502,257
* BUDGET AMENDMENT DUE TO ORDINANCE 15775 $0 $ 490,329 ($490,329)
Total Overage/Shortfall $4,279,944 $5,490,329 ($15,345)
2Budgeted based on 3-year average percentage
1/2% Parks Sales Tax
Receipt Actual Budget
Period Receipts Projection3 Variance
Nov-18 Jan-19 $525,690 $ 450,285 $75,404
Dec-18 Feb-19 $427,689 $ 395,844 $31,845
Jan-19 & Oct-Dec 18 Qtrly Mar-19 $527,588 $ 530,527 ($2,939)
Feb-19 Apr-19 $430,459 $ 423,286 $7,173
Mar-19 May-19 $350,479 $ 317,903 $32,577
Apr-19 & Jan-Mar 19 Qtrly Jun-19 $554,065 $ 491,600 $62,464
May-19 Jul-19 $481,406 $ 510,327 ($28,921)
Jun-19 Aug-19 $372,405 $ 335,931 $36,474
Jul-19 & Apr-June 19 Qtrly Sep-19 $605,269 $ 539,505 $65,764
adjustment Sep-19 $3,440 $ 0 $3,440
Aug-19 Oct-19 $ 414,438
Sep-19 Nov-19 $ 312,984
Oct-19 & Jul-Sept 19 Qtrly Dec-19 $ 527,370
Total Overage/Shortfall $4,278,490 $5,250,000 $283,282
3Budgeted based on 3-year average percentage
* Original budget amendment due to Ordinance 1577 = $1,035,852 less FY18 overage of $490,329
Period
Reporting
Period
Reporting
Period
Reporting
City of Jefferson, Mo. - Account Analysis
Printed 9/12/2019
Account Name General Fund Sales Tax Rate:One percent (1%)Receipt Month: SEPTEMBER 2019
Account Number 10-100-400010 Prior 5 years
Monthly
REPORTING PERIOD RECEIPT PERIOD 2015 2016 2017 2018 2019 Average
Nov January 944,619 929,179 1,083,570 884,259 1,071,917 act.916,537
Dec February 727,437 812,670 806,789 927,290 885,496 act.812,803
Jan & Oct-Dec Qtrly March 1,091,021 1,183,675 1,073,842 1,155,742 1,088,631 act.1,084,976
Feb April 1,059,943 893,024 843,561 986,714 892,285 act.904,145
Mar May 618,854 648,305 687,741 709,248 731,421 act.693,383
Apr & Jan-Mar Qtrly June 1,045,933 1,119,566 1,000,942 1,042,310 1,126,211 act.1,014,936
May July 963,280 1,012,207 1,154,051 1,117,038 979,846 act.1,059,066
Jun August 562,996 661,518 678,636 821,132 770,155 act.667,666
Jul & Apr-Jun Qtrly September 1,185,891 1,197,976 1,143,504 1,129,543 1,247,796 act.1,130,637
Aug October 918,839 903,829 883,215 879,331 918,967 est.900,850
Sept November 661,849 623,645 615,667 774,337 694,005 est.665,316
Oct & Jul-Sept Qtrly December 1,075,638 1,016,682 1,333,160 1,043,108 1,169,382 est.1,096,782
Actual to Date $ 10,856,302 $ 11,002,277 $ 11,304,678 $ 11,470,052 8,793,758
Estimated to Fiscal Year end (based on averages and on Budgeted amount)2,782,354
Total Actual & Estimated $ 11,576,112
Less: Budget 11,641,260
Over (Under) Budget -$ 65,149
$ 1,071,917
$ 1,957,413
$ 3,046,044
$ 3,938,329
$ 4,669,750
$ 5,795,961
$ 6,775,806
$ 7,545,961
$ 8,793,758
$ 998,455
$ 1,876,193
$ 3,052,575
$ 3,991,161
$ 4,696,073
$ 5,786,139
$ 6,917,728
$ 7,662,616
$ 8,858,906
$ 9,777,873
$ 10,471,878
$ 11,641,260
$ 500,000$ 750,000$ 1,000,000$ 1,250,000$ 1,500,000$ 1,750,000$ 2,000,000$ 2,250,000$ 2,500,000$ 2,750,000$ 3,000,000$ 3,250,000$ 3,500,000$ 3,750,000$ 4,000,000$ 4,250,000$ 4,500,000$ 4,750,000$ 5,000,000$ 5,250,000$ 5,500,000$ 5,750,000$ 6,000,000$ 6,250,000$ 6,500,000$ 6,750,000$ 7,000,000$ 7,250,000$ 7,500,000$ 7,750,000$ 8,000,000$ 8,250,000$ 8,500,000$ 8,750,000$ 9,000,000$ 9,250,000$ 9,500,000$ 9,750,000$ 10,000,000$ 10,250,000$ 10,500,000$ 10,750,000$ 11,000,000$ 11,250,000$ 11,500,000$ 11,750,000$ 12,000,000$ 12,250,000
Nov Dec Jan & Oct-
Dec Qtrly
Feb Mar Apr & Jan-
Mar Qtrly
May Jun Jul & Apr-Jun
Qtrly
Aug Sept Oct & Jul-
Sept Qtrly
REPORTING PERIOD
YTD Actuals vs. YTD Budget
Actual
Budget
City of Jefferson, Mo. - Account Analysis
Printed 9/12/2019
Account Name Capital Imprs Sales Tax Rate:One-Half percent (½%)Receipt Month: SEPTEMBER 2019
Account Number 45-100-440010 Prior 5 years
Monthly
REPORTING PERIOD RECEIPT PERIOD 2015 2016 2017 2018 2019 Average
Nov January 461,560 455,278 525,521 424,160 525,696 act.445,264
Dec February 362,597 405,543 402,964 444,476 427,711 act.402,011
Jan & Oct-Dec Qtrly March 511,685 563,056 506,597 575,894 527,714 act.516,175
Feb April 512,808 431,353 411,020 455,943 430,468 act.431,859
Mar May 308,247 322,957 340,162 340,740 351,775 act.342,394
Apr & Jan-Mar Qtrly June 496,466 539,529 489,008 508,225 554,062 act.490,034
May July 473,120 498,229 559,119 548,625 481,405 act.516,592
Jun August 280,733 330,112 338,618 393,512 372,416 act.329,826
Jul & Apr-Jun Qtrly September 565,296 570,134 542,457 545,731 608,697 act.541,722
Aug October 442,371 435,416 425,493 423,478 394,703 est.431,389
Sept November 330,393 310,506 307,281 374,512 298,080 est.329,478
Oct & Jul-Sept Qtrly December 515,478 494,218 652,070 510,228 502,257 est.531,426
Actual to Date $ 5,260,753 $ 5,356,330 $ 5,500,311 $ 5,545,522 4,279,944
Estimated to Fiscal Year end (based on averages and on Budgeted amount)1,195,040
Total Actual & Estimated $ 5,474,984
Less: Budget 5,000,000
Over (Under) Budget $ 474,984
$ 525,696
$ 953,407
$ 1,481,121
$ 1,911,589
$ 2,263,364
$ 2,817,426
$ 3,298,831
$ 3,671,248
$ 4,279,944
$ 428,843
$ 805,838
$ 1,311,101
$ 1,714,231
$ 2,016,995
$ 2,485,186
$ 2,971,211
$ 3,291,146
$ 3,804,960
$ 4,199,663
$ 4,497,743
$ 5,000,000
$ 100,000
$ 350,000
$ 600,000
$ 850,000
$ 1,100,000
$ 1,350,000
$ 1,600,000
$ 1,850,000
$ 2,100,000
$ 2,350,000
$ 2,600,000
$ 2,850,000
$ 3,100,000
$ 3,350,000
$ 3,600,000
$ 3,850,000
$ 4,100,000
$ 4,350,000
$ 4,600,000
$ 4,850,000
$ 5,100,000
$ 5,350,000
Nov Dec Jan & Oct-
Dec Qtrly
Feb Mar Apr & Jan-
Mar Qtrly
May Jun Jul & Apr-
Jun Qtrly
Aug Sept Oct & Jul-
Sept Qtrly
REPORTING PERIOD
YTD Actuals vs. YTD Budget
Actual
Budget
City of Jefferson, Mo. - Account Analysis
Printed 9/12/2019
Account Name Parks Sales Tax Rate:One-Half percent (½%)Receipt Month: SEPTEMBER 2019
Account Number 21-210-400010 Prior 5 years
Monthly
REPORTING PERIOD RECEIPT PERIOD 2015 2016 2017 2018 2019 Average
Nov January 461,472 455,239 525,521 424,192 525,690 act.445,226
Dec February 362,371 405,543 395,217 450,479 427,689 act.401,434
Jan & Oct-Dec Qtrly March 511,582 563,039 506,524 577,148 527,588 act.516,368
Feb April 512,738 431,353 411,020 457,060 430,459 act.432,049
Mar May 308,030 322,957 340,162 340,708 350,479 act.341,988
Apr & Jan-Mar Qtrly June 496,386 539,529 489,008 508,266 554,065 act.490,007
May July 473,038 498,229 559,115 548,639 481,406 act.516,562
Jun August 280,513 330,112 338,470 393,578 372,405 act.329,720
Jul & Apr-Jun Qtrly September 565,217 572,847 542,457 545,842 608,709 act.542,253
Aug October 442,370 435,416 425,497 423,387 414,438 est.431,353
Sept November 330,393 310,506 307,305 374,484 312,984 est.329,434
Oct & Jul-Sept Qtrly December 515,368 494,218 652,101 510,220 527,370 est.531,381
Actual to Date $ 5,259,477 $ 5,358,988 $ 5,492,397 $ 5,554,002 4,278,490
Estimated to Fiscal Year end (based on averages and on Budgeted amount)1,254,792
Total Actual & Estimated $ 5,533,282
Less: Budget 5,250,000
Over (Under) Budget $ 283,282
$ 525,690
$ 953,379
$ 1,480,967
$ 1,911,426
$ 2,261,905
$ 2,815,970
$ 3,297,376
$ 3,669,781
$ 4,278,490
$ 450,285
$ 846,130
$ 1,376,657
$ 1,799,942
$ 2,117,845
$ 2,609,445
$ 3,119,772
$ 3,455,703
$ 3,995,208
$ 4,409,646
$ 4,722,630
$ 5,250,000
$ 100,000
$ 350,000
$ 600,000
$ 850,000
$ 1,100,000
$ 1,350,000
$ 1,600,000
$ 1,850,000
$ 2,100,000
$ 2,350,000
$ 2,600,000
$ 2,850,000
$ 3,100,000
$ 3,350,000
$ 3,600,000
$ 3,850,000
$ 4,100,000
$ 4,350,000
$ 4,600,000
$ 4,850,000
$ 5,100,000
$ 5,350,000
$ 5,600,000
Nov Dec Jan & Oct-
Dec Qtrly
Feb Mar Apr & Jan-
Mar Qtrly
May Jun Jul & Apr-
Jun Qtrly
Aug Sept Oct & Jul-
Sept Qtrly
REPORTING PERIOD
YTD Actuals vs. YTD Budget
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FY2019
Revenue Model Report (Detail)Remaining
For the Period Ending August 31, 2019 YTD Actual Estimated Revenues Actual & Estimated Projected Over/Verification
Description Budget As of 9/10/19 As of 9/10/19 TOTAL (Under) Budget of Formulas
Sales Tax and Use Tax
10‐100‐400010 Sales Tax $11,641,260.00 $8,786,672.24 $2,782,353.99 $11,569,026.23 ($72,233.77)($72,233.77)
$11,641,260.00 $8,786,672.24 $2,782,353.99 $11,569,026.23 ($72,233.77) ($72,233.77)
Intergovernmental Taxes
10‐100‐401030 Motor Vehicle Sales Tax $590,000.00 $382,909.88 $191,144.79 $574,054.67 ($15,945.33)($15,945.33)
10‐100‐403010 Gasoline Tax $1,160,000.00 $756,726.61 $399,016.19 $1,155,742.80 ($4,257.20)($4,257.20)
10‐100‐430080 Road & Bridge Tax $550,000.00 $609,880.69 $0.00 $609,880.69 $59,880.69 $59,880.69
$2,300,000.00 $1,749,517.18 $590,160.98 $2,339,678.16 $39,678.16 $39,678.16
Other Taxes
10‐100‐403020 Cig Tax $110,000.00 $73,598.04 $28,326.94 $101,924.98 ($8,075.02)($8,075.02)
$110,000.00 $73,598.04 $28,326.94 $101,924.98 ($8,075.02)($8,075.02)
Franchise & Utility Tax
10‐100‐410020 Electric Utility Lic Tax $4,060,000.00 $2,689,666.49 $1,208,156.94 $3,897,823.43 ($162,176.57)($162,176.57)
10‐100‐410021 Electric Utility‐AUDIT $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐410030 Gas Utility License Tax $920,000.00 $802,173.48 $110,282.24 $912,455.72 ($7,544.28)($7,544.28)
10‐100‐410052 Telephone/Cell Utility $2,050,000.00 $1,251,153.67 $506,139.64 $1,757,293.31 ($292,706.69)($292,706.69)
10‐100‐410053 Telephone/Cell Audit $0.00 ($13,210.20)$15,210.20 $2,000.00 $2,000.00 $2,000.00
10‐100‐410060 Cable Franchise Fee $405,000.00 $247,010.70 $98,053.26 $345,063.96 ($59,936.04)($59,936.04)
$7,435,000.00 $4,976,794.14 $1,937,842.28 $6,914,636.42 ($520,363.58)($520,363.58)
Property Taxes
10‐100‐420010 Current Property Tax $4,760,000.00 $4,753,255.77 $9,367.71 $4,762,623.48 $2,623.48 $2,623.48
10‐100‐420020 Del Property Tax $40,000.00 $45,162.61 $6,079.24 $51,241.85 $11,241.85 $11,241.85
10‐100‐420040 Fin Institution Tax $44,000.00 $32,895.44 $0.00 $32,895.44 ($11,104.56)($11,104.56)
10‐100‐420050 Prop Tax Int & Penalties $28,000.00 $24,244.69 $4,577.29 $28,821.98 $821.98 $821.98
10‐100‐420055 Surtax Receipts ‐ County Reimb $54,399.00 $54,399.28 $0.00 $54,399.28 $0.28 $0.28
10‐100‐420060 Surtax Receipts $465,000.00 $460,839.49 $79.07 $460,918.56 ($4,081.44)($4,081.44)
10‐100‐420080 Special Tax Rev $41,000.00 $39,210.69 $14,085.96 $53,296.65 $12,296.65 $12,296.65
$5,432,399.00 $5,410,007.97 $34,189.27 $5,444,197.24 $11,798.24 $11,798.24
Intergovernmental
10‐100‐430010 Federal Grant $0.00 $68,537.56 $0.00 $68,537.56 $68,537.56 $68,537.56
10‐100‐430040 Local Grant $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐480020 NSP Rehab Sales $0.00 $47,097.38 ($47,097.38)$0.00 $0.00 $0.00
10‐100‐480025 HUD Program Income $0.00 $14,828.15 $0.00 $14,828.15 $14,828.15 $14,828.15
$0.00 $130,463.09 ($47,097.38)$83,365.71 $83,365.71 $83,365.71
Charges for Services
10‐100‐440010 Admin Charge Backs $1,555,433.00 $1,558,195.00 $0.00 $1,558,195.00 $2,762.00 $2,762.00
10‐100‐440050 Emt Reimbursement $25,000.00 $25,000.00 $0.00 $25,000.00 $0.00 $0.00
10‐100‐440210 Street Cuts $21,000.00 $28,122.00 $2,876.74 $30,998.74 $9,998.74 $9,998.74
10‐100‐440910 Fuel Charge ‐ backs $13,000.00 $7,472.05 $3,289.72 $10,761.77 ($2,238.23)($2,238.23)
10‐100‐440920 Parts Charge backs $185,000.00 $173,812.71 $25,979.89 $199,792.60 $14,792.60 $14,792.60
10‐100‐440930 Labor Charge backs $245,000.00 $200,972.26 $37,230.41 $238,202.67 ($6,797.33)($6,797.33)
10‐100‐481020 Cole Cty Animal Rescue $110,461.78 $82,812.60 $27,615.44 $110,428.04 ($33.74)($33.74)
10‐100‐481030 Rent City Hall/Annex $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐481040 Rent Other $12,000.00 $0.00 $12,000.00 $12,000.00 $0.00 $0.00
10‐100‐481045 Rent‐tower Sites $155,000.00 $154,514.64 $16,958.73 $171,473.37 $16,473.37 $16,473.37
10‐100‐481065 Parking Spot Maintenance $25,000.00 $25,000.00 $0.00 $25,000.00 $0.00 $0.00
10‐100‐481075 Cole Cty 911 Reimb $384,123.31 $319,811.90 $64,020.54 $383,832.44 ($290.87)($290.87)
10‐100‐481080 Sale Of Maps/GIS Data $0.00 $30.00 $0.00 $30.00 $30.00 $30.00
10‐100‐481085 Cole Cty GIS Joint Coop $16,850.00 $12,500.00 $4,350.00 $16,850.00 $0.00 $0.00
10‐100‐481100 Sale Of Grave Sites $4,150.00 $2,502.00 $1,096.15 $3,598.15 ($551.85)($551.85)
10‐100‐481105 TIF Administration Fee $9,346.30 $9,346.30 $0.00 $9,346.30 $0.00 $0.00
10‐100‐481110 Long & Short $0.00 ($11.77)$0.00 ($11.77)($11.77)($11.77)
$2,761,364.39 $2,600,079.69 $195,417.63 $2,795,497.32 $34,132.93 $34,132.93
Fees, Licenses, & Permits
10‐100‐450010 Liquor Licenses $66,000.00 $68,710.00 $2,127.84 $70,837.84 $4,837.84 $4,837.84
10‐100‐450020 Business Licenses $221,770.00 $204,719.67 $12,265.99 $216,985.66 ($4,784.34)($4,784.34)
10‐100‐450021 Home Occupation Permit $1,870.00 $1,705.00 $266.96 $1,971.96 $101.96 $101.96
10‐100‐450040 Abandoned Bldg. Regist. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐450041 Abandoned Bldg. Admin Fee $8,000.00 $13,948.00 $1,333.33 $15,281.33 $7,281.33 $7,281.33
10‐100‐450045 Building Construct. Fees $283,000.00 $254,794.85 $55,680.98 $310,475.83 $27,475.83 $27,475.83
10‐100‐450050 Electrical Certificates $20,000.00 $20,220.00 $433.86 $20,653.86 $653.86 $653.86
10‐100‐450060 Electrical Permits $2,600.00 $4,095.55 $499.50 $4,595.05 $1,995.05 $1,995.05
10‐100‐450070 Plumbing Licenses $11,000.00 $11,643.00 $373.00 $12,016.00 $1,016.00 $1,016.00
10‐100‐450080 Plumbing Permits $5,000.00 $9,176.37 $1,077.55 $10,253.92 $5,253.92 $5,253.92
FY2019
Revenue Model Report (Detail)Remaining
For the Period Ending August 31, 2019 YTD Actual Estimated Revenues Actual & Estimated Projected Over/Verification
Description Budget As of 9/10/19 As of 9/10/19 TOTAL (Under) Budget of Formulas
10‐100‐450090 Other Lic & Permits $2,000.00 $851.00 $888.32 $1,739.32 ($260.68)($260.68)
10‐100‐450091 Day Care Inspection Fees $7,000.00 $5,505.00 $1,417.76 $6,922.76 ($77.24)($77.24)
10‐100‐450092 Food Inspection Fees $87,550.00 $87,417.30 ($2,480.38)$84,936.92 ($2,613.08)($2,613.08)
10‐100‐450100 Curb Cut Permits $850.00 $330.00 $128.57 $458.57 ($391.43)($391.43)
10‐100‐450110 Board Of Adj Fees $3,770.00 $3,200.00 $1,002.92 $4,202.92 $432.92 $432.92
10‐100‐450120 Sign Permits $6,300.00 $6,448.00 $915.88 $7,363.88 $1,063.88 $1,063.88
10‐100‐450130 Demolition Permits $1,600.00 $1,900.00 $604.13 $2,504.13 $904.13 $904.13
10‐100‐450150 Acc Rep Fees‐police $12,000.00 $7,028.40 $2,106.31 $9,134.71 ($2,865.29)($2,865.29)
10‐100‐450160 Accrpt/blastg P‐fire $1,050.00 $534.00 $611.57 $1,145.57 $95.57 $95.57
10‐100‐450170 Animal Redemption Fees $65,000.00 $56,099.00 $12,899.94 $68,998.94 $3,998.94 $3,998.94
10‐100‐450180 Animal Vaccinations Fees $5,000.00 $4,425.00 $927.32 $5,352.32 $352.32 $352.32
10‐100‐450185 Animal Cremation Fees $42,000.00 $40,237.00 $10,482.11 $50,719.11 $8,719.11 $8,719.11
10‐100‐450186 Animal Boarding Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐450190 Taxi Permits $0.00 $81.00 $0.00 $81.00 $81.00 $81.00
10‐100‐450230 Vacating Right Of Way $800.00 $544.00 $61.54 $605.54 ($194.46)($194.46)
10‐100‐450250 Rezoning Request $16,100.00 $740.40 $1,036.42 $1,776.82 ($14,323.18)($14,323.18)
10‐100‐450255 Planning & Zoning Review Fees $7,350.00 $19,738.00 $1,702.61 $21,440.61 $14,090.61 $14,090.61
10‐100‐450260 Non‐refundable Plans/spec $1,800.00 $1,315.00 $367.46 $1,682.46 ($117.54)($117.54)
$879,410.00 $825,405.54 $106,731.48 $932,137.02 $52,727.02 $52,727.02
Fines & Forfeitures
10‐100‐460010 Court Cost $74,000.00 $49,515.16 $12,774.23 $62,289.39 ($11,710.61)($11,710.61)
10‐100‐460015 Court Restitutions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐460018 Inmate Security Fund $12,000.00 $8,196.35 $2,092.48 $10,288.83 ($1,711.17)($1,711.17)
10‐100‐460020 Jail Cost Recovery $1,500.00 $1,127.56 $431.57 $1,559.13 $59.13 $59.13
10‐100‐460025 Alcohol Offense Cost Rec $6,000.00 $3,174.43 $919.15 $4,093.58 ($1,906.42)($1,906.42)
10‐100‐460030 Pol Fines‐traffic $685,000.00 $476,017.16 $109,440.63 $585,457.79 ($99,542.21)($99,542.21)
10‐100‐460090 Parking Fines $60,000.00 $38,589.50 $9,180.80 $47,770.30 ($12,229.70)($12,229.70)
10‐100‐460100 Bankcard Charges ($3,600.00)($3,132.14)($786.85)($3,918.99)($318.99)($318.99)
$834,900.00 $573,488.02 $134,052.01 $707,540.03 ($127,359.97)($127,359.97)
Contributions/Donations
10‐100‐480055 JC Fire Museum $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10‐100‐480070 Community Projects Donations $12,366.50 $12,366.50 $0.00 $12,366.50 $0.00 $0.00
10‐100‐480080 Dare Donations $0.00 $800.00 $0.00 $800.00 $800.00 $800.00
10‐100‐480090 Police K‐9 Donations $500.00 $500.00 $0.00 $500.00 $0.00 $0.00
10‐100‐480165 Animal S Donations $0.00 $19,442.04 $0.00 $19,442.04 $19,442.04 $19,442.04
10‐100‐481055 Street Repair‐Solid Waste Cntr $322,248.38 $185,479.00 $133,562.09 $319,041.09 ($3,207.29)($3,207.29)
10‐100‐481095 Cemetery Donations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$335,114.88 $218,587.54 $133,562.09 $352,149.63 $17,034.75 $17,034.75
Other Operating Revenues
10‐100‐480011 Police Evidence Funds $0.00 $74,279.21 $0.00 $74,279.21 $74,279.21 $74,279.21
10‐100‐481070 Miscellaneous $45,000.00 $72,506.95 $12,945.57 $85,452.52 $40,452.52 $40,452.52
10‐100‐481072 TIF Prof Svcs Deposit $22,485.64 $22,485.64 $0.00 $22,485.64 $0.00 $0.00
10‐100‐481074 Revenue Share ‐ Purchasing Card $20,000.00 $11,747.80 $5,984.37 $17,732.17 ($2,267.83)($2,267.83)
10‐100‐481077 Insurance Claims $20,000.00 $41,544.98 $0.00 $41,544.98 $21,544.98 $21,544.98
10‐100‐481078 Cafeteria Refunds $10,000.00 $0.00 $10,000.00 $10,000.00 $0.00 $0.00
$117,485.64 $222,564.58 $28,929.94 $251,494.52 $134,008.88 $134,008.88
Interest Income
10‐100‐470010 Interest $152,926.54 $133,759.89 $27,366.32 $161,126.21 $8,199.67 $8,199.67
$152,926.54 $133,759.89 $27,366.32 $161,126.21 $8,199.67 $8,199.67
Other Non Operating Revenue
10‐100‐485050 Sale Of Assets $168,229.08 $342,599.48 $20,000.00 $362,599.48 $194,370.40 $194,370.40
$168,229.08 $342,599.48 $20,000.00 $362,599.48 $194,370.40 $194,370.40
Operating Transfers In
10‐100‐490240 Trsfr From Lodging Tax $26,000.00 $22,048.54 $4,284.83 $26,333.37 $333.37 $333.37
10‐100‐490630 Transfer from Self Funded Hlth Ins $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$26,000.00 $22,048.54 $4,284.83 $26,333.37 $333.37 $333.37
$32,194,089.53 $26,065,585.94 $5,976,120.37 $32,041,706.31 ($152,383.22)($152,383.22)
CITY OF JEFFERSON
FISCAL YEAR 2019 ESTIMATED FUND BALANCE
FYE2018 UNASSIGNED FUND BALANCE (Audited)8,289,016.96$
Reappropriations from FY2018 to FY2019
Remaining Port Feasibility Study (4,199.50)$
LCRA Reimbursement (259,000.00)$
Police Clothing Expense (7,398.50)$
Purchase of Police Vehicles (122,828.56)$
Historic Preservation Grant (34,200.00)$
Neighborhood Stabilization Program (47,097.38)$
Demo (34,905.00)$
PPS Computer Software (7,168.00)$
Fire ‐ Fitness Equipment (16,213.00)$
New Fire Station 2 (1,159,086.98)$
Stormwater Improvements (406,000.00)$
Downtown Streetscape (1,300.00)$
Ongoing Infrastructure/Facility Needs (354,182.55)$
(2,453,579.47)$
2019 Adjustments/Supplementals
FY2019 Supplemental Appropriations:
Salt/Chemicals for Snow Removal (130,000.00)$
Snow Plow (75,000.00)$
(205,000.00)$
FYE2019 ESTIMATED Unassigned Fund Balance 5,630,437.49$
FYE2019 ESTIMATED Fund Balance % of Adopted Budget 17.16%
17% of FY2019 Adopted Budget ($32,807,390) = $5,577,256
Tax Period
Due Date to
City Total Lodging Tax JCCVB (3/7)
JCCVB/Tourism Fund
(4/7)**
May-11 6/20/11 91,258.41 38,328.53 51,104.71
Jun-11 7/20/11 101,479.82 42,621.54 56,828.68
Jul-11 8/20/11 88,392.47 37,124.82 49,499.80
Aug-11 9/20/11 73,144.02 30,720.48 40,960.66
Sep-11 10/20/11 103,618.61 43,519.80 58,026.44
Oct-11 11/20/11 105,531.99 44,323.44 59,097.91
Nov-11 12/20/11 66,556.88 27,953.89 37,271.85
Dec-11 1/20/12 52,204.97 21,926.07 29,234.80
Jan-12 2/20/12 65,645.72 27,571.20 36,761.61
566.37 Interest Received
Feb-12 3/20/12 85,143.89 35,760.45 47,680.56
383.96 4/2012 Interest Received
Mar-12 4/20/12 81,904.23 34,399.77 45,866.38
636.05 5/2012 Interest Received
(8.11) 5/2012 Service Charge
Apr-12 5/20/12 103,406.71 43,430.82 57,907.76
685.97 6/2012 Interest Received
(7.25) 6/2012 Service Charge
May-12 6/20/12 89,713.24 37,679.58 50,239.40
785.01 7/2012 Interest Received
(7.25) 7/2012 Service Charge
Jun-12 7/20/12 86,753.72 36,436.56 48,582.08
832.99 8/2012 Interest Received
(7.25) 8/2012 Service Charge
Jul-12 8/20/12 89,904.69 37,759.97 50,346.63
Aug-12 9/20/12 76,708.71 32,217.66 42,956.88
887.55 9/2012 Interest Received
(7.25) 9/2012 Service Charge
987.59 10/2012 Interest Received
(7.50) 10/2012 Service Charge
Sep-12 10/20/12 109,335.16 45,920.77 61,227.69
1,011.18 11/2012 Interest Received
(7.00) 11/2012 Service Charge
Oct-12 11/20/12 109,059.34 45,804.92 61,073.23
45,804.92 JCCVB 3/7 Check Deposited in Error
1,166.54 12/2012 Interest Received
(7.50) 12/2012 Service Charge
Nov-12 12/20/12 69,756.75 29,297.84 39,063.77
(45,804.92) Correction of Deposit Error
1,185.18 1/2013 Interest Received
(7.33) 1/2013 Service Charge
Dec-12 1/20/13 55,126.67 23,153.20 30,870.94
1,108.23 2/2013 Interest Received
(7.35) 2/2013 Service Charge
Jan-13 2/20/13 84,295.92 35,404.29 47,205.71
1,271.02 3/2013 Interest Received
(8.28) 3/2013 Service Charge
Feb-13 3/20/13 84,199.16 35,363.65 47,151.53
1,297.26 4/2013 Interest Received
(8.28) 4/2013 Service Charge
Mar-13 4/20/13 98,008.06 41,163.39 54,884.51
1,413.79 5/2013 Interest Received
(7.37) 5/2013 Service Charge
Apr-13 5/20/13 100,022.48 42,009.44 56,012.59
Tax Period
Due Date to
City Total Lodging Tax JCCVB (3/7)
JCCVB/Tourism Fund
(4/7)**
1,450.30 6/2013 Interest Received
(8.56) 6/2013 Service Charge
(10,000.00) Ck #50 - C H Johnson Consulting
May-13 6/20/13 97,602.44 40,993.02 54,657.37
1,570.41 7/2013 Interest Received
(8.45) 7/2013 Service Charge
(1,187.09) Ck #1001 - C H Johnson Consulting
Jun-13 7/20/13 92,796.57 38,974.56 51,966.08
1,620.41 8/2013 Interest Received
(8.45) 8/2013 Service Charge
(33.25) Ck #1002 - City of Jefferson - RFP Ad
(15,000.00) Ck #1003 - C H Johnson Consulting
(10,000.00) Ck #1004 - C H Johnson Consulting
Jul-13 8/20/13 93,352.06 39,207.87 52,277.15
1,606.48 9/2013 Interest Received
(8.79) 9/2013 Service Charge
(5,000.00) Ck #1005 - C H Johnson Consulting
Aug-13 9/20/13 89,778.97 37,707.17 50,276.22
1,726.08 10/2013 Interest Received
(8.45) 10/2013 Service Charge
(3,000.00) Ck #1006 - C H Johnson Consulting
Sep-13 10/20/13 108,879.17 45,729.25 60,972.34
1,728.36 11/2013 Interest Received
(8.45) 11/2013 Service Charge
Oct-13 11/20/13 120,248.83 50,504.51 67,339.34
1,864.47 12/2013 Interest Received
(8.28) 12/2013 Service Charge
Nov-13 12/20/13 84,253.54 35,386.49 47,181.98
1,918.75 1/2014 Interest Received
(8.28) 1/2014 Service Charge
Dec-13 1/20/14 63,745.74 26,773.21 35,697.61
1,807.90 2/2014 Interest Received
(8.28) 2/2014 Service Charge
Jan-14 2/20/14 92,051.62 38,661.68 51,548.91
(1,562.61) Ck #1007 - C H Johnson Consulting
2,078.72 3/2014 Interest Received
(8.45) 3/2014 Service Charge
Feb-14 3/20/14 80,825.68 33,946.79 45,262.38
2,052.68 4/2014 Interest Received
(8.28) 4/2014 Service Charge
Mar-14 4/30/14 106,553.94 44,752.65 59,670.21
2,198.76 5/2014 Interest Received
(8.29) 5/2014 Service Charge
Apr-14 5/20/14 104,278.69 43,797.05 58,396.07
2,203.13 6/2014 Interest Received
(8.29) 6/2014 Service Charge
May-14 6/20/14 116,059.44 48,744.96 64,993.29
2,391.04 7/2014 Interest Received
(8.29) 7/2014 Service Charge
Jun-14 7/20/14 104,333.69 43,820.15 58,426.87
2,457.38 8/2014 Interest Received
(8.29) 8/2014 Service Charge
Jul-14 8/20/14 98,901.39 41,538.58 55,384.78
2,459.73 9/2014 Interest Received
Tax Period
Due Date to
City Total Lodging Tax JCCVB (3/7)
JCCVB/Tourism Fund
(4/7)**
(8.29) 9/2014 Service Charge
Aug-14 9/20/14 75,962.88 31,904.41 42,539.21
2,593.43 10/2014 Interest Received
(8.29) 10/2014 Service Charge
Sep-14 10/20/14 112,370.02 47,195.41 62,927.21
2,586.87 11/2014 Interest Received
(8.29) 11/2014 Service Charge
Oct-14 11/20/14 116,992.89 49,137.01 65,516.02
2,736.57 12/2014 Interest Received
(14.65) 12/2014 Service Charge
Nov-14 12/20/14 72,761.33 30,559.76 40,746.34
2,798.53 1/2015 Interest Received
(8.29) 1/2015 Service Charge
Dec-14 1/20/15 60,394.73 25,365.79 33,821.05
2,575.56 2/2015 Interest Received
(8.29) 2/2015 Service Charge
Jan-15 2/20/15 85,741.83 36,011.57 48,015.42
2,935.34 3/2015 Interest Received
(8.29) 3/2015 Service Charge
Feb-15 3/20/15 84,317.61 35,413.40 47,217.86
2,911.14 4/2015 Interest Received
(10.54) 4/2015 Service Charge
Mar-15 4/20/15 114,789.97 48,211.79 64,282.38
3,049.41 5/2015 Interest Received
(8.29) 5/2015 Service Charge
Apr-15 5/20/15 102,479.43 43,041.36 57,388.48
3,046.67 6/2015 Interest Received
(8.29) 6/2015 Service Charge
May-15 6/20/15 116,174.48 48,793.28 65,057.71
3,217.49 7/2015 Interest Received
(8.29) 7/2015 Service Charge
Jun-15 7/31/15 97,379.11 40,899.23 54,532.30
3,287.90 8/2015 Interest Received
(10.67) 8/2015 Service Charge
Jul-15 8/20/15 102,541.78 43,067.55 57,423.40
3,307.41 9/2015 Interest Received
(8.58) 9/2015 Service Charge
Aug-15 9/20/15 81,248.87 34,124.53 45,499.37
3,476.74 10/2015 Interest Received
(8.29) 10/2015 Service Charge
Sep-15 10/20/15 102,709.81 43,138.12 57,517.49
3,421.47 11/2015 Interest Received
(8.00) 11/2015 Service Charge
Oct-15 12/1/15 107,837.70 45,291.83 60,389.11
3,605.14 12/2015 Interest Received
(8.29) 12/2015 Service Charge
Nov-15 12/31/15 67,119.58 28,190.22 37,586.96
Sep-15 1,908.92 801.75 1,069.00 late pays
3,666.35 1/2016 Interest Received
(8.29) 1/2016 Service Charge
Dec-15 1/31/16 66,959.22 28,122.88 37,497.16
3,478.72 2/2016 Interest Received
(8.49) 2/2016 Service Charge
Jan-16 2/20/16 83,239.99 34,960.80 46,614.39
Tax Period
Due Date to
City Total Lodging Tax JCCVB (3/7)
JCCVB/Tourism Fund
(4/7)**
3,786.20 3/2016 Interest Received
(8.28) 3/2016 Service Charge
Feb-16 3/20/16 97,559.96 40,975.18 54,633.58
3,718.19 4/2016 Interest Received
(8.27) 4/2016 Service Charge
Mar-16 4/29/16 101,134.20 42,476.36 56,635.16
3,914.86 5/2016 Interest Received
(8.26) 5/2016 Service Charge
Apr-16 5/20/16 140,992.87 59,217.01 78,956.01
3,905.43 6/2016 Interest Received
May-16 6/20/16 112,152.91 47,104.22 62,805.63
3,985.42 7/2016 Interest Received
Jun-16 7/31/16 106,704.37 44,815.83 59,754.44
4,207.43 8/2016 Interest Received
Jul-16 8/20/16 96,811.40 40,660.79 54,214.38
4,136.69 9/2016 Interest Received
Aug-16 9/20/16 88,674.86 37,243.44 49,657.92
4,350.78 10/2016 Interest Received
Sep-16 10/31/16 100,606.10 42,254.56 56,339.42
4,292.30 11/2016 Interest Received
Oct-16 11/20/16 120,471.15 50,597.88 67,463.85
4,531.06 12/2016 Interest Received
Nov-16 12/20/16 88,755.07 37,277.13 49,702.83
4,602.85 1/2017 Interest Received
Dec-16 1/31/17 65,709.30 27,597.91 36,797.21
4,207.06 2/2017 Interest Received
Jan-17 2/20/17 95,905.35 40,280.25 53,706.99
4,726.10 3/2017 Interest Received
Feb-17 3/31/17 95,135.98 39,957.11 53,276.15
4,651.72 4/2017 Interest Received
Mar-17 4/30/17 111,370.63 46,775.67 62,367.55
4,885.76 5/2017 Interest Received
Apr-17 5/30/17 109,652.93 46,054.23 61,405.64
4,807.94 6/2017 Interest Received
May-17 6/30/17 123,148.39 51,722.32 68,963.10
5,089.00 7/2017 Interest Received
Jun-17 7/31/17 120,310.25 50,530.30 67,373.74
5,141.00 8/2017 Interest Received
Jul-17 8/20/17 101,096.32 42,460.45 56,613.94
5,081.97 9/2017 Interest Received
Aug-17 9/30/17 99,136.13 41,637.18 55,516.23
5,325.63 10/2017 Interest Received
Sep-17 10/31/17 112,835.87 47,391.06 63,188.09
5,243.98 11/2017 Interest Received
Oct-17 11/20/17 118,132.32 49,615.57 66,154.10
5,519.00 12/2017 Interest Received
Nov-17 12/20/17 84,414.19 35,453.96 47,271.95
5,565.66 1/2018 interest Received
Dec-17 1/31/18 64,644.90 27,150.86 36,201.14
5,076.25 2/2018 interest Received
Jan-18 2/20/18 90,463.34 37,994.60 50,659.47
5,710.59 3/2018 interest Received
Feb-18 3/31/18 72,376.53 30,398.14 40,530.86
5,580.76 4/2018 interest Received
Tax Period
Due Date to
City Total Lodging Tax JCCVB (3/7)
JCCVB/Tourism Fund
(4/7)**
Mar-18 4/30/18 128,168.74 53,830.87 71,774.50
5,862.91 5/2018 interest Received
Apr-18 5/30/18 115,538.43 48,526.14 64,701.52
5,744.27 6/2018 interest Received
May-18 6/20/18 127,840.04 53,692.82 71,590.42
6,020.86 7/2018 interest Received
Jun-18 7/31/18 108,499.02 45,569.59 60,759.45
6,145.34 8/2018 interest Received
Jul-18 8/20/18 99,948.25 41,978.26 55,971.02
5,929.16 9/2018 interest Received
Aug-18 9/20/18 92,260.57 38,749.44 51,665.92
6,303.93 10/2018 interest Received
Sep-18 10/31/18 102,804.82 43,178.02 57,570.70
6,160.57 11/2018 interest Received
Oct-18 11/20/18 130,250.45 54,705.19 72,940.25
6,496.60 12/2018 interest Received
Nov-18 12/20/18 87,460.75 36,733.51 48,978.02
6,531.01 1/2019 interest Received
(3,908.75) CK# 1008
Dec-18 1/31/19 70,508.84 29,613.71 39,484.95
5,949.48 2/2019 interest Received
(2,623.75) CK# 1009
Jan-19 2/20/19 88,590.00 37,207.80 49,610.40
6,683.16 3/2019 interest Received
Feb-19 3/31/19 99,690.19 41,869.88 55,826.51
6,537.39 4/2019 interest Received
Mar-19 4/30/19 121,611.98 51,077.03 68,102.71
6,844.11 5/2019 interest Received
(50.75) CK# 1011
(4,867.50) CK# 1012
Apr-19 5/30/19 131,434.04 55,202.30 73,603.06
6,731.55 6/2019 interest Received
200.00 6/26/19 bank deposit
May-19 6/20/19 134,504.89 56,492.05 75,322.74
7,065.89 7/2019 interest Received
Jun-19 7/31/19 120,530.50 50,622.81 67,497.08
7,131.88 8/2019 interest Received
Jul-19 8/20/19 117,844.99 49,494.90 65,993.19
Total 9,573,445.36 4,020,847.04 5,625,916.65
average monthly amount for 4 cent lockbox fund 53,611.29$
**Effective for 25 years starting in 2011
2019 Occupancy 2018 Occupancy 2017 Occupancy 2016 Occupancy 2015 Occupancy 2014 Occupancy 2013 Occupancy
January 49.40%48.10%48.70%51.30%45.90%49.20%45.30%
February 58.00%53.40%56.80%58.60%51.20%56.00%52.90%
March 58.00%57.60%62.20%59.80%59.80%59.30%52.90%
April 63.10%61.70%62.40%67.20%58.10%63.70%64.10%
May 60.90%64.60%63.80%64.90%63.10%64.70%56.80%
June 60.50%63.20%70.40%64.00%59.70%63.70%55.70%
July 58.80%60.30%65.90%58.20%60.80%59.70%58.50%
August 56.80%61.50%56.50%52.60%54.20%55.80%
September 59.90%64.50%62.60%63.30%61.20%63.00%
October 65.60%66.50%62.90%60.70%67.60%65.90%
November 54.80%51.50%50.60%51.30%48.90%52.40%
December 46.00%40.80%42.10%45.10%38.30%38.80%
COMPARATIVE OCCUPANCY RATE
Tab 2 - Multi-Segment Currency: USD - US Dollar
Missouri Hotel & Lodging Association
For the month of: July 2019
Percent Change from July 2018 Percent Change from YTD 2018
2019 2018 2019 2018 2019 2018 Occ ADR RevPAR
Room
Rev
Room
Avail
Room
Sold 2019 2018 2019 2018 2019 2018 Occ ADR RevPAR
Room
Rev
Room
Avail
Room
Sold Census Sample Census Sample
United States 73.8 73.4 135.04 134.12 99.62 98.50 0.4 0.7 1.1 3.1 2.0 2.4 67.1 67.0 131.85 130.44 88.45 87.38 0.1 1.1 1.2 3.2 2.0 2.1 56473 34561 5346987 4009448
West North Central 69.9 68.0 105.10 104.20 73.48 70.81 2.9 0.9 3.8 5.9 2.0 5.0 58.5 57.6 99.40 99.58 58.17 57.39 1.6 -0.2 1.4 3.5 2.1 3.7 4726 2883 372682 276983
Missouri 69.0 67.3 104.01 104.38 71.72 70.23 2.5 -0.4 2.1 4.2 2.0 4.5 59.6 59.3 101.05 99.98 60.21 59.27 0.5 1.1 1.6 3.7 2.1 2.6 1148 689 106129 76862
Kansas City, MO-KS 70.1 69.5 105.08 107.08 73.68 74.44 0.9 -1.9 -1.0 2.0 3.0 3.9 63.6 63.1 105.37 104.57 67.00 65.98 0.8 0.8 1.5 5.0 3.4 4.2 308 255 34038 30306
St Louis, MO-IL 71.5 71.3 110.52 108.27 79.08 77.15 0.4 2.1 2.5 4.8 2.2 2.6 65.1 65.6 107.16 104.70 69.71 68.72 -0.9 2.4 1.4 3.5 2.0 1.1 344 255 39993 33505
Columbia, MO+64.2 60.3 85.77 85.82 55.07 51.78 6.4 -0.1 6.4 6.1 -0.3 6.1 58.0 56.6 87.85 87.92 50.97 49.76 2.5 -0.1 2.4 6.1 3.6 6.2 40 31 4085 3377
Jefferson City, MO+58.8 60.2 85.48 80.44 50.29 48.40 -2.2 6.3 3.9 14.7 10.4 7.9 57.6 59.5 89.97 85.92 51.80 51.15 -3.3 4.7 1.3 10.2 8.9 5.3 15 13 1393 1271
Springfield, MO 71.0 74.1 87.84 87.93 62.39 65.19 -4.2 -0.1 -4.3 -1.1 3.3 -1.0 62.9 65.7 86.72 85.63 54.58 56.23 -4.1 1.3 -2.9 -1.3 1.7 -2.5 71 51 6357 4915
Branson, MO 70.5 66.9 117.06 117.83 82.55 78.77 5.5 -0.7 4.8 6.1 1.2 6.8 48.9 46.9 105.17 107.02 51.44 50.18 4.3 -1.7 2.5 3.4 0.9 5.2 154 35 14555 4809
Lake of the Ozarks+67.9 65.8 125.23 129.11 84.99 84.94 3.1 -3.0 0.0 2.5 2.5 5.7 49.4 46.3 106.30 108.33 52.46 50.17 6.6 -1.9 4.6 7.0 2.3 9.0 34 11 2624 1304
Joplin, MO 68.7 62.2 83.01 86.24 57.04 53.60 10.6 -3.7 6.4 6.4 0.0 10.6 58.1 57.7 80.83 83.00 46.97 47.89 0.7 -2.6 -1.9 -1.9 0.0 0.7 33 24 2477 2123
Saint Joseph, MO+69.0 61.5 93.03 89.32 64.17 54.95 12.1 4.2 16.8 11.7 -4.4 7.2 60.7 57.5 90.63 87.86 55.01 50.56 5.5 3.2 8.8 4.0 -4.4 0.9 12 9 1161 956
Independence, MO+65.8 67.2 85.61 92.42 56.29 62.06 -2.1 -7.4 -9.3 -9.3 0.0 -2.1 57.0 57.1 83.95 83.63 47.89 47.71 -0.0 0.4 0.4 0.4 0.0 -0.0 21 14 1631 1392
A blank row indicates insufficient data.
ADRRevPARADR
Current Month - July 2019 vs July 2018
Occ %
The STR Destination Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Destination Report , in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Destination Report , please contact us
immediately. Source: 2019 STR, Inc. / STR Global, Ltd. trading as "STR".
Year to Date - July 2019 vs July 2018
Occ %RevPAR Rooms
Participation
Properties
Tab 3 - Help
Glossary:
Frequently Asked Questions (FAQ):
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Gilmore & Bell, P.C.
Draft – September 5, 2019
g:\jgc\Jefferson City, Missouri\Ordinance (Jefferson City - Spec Ob Bonds Series 2019)
ORDINANCE NO. ________
OF
CITY OF JEFFERSON, MISSOURI
PASSED OCTOBER 21, 2019
NOT TO EXCEED
$7,500,000
SPECIAL OBLIGATION IMPROVEMENT BONDS
(PARKS SYSTEM PROJECT)
SERIES 2019
-i-
ORDINANCE
INDEX
Page
Title ................................................................................................................................................... 1
Recitals .............................................................................................................................................. 1
ARTICLE I
DEFINITIONS
Section 101. Definitions of Words and Terms ......................................................................................... 1
ARTICLE II
AUTHORIZATION OF THE BONDS
Section 201. Authorization of Bonds ....................................................................................................... 5
Section 202. Description of Bonds .......................................................................................................... 5
Section 203. Designation of Paying Agent .............................................................................................. 6
Section 204. Method and Place of Payment of Bonds ............................................................................. 7
Section 205. Registration, Transfer and Exchange of Bonds .................................................................. 7
Section 206. Execution, Authentication and Delivery of Bonds ............................................................. 8
Section 207. Mutilated, Destroyed, Lost and Stolen Bonds .................................................................... 9
Section 208. Cancellation and Destruction of Bonds Upon Payment ...................................................... 9
Section 209. Preliminary and Final Official Statement ......................................................................... 10
Section 210. Notice of Bond Sale. ......................................................................................................... 10
Section 211. Book-Entry Bonds; Securities Depository ........................................................................ 11
ARTICLE III
REDEMPTION OF BONDS
Section 301. Optional and Mandatory Redemption of Bonds ............................................................... 12
Section 302. Selection of Bonds to Be Redeemed ................................................................................. 12
Section 303. Notice and Effect of Call for Redemption ........................................................................ 13
ARTICLE IV
SECURITY FOR AND PAYMENT OF BONDS
Section 401. Security for the Bonds ...................................................................................................... 15
Section 402. Covenant to Request Appropriations ................................................................................ 15
ARTICLE V
ESTABLISHMENT OF FUNDS; DEPOSIT AND APPLICATION OF BOND PROCEEDS
Section 501. Establishment of Funds ..................................................................................................... 15
Section 502. Deposit of Bond Proceeds ................................................................................................. 16
-ii-
Section 503. Application of Moneys in the Project Fund ...................................................................... 16
Section 504. Application of Moneys in the Special Obligation Debt Service Fund .............................. 16
Section 505. Application of Moneys in the Rebate Fund ...................................................................... 17
Section 506. Deposits and Investment of Moneys ................................................................................. 17
Section 507. Nonpresentment of Bonds................................................................................................. 17
Section 508. Payments Due on Saturdays, Sundays and Holidays ........................................................ 18
ARTICLE VI
DEFAULT AND REMEDIES
Section 601. Default and Remedies ....................................................................................................... 18
Section 602. Limitation on Rights of Bondowners ................................................................................ 19
Section 603. Remedies Cumulative ....................................................................................................... 19
Section 604. No Acceleration ................................................................................................................ 19
Section 605. No Obligation to Levy Taxes ............................................................................................ 19
Section 606. Exception for Continuing Disclosure. ............................................................................... 19
ARTICLE VII
DEFEASANCE
Section 701. Defeasance ........................................................................................................................ 20
ARTICLE VIII
MISCELLANEOUS PROVISIONS
Section 801. Tax Covenants .................................................................................................................. 20
Section 802. Continuing Disclosure ...................................................................................................... 21
Section 803. Amendments ..................................................................................................................... 21
Section 804. Notices, Consents and Other Instruments by Bondowners ............................................... 22
Section 805. Corporate Existence .......................................................................................................... 22
Section 806. Insurance ........................................................................................................................... 22
Section 807. Further Authority .............................................................................................................. 23
Section 808. Annual Audit..................................................................................................................... 23
Section 809. Severability ....................................................................................................................... 23
Section 810. Governing Law ................................................................................................................. 23
Section 811. Electronic Storage of Documents ..................................................................................... 24
Section 812. Effective Date ................................................................................................................... 25
Exhibit A – Form of Bonds
Exhibit B – Form of Continuing Disclosure Undertaking
Exhibit C – Form of Certificate of Final Terms
Exhibit D – Form of Notice of Bond Sale
Exhibit E – Form of Preliminary Official Statement
Exhibit F – Form of Paying Agent Agreement
-1-
BILL NO. 2019-[__] ORDINANCE NO. _______
SPONSOR: [Councilman _______]
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL
OBLIGATION IMPROVEMENT BONDS (PARKS SYSTEM PROJECT), SERIES
2019, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$7,500,000, PRESCRIBING THE FORM AND DETAILS OF SAID BONDS AND
THE COVENANTS AND AGREEMENTS TO PROVIDE FOR THE PAYMENT
AND SECURITY THEREOF; AND AUTHORIZING CERTAIN ACTIONS AND
DOCUMENTS AND PRESCRIBING OTHER MATTERS RELATING
THERETO.
WHEREAS, the City of Jefferson, Missouri (the “City”), is a home rule charter city and political
subdivision duly organized and existing under the laws of the State of Missouri, and pursuant to the laws
of the State of Missouri and the City’s Charter (the “Charter”), now owns and operates numerous parks
and related recreation facilities (the “Parks System”); and
WHEREAS, the City is authorized under the provisions of the Constitution of Missouri and its
Charter to issue and sell special obligation bonds for the purpose of providing funds to finance and
refinance the costs of certain capital improvements and to provide that the principal of and interest on
such special obligations bonds shall be payable solely from the legally available revenues of the City
annually appropriated by the City Council; and
WHEREAS, the City now desires to finance the costs of various repairs, replacements,
improvements, renovations, expansions and additions that need to be made to the City’s Parks System
(collectively, the “Project”) with proceeds received from the sale of an issue of special obligation bonds;
and
WHEREAS, it is hereby found and determined that it is necessary and advisable and in the best
interest of the City and of its inhabitants that special obligation bonds be issued and secured in the form
and manner as hereinafter provided to provide funds for the Project;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
JEFFERSON, MISSOURI, AS FOLLOWS:
ARTICLE I
DEFINITIONS
Section 101. Definitions of Words and Terms. In addition to words and terms defined
elsewhere herein, the following words and terms as used in this Ordinance shall have the following
meanings:
“Bond Counsel” means Gilmore & Bell, P.C., Kansas City, Missouri, or any other attorney or
firm of attorneys with a nationally recognized standing in the field of municipal bond financing selected
by the City.
“Bond Payment Date” means any date on which principal of or interest on any Bond is payable.
-2-
“Bond Register” means the books for the registration, transfer and exchange of Bonds kept at the
office of the Paying Agent.
“Bondowner,” “Owner” or “Registered Owner” when used with respect to any Bond means
the Person in whose name such Bond is registered on the Bond Register.
“Bonds” means the Special Obligation Improvement Bonds (Parks System Project), Series 2019,
of the City, in the Original Principal Amount authorized in Section 201 hereof and specified in the
Certificate of Final Terms, the form of which is attached to this Ordinance as Exhibit C, authorized and
issued by the City pursuant to this Ordinance.
“Business Day” means a day, other than a Saturday, Sunday or holiday, on which the Paying
Agent is scheduled in the normal course of its operations to be open to the public for conduct of its
banking operations.
“Cede & Co.” means Cede & Co., as nominee name of The Depository Trust Company, New
York, New York or any successor nominee of the Securities Depository with respect to the Bonds.
“Certificate of Final Terms” means the Certificate of Final Terms, the form of which is attached
to this Ordinance as Exhibit C.
“City” means City of Jefferson, Missouri, and any successors or assigns.
“Code” means the Internal Revenue Code of 1986, as amended, and the applicable regulations of
the Treasury Department proposed or promulgated thereunder.
“Continuing Disclosure Undertaking” means the Continuing Disclosure Undertaking dated the
date set forth therein, the form of which is attached to this Ordinance as Exhibit B.
“Dated Date” means the date of initial delivery and payment for the Bonds specified in the
Certificate of Final Terms, the form of which is attached to this Ordinance as Exhibit C.
“Defaulted Interest” means interest on any Bond which is payable but not paid on any Interest
Payment Date.
“Defeasance Obligations” means any of the following obligations:
(a) United States Government Obligations that are not subject to redemption in
advance of their maturity dates; or
(b) obligations of any state or political subdivision of any state, the interest on which
is excluded from gross income for federal income tax purposes and which meet the following
conditions:
(1) the obligations are (i) not subject to redemption prior to maturity or
(ii) the trustee for such obligations has been given irrevocable instructions concerning
their calling and redemption and the issuer of such obligations has covenanted not to
redeem such obligations other than as set forth in such instructions;
-3-
(2) the obligations are secured by cash or United States Government
Obligations that may be applied only to principal of, premium, if any, and interest
payments on such obligations;
(3) such cash and the principal of and interest on such United States
Government Obligations (plus any cash in the escrow fund) are sufficient to meet the
liabilities of the obligations;
(4) such cash and United States Government Obligations serving as security
for the obligations are held in an escrow fund by an escrow agent or a trustee irrevocably
in trust;
(5) such cash and United States Government Obligations are not available to
satisfy any other claims, including those against the trustee or escrow agent; and
(6) such obligations are rated in a rating category by Moody’s or Standard &
Poor’s that is no lower than the rating category then assigned by that Rating Agency to
United States Government Obligations.
“Federal Tax Certificate” means the Federal Tax Certificate dated the date set forth therein,
delivered by the City for the Bonds, which sets forth certain facts, covenants, representations, and
expectations relating to the use of Bond proceeds and the use of property financed or refinanced with
those proceeds, and the investment of the Bond proceeds and certain other related money in order to
comply with the requirements of Code imposed on the Bonds.
“Fiscal Year” means the fiscal year of the City, currently November 1 to October 31.
“Interest Payment Date” means the Stated Maturity of an installment of interest on any Bond.
“Maturity” when used with respect to any Bond means the date on which the principal of such
Bond becomes due and payable as therein and herein provided, whether at the Stated Maturity thereof or
by call for redemption or otherwise.
“Ordinance” means this Ordinance passed by the City Council of the City, authorizing the
issuance of the Bonds, as amended from time to time.
“Original Principal Amount” means the Original Principal Amount of the Bonds authorized in
Section 201 hereof and specified in the Certificate of Final Terms, the form of which is attached to this
Ordinance as Exhibit C.
“Outstanding” means, when used with reference to Bonds, as of any particular date of
determination, all Bonds theretofore authenticated and delivered hereunder, except the following Bonds:
(a) Bonds theretofore cancelled by the Paying Agent or delivered to the Paying
Agent for cancellation;
(b) Bonds deemed to be paid in accordance with the provisions of Section 701
hereof; and
(c) Bonds in exchange for or in lieu of which other Bonds have been authenticated
and delivered hereunder.
-4-
“Participants” means those financial institutions for whom the Securities Depository effects book-
entry transfers and pledges of securities deposited with the Securities Depository, as such listing of
Participants exists at the time of such reference.
“Paying Agent” means UMB Bank, N.A., St. Louis, Missouri, and any successors and assigns.
“Permitted Investments” means any of the following securities, if and to the extent the same are
at the time legal for investment of the City’s funds:
(a) United States Government Obligations;
(b) certificates of deposit or time deposits, whether negotiable or nonnegotiable,
issued by any bank or trust company organized under the laws of the United States or any state,
provided that such certificates of deposit or time deposits shall be either (1) continuously and
fully insured by the Federal Deposit Insurance Corporation, or (2) continuously and fully secured
by United States Government Obligations which shall have a market value, exclusive of accrued
interest, at all times at least equal to the principal amount of such certificates of deposit or time
deposits; and
(c) any other securities or investments that are lawful for the investment of moneys
held in such funds or accounts under the laws of the State of Missouri.
“Person” means any natural person, corporation, partnership, firm, joint venture, association,
joint-stock company, trust, unincorporated organization, or government or any agency or political
subdivision thereof or other public body.
“Project” means the various repairs, replacements, improvements, renovations, expansions and
additions to the City’s Parks System to be financed with proceeds of the Bonds.
“Project Fund” means the fund by that name created by Section 501 hereof.
“Purchase Price” means the purchase price of the Bonds authorized pursuant to Section 210
hereof and specified in the Certificate of Final Terms, the form of which is attached to this Ordinance as
Exhibit C.
“Purchaser” means the purchaser of the Bonds specified in the Certificate of Final Terms, the
form of which is attached to this Ordinance as Exhibit C.
“Rebate Fund” means the fund by that name referred to in Section 501 hereof.
“Record Date” for the interest payable on any Interest Payment Date means the 15th day
(whether or not a Business Day) of the calendar month next preceding such Interest Payment Date.
“Redemption Date” when used with respect to any Bond to be redeemed means the date fixed
for the redemption of such Bond pursuant to the terms of this Ordinance.
“Redemption Price” when used with respect to any Bond to be redeemed means the price at
which such Bond is to be redeemed pursuant to the terms of this Ordinance, including the applicable
redemption premium, if any, but excluding installments of interest whose Stated Maturity is on or before
the Redemption Date.
-5-
“Replacement Bonds” means Bonds issued to the beneficial owners of the Bonds in accordance
with Section 211(b) hereof.
“Securities Depository” means, initially, The Depository Trust Company, New York, New York,
and its successors and assigns.
“Special Obligation Debt Service Fund” means the fund by that name referred to in
Section 501 hereof.
“Special Record Date” means the date fixed by the Paying Agent pursuant to Section 204 hereof
for the payment of Defaulted Interest.
“Stated Maturity” when used with respect to any Bond or any installment of interest thereon
means the date specified in such Bond and this Ordinance as the fixed date on which the principal of such
Bond or such installment of interest is due and payable.
“United States Government Obligations” means bonds, notes, certificates of indebtedness,
treasury bills or other securities constituting direct obligations of, or obligations the principal of and
interest on which are fully and unconditionally guaranteed as to full and timely payment by, the United
States of America, including evidences of a direct ownership interest in future interest or principal
payments on obligations issued or guaranteed by the United States of America (including the interest
component of obligations of the Resolution Funding Corporation).
ARTICLE II
AUTHORIZATION OF THE BONDS
Section 201. Authorization of Bonds. There is hereby authorized and directed to be issued,
subject to the limitations set forth in Section 202 hereof, a series of bonds of the City, designated “Special
Obligation Improvement Bonds (Parks System Project), Series 2019,” in the Original Principal Amount
specified in the Certificate of Final Terms (the “Bonds”), for the purpose of providing funds to (a) pay the
costs of the Project and (b) pay certain costs related to the issuance of the Bonds.
Section 202. Description of Bonds.
(a) The Bonds shall consist of fully registered bonds without coupons, numbered from 1
upward, in denominations of $5,000 or any integral multiple thereof. The Bonds, as originally issued or
issued upon transfer, exchange or substitution, shall be substantially in the form set forth in Exhibit A
attached hereto and shall be subject to registration, transfer and exchange as provided in Section 205
hereof. The Bonds shall become due in the amounts on the Stated Maturities of September 1 in the years,
shall bear interest at the rates per annum, and shall be issued with such terms and provisions specified in
the Certificate of Final Terms, subject to the following terms and conditions:
(1) The Original Principal Amount of the Bonds shall not exceed $7,500,000.
(2) The true interest cost on the Bonds, as described in Section 108.170(7), RSMo,
shall not exceed [_______]%.
-6-
(3) The weighted average maturity of the Bonds will not be less than [_____] years
or more than [_____] years.
(4) The underwriting discount specified in the Purchase Price for the Bonds shall not
exceed [_____________]% of the principal amount of the Bonds.
(5) The final stated maturity date shall be not later than September 1, [2029].
(6) The Bonds will be subject to redemption at the option of the City prior to the
Stated Maturities of the Bonds on a date that is not later than September 1,
[20__], at a Redemption Price not to exceed 100%.
(b) The Certificate of Final Terms, in the form attached hereto as Exhibit C, shall be
completed and shall be executed by the Mayor, and the signature of the Mayor on said Certificate of Final
Terms, attested by the City Clerk, shall constitute conclusive evidence of the approval of both the Mayor
and the City Council.
(c) The Bonds shall bear interest at the rates specified in the Certificate of Final Terms
(computed on the basis of a 360-day year of twelve 30-day months) from the Dated Date of the Bonds or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable
semiannually on March 1 and September 1, beginning on the date specified in the Certificate of Final
Terms.
Section 203. Designation of Paying Agent.
(a) UMB Bank, N.A., St. Louis, Missouri, is hereby designated as the City’s Paying Agent
for the payment of principal of and interest on the Bonds and as bond registrar with respect to the
registration, transfer and exchange of Bonds (herein called the “Paying Agent”). The City is hereby
authorized to enter into the Paying Agent Agreement between the City and the Paying Agent, in
substantially the form attached to this Ordinance as Exhibit F, and the Mayor, the City Administrator, the
Director of Finance or the City Clerk of the City are hereby authorized and directed to execute the Paying
Agent Agreement with such changes therein as such officials may deem appropriate, for and on behalf of
and as the act and deed of the City.
(b) The City will at all times maintain a Paying Agent meeting the qualifications herein
described for the performance of the duties hereunder. The City reserves the right to appoint a successor
Paying Agent by (1) filing with the Paying Agent then performing such function a certified copy of the
proceedings giving notice of the termination of such Paying Agent and appointing a successor, and
(2) causing notice of the appointment of the successor Paying Agent to be given by first class mail to each
Bondowner. The Paying Agent may resign upon giving written notice by first class mail to the City and
the Bondowners not less than 60 days prior to the date such resignation is to take effect. No resignation
or removal of the Paying Agent shall become effective until a successor has been appointed and has
accepted the duties of the Paying Agent.
(c) Every Paying Agent appointed hereunder shall at all times be a commercial banking
association or corporation or trust company organized and in good standing and doing business under the
laws of the United States of America or of the State of Missouri and subject to supervision or examination
by federal or state regulatory authority.
(d) The Paying Agent shall be paid its fees and expenses for its services in connection
herewith, which fees and expenses shall be paid as other expenses are paid.
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Section 204. Method and Place of Payment of Bonds.
(a) The principal or Redemption Price of and interest on the Bonds shall be payable in any
coin or currency of the United States of America that, on the respective dates of payment thereof, is legal
tender for the payment of public and private debts.
(b) The principal or Redemption Price of each Bond shall be paid at Maturity by check or
draft to the Person in whose name such Bond is registered on the Bond Register at the Maturity thereof,
upon presentation and surrender of such Bond at the principal corporate trust office of the Paying Agent.
(c) The interest payable on each Bond on any Interest Payment Date shall be paid to the
Registered Owner of such Bond as shown on the Bond Register at the close of business on the Record
Date for such interest by check or draft mailed by the Paying Agent to such Registered Owner at the
address shown on the Bond Register or, in the case of an interest payment to the Securities Depository or
any Registered Owner, by electronic transfer to such Registered Owner upon written notice signed by
such Registered Owner and given to the Paying Agent not less than 15 days prior to the Record Date for
such interest, containing the electronic transfer instructions including the bank (which shall be in the
continental United States), address, ABA routing number and account number to which such Registered
Owner wishes to have such transfer directed, and an acknowledgment that an electronic transfer fee may
be applicable.
(d) Notwithstanding the foregoing provisions of this Section, any Defaulted Interest with
respect to any Bond shall cease to be payable to the Registered Owner of such Bond on the relevant
Record Date and shall be payable to the Registered Owner in whose name such Bond is registered at the
close of business on the Special Record Date for the payment of such Defaulted Interest, which Special
Record Date shall be fixed as hereinafter specified in this paragraph. The City shall notify the Paying
Agent in writing of the amount of Defaulted Interest proposed to be paid on each Bond and the date of the
proposed payment (which date shall be at least 30 days after receipt of such notice by the Paying Agent)
and shall deposit with the Paying Agent at the time of such notice an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Paying Agent for such deposit prior to the date of the proposed payment. Following
receipt of such funds the Paying Agent shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment.
The Paying Agent shall promptly notify the City of such Special Record Date and, in the name and at the
expense of the City, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, by first class mail, postage prepaid, to each Registered Owner of a
Bond entitled to such notice at the address of such Registered Owner as it appears on the Bond Register
not less than 10 days prior to such Special Record Date.
(e) The Paying Agent shall keep a record of payment of principal and Redemption Price of
and interest on all Bonds and shall upon the written request of the City at least annually forward a copy or
summary of such records to the City.
Section 205. Registration, Transfer and Exchange of Bonds.
(a) The City covenants that, as long as any of the Bonds remain Outstanding, it will cause the
Bond Register to be kept at the office of the Paying Agent for the registration, transfer and exchange of
Bonds as herein provided. Each Bond when issued shall be registered in the name of the owner thereof
on the Bond Register.
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(b) Bonds may be transferred and exchanged only on the Bond Register as provided in this
Section. Upon surrender of any Bond at the principal payment office of the Paying Agent, the Paying
Agent shall transfer or exchange such Bond for a new Bond or Bonds in any authorized denomination of
the same Stated Maturity and in the same aggregate principal amount as the Bond that was presented for
transfer or exchange. Bonds presented for transfer or exchange shall be accompanied by a written
instrument or instruments of transfer or authorization for exchange, in a form and with guarantee of
signature satisfactory to the Paying Agent, duly executed by the Registered Owner thereof or by the
Registered Owner’s duly authorized agent.
(c) In all cases in which the privilege of transferring or exchanging Bonds is exercised, the
Paying Agent shall authenticate and deliver Bonds in accordance with the provisions of this Ordinance.
The City shall pay the fees and expenses of the Paying Agent for the registration, transfer and exchange
of Bonds provided for by this Ordinance and the cost of printing a reasonable supply of registered bond
blanks. Any additional costs or fees that might be incurred in the secondary market, other than fees of the
Paying Agent, are the responsibility of the Registered Owners of the Bonds. In the event any Registered
Owner fails to provide a correct taxpayer identification number to the Paying Agent, the Paying Agent
may make a charge against such Registered Owner sufficient to pay any governmental charge required to
be paid as a result of such failure. In compliance with Section 3406 of the Code, such amount may be
deducted by the Paying Agent from amounts otherwise payable to such Registered Owner hereunder or
under the Bonds.
(d) The City and the Paying Agent shall not be required (1) to register the transfer or
exchange of any Bond after notice calling such Bond or portion thereof for redemption has been given or
during the period of fifteen days next preceding the first mailing of such notice of redemption; or (2) to
register the transfer or exchange of any Bond during a period beginning at the opening of business on the
day after receiving written notice from the City of its intent to pay Defaulted Interest and ending at the
close of business on the date fixed for the payment of Defaulted Interest pursuant to Section 204 hereof.
(e) The City and the Paying Agent may deem and treat the Person in whose name any Bond
is registered in the Bond Register as the absolute owner of such Bond, whether such Bond is overdue or
not, for the purpose of receiving payment of, or on account of, the principal or Redemption Price of and
interest on said Bond and for all other purposes. All payments so made to any such Registered Owner or
upon the Registered Owner’s order shall be valid and effectual to satisfy and discharge the liability upon
such Bond to the extent of the sum or sums so paid, and neither the City nor the Paying Agent shall be
affected by any notice to the contrary.
(f) At reasonable times and under reasonable regulations established by the Paying Agent,
the Bond Register may be inspected and copied by the Registered Owners of 10% or more in principal
amount of the Bonds then Outstanding or any designated representative of such Registered Owners whose
authority is evidenced to the satisfaction of the Paying Agent.
Section 206. Execution, Authentication and Delivery of Bonds.
(a) The Bonds, including any Bonds issued in exchange or as substitution for the Bonds
initially delivered, shall be signed by the manual or facsimile signature of the Mayor, attested by the
manual or facsimile signature of the City Clerk, and shall have the official seal of the City affixed thereto
or imprinted thereon. In case any officer whose signature appears on any Bond ceases to be such officer
before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all
purposes, as if such person had remained in office until delivery. Any Bond may be signed by such
persons who at the actual time of the execution of such Bond shall be the proper officers to sign such
Bond although at the date of such Bond such persons may not have been such officers.
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(b) The Mayor and City Clerk are hereby authorized and directed to prepare and execute the
Bonds as herein specified, and when duly executed, to deliver the Bonds to the Paying Agent for
authentication.
(c) The Bonds shall have endorsed thereon a certificate of authentication substantially in the
form set forth in Exhibit A attached hereto, which shall be manually executed by an authorized signatory
of the Paying Agent, but it shall not be necessary that the same signatory sign the certificate of
authentication on all of the Bonds that may be issued hereunder at any one time. No Bond shall be
entitled to any security or benefit under this Ordinance or be valid or obligatory for any purpose unless
and until such certificate of authentication has been duly executed by the Paying Agent. Such executed
certificate of authentication upon any Bond shall be conclusive evidence that such Bond has been duly
authenticated and delivered under this Ordinance. Upon authentication, the Paying Agent shall deliver
the Bonds to or upon the order of the Purchaser of the Bonds upon payment of the Purchase Price to the
City.
Section 207. Mutilated, Destroyed, Lost and Stolen Bonds.
(a) If (1) any mutilated Bond is surrendered to the Paying Agent or the Paying Agent
receives evidence to its satisfaction of the destruction, loss or theft of any Bond, and (2) there is delivered
to the City and the Paying Agent such security or indemnity as may be required by the Paying Agent,
then, in the absence of notice to the City and the Paying Agent that such Bond has been acquired by a
bona fide purchaser, the City shall execute and the Paying Agent shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Bond, a new Bond of the same
Stated Maturity and of like tenor and principal amount.
(b) If any such mutilated, destroyed, lost or stolen Bond has become or is about to become
due and payable, the Paying Agent, in its discretion may pay such Bond instead of delivering a new Bond.
(c) Upon the issuance of any new Bond under this Section, the City or the Paying Agent may
require the payment by the Registered Owner of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Paying Agent) connected therewith.
(d) Every new Bond issued pursuant to this Section shall constitute a replacement of the prior
obligation of the City, and shall be entitled to all the benefits of this Ordinance equally and ratably with
all other Outstanding Bonds.
Section 208. Cancellation and Destruction of Bonds Upon Payment. All Bonds that have
been paid or redeemed or that otherwise have been surrendered to the Paying Agent, either at or before
Maturity, shall be cancelled by the Paying Agent immediately upon the payment, redemption and
surrender thereof to the Paying Agent and subsequently destroyed in accordance with the customary
practices of the Paying Agent. The Paying Agent shall execute a certificate in duplicate describing the
Bonds so cancelled and shall file an executed counterpart of such certificate with the City.
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Section 209. Preliminary and Final Official Statement.
(a) The Preliminary Official Statement, in the form attached hereto as Exhibit E (the
“Preliminary Official Statement”), is hereby ratified and approved, and the final Official Statement is
hereby authorized and approved by supplementing, amending and completing the Preliminary Official
Statement, with such changes and additions thereto as are necessary to conform to and describe the
transaction. The Mayor is hereby authorized to execute the final Official Statement as so supplemented,
amended and completed, and the use and public distribution of the Official Statement by the Purchaser in
connection with the reoffering of the Bonds is hereby authorized. The proper officials of the City are
hereby authorized to execute and deliver a certificate pertaining to such Official Statement as prescribed
therein, dated as of the date of payment for and delivery of the Bonds.
(b) For the purpose of enabling the Purchaser to comply with the requirements of Rule 15c2-
12(b)(1) of the Securities and Exchange Commission, the City hereby deems the information regarding
the City contained in the Preliminary Official Statement to be “final” as of its date, except for the
omission of such information as is permitted by Rule 15c2-12(b)(1), and the appropriate officers of the
City are hereby authorized, if requested, to provide the Purchaser a letter or certification to such effect
and to take such other actions or execute such other documents as such officers in their reasonable
judgment deem necessary to enable the Purchaser to comply with the requirement of such Rule
15c2-12(b)(1).
(c) The City agrees to provide to the Purchaser within seven business days of the date of the
sale of the Bonds sufficient copies of the final Official Statement to enable the Purchaser to comply with
the requirements of Rule 15c2-12(b)(4) of the Securities and Exchange Commission and with the
requirements of Rule G-32 of the Municipal Securities Rulemaking Board.
Section 210. Notice of Bond Sale.
(a) The Notice of Bond Sale, in the form attached hereto as Exhibit D, is hereby ratified and
approved (the “Notice of Bond Sale”). Pursuant to the terms of the Notice of Bond Sale, the Bonds shall
be sold at public sale to the bidder whose bid is in compliance with the Notice of Bond Sale and the
limitations set forth in Section 202 of this Ordinance, is not otherwise rejected by the City in accordance
with the provisions of the Notice of Bond Sale, and will result in the lowest “true interest cost,”
determined as follows: the true interest cost is the discount rate (expressed as a per-annum percentage
rate) which, when used in computing the present value of all payments of principal and interest to be paid
on the Bonds, from the scheduled payment dates back to the dated date of the Bonds, produces an amount
equal to the price bid, including net premium or original issue discount, if any.
(b) Subject to the limitations set forth in Section 202 hereof, the Bonds shall be sold to the
Purchaser at the Purchase Price set forth in the winning bid, as such Purchase Price may be adjusted in
connection with issue sizing adjustments made in accordance with the terms of the Notice of Bond Sale.
The Mayor, the City Administrator, the Director of Finance or the City Clerk is authorized to execute the
Purchaser’s winning bid form for and on behalf of and as the act and deed of the City, such officer’s
signature thereon being conclusive evidence of such official’s and the City’s approval thereof.
Simultaneously therewith, as provided in Section 202 hereof, the Certificate of Final Terms, in the form
attached hereto as Exhibit C, shall be completed and shall be executed by the Mayor, and the signature of
the Mayor on said Certificate of Final Terms, attested by the City Clerk, shall constitute conclusive
evidence of the approval of both the Mayor and the City Council. Delivery of the Bonds shall be made to
the Purchaser as soon as practicable after the passage of this Ordinance and the acceptance of the
Purchaser’s bid, upon payment of the Purchase Price in accordance with the terms of the Notice of Bond
Sale and this Ordinance.
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Section 211. Book-Entry Bonds; Securities Depository.
(a) The Bonds shall initially be registered to Cede & Co., the nominee for the Securities
Depository, and no beneficial owner will receive certificates representing their respective interests in the
Bonds, except in the event the Paying Agent issues Replacement Bonds as provided in subsection
(b) hereof. It is anticipated that during the term of the Bonds, the Securities Depository will make book-
entry transfers among its Participants and receive and transmit payment of principal of, premium, if any,
and interest on, the Bonds to the Participants until and unless the Paying Agent authenticates and delivers
Replacement Bonds to the beneficial owners as described in subsection (b).
(b) (1) If the City determines (A) that the Securities Depository is unable to properly
discharge its responsibilities, or (B) that the Securities Depository is no longer qualified to act as a
securities depository and registered clearing agency under the Securities and Exchange Act of 1934, as
amended, or (C) that the continuation of a book-entry system to the exclusion of any Bonds being issued
to any Owner other than Cede & Co. is no longer in the best interests of the beneficial owners of the
Bonds, or (2) if the Paying Agent receives written notice from Participants having interests in not less
than 50% of the Bonds Outstanding, as shown on the records of the Securities Depository (and certified to
such effect by the Securities Depository), that the continuation of a book-entry system to the exclusion of
any Bonds being issued to any Owner other than Cede & Co. is no longer in the best interests of the
beneficial owners of the Bonds, then the Paying Agent shall notify the Owners of such determination or
such notice and of the availability of certificates to Owners requesting the same, and the Paying Agent
shall register in the name of and authenticate and deliver Replacement Bonds to the beneficial owners or
their nominees in principal amounts representing the interest of each, making such adjustments as it may
find necessary or appropriate as to accrued interest and previous calls for redemption; provided, that in
the case of a determination under (1)(A) or (1)(B) of this subsection (b), the City, with the consent of the
Paying Agent, may select a successor securities depository in accordance with Section 211 (c) hereof to
effect book-entry transfers. In such event, all references to the Securities Depository herein shall relate to
the period of time when at least one Bond is registered in the name of the Securities Depository or its
nominee. Upon the issuance of Replacement Bonds, all references herein to obligations imposed upon or
to be performed by the Securities Depository shall be deemed to be imposed upon and performed by the
Paying Agent, to the extent applicable with respect to such Replacement Bonds. If the Securities
Depository resigns and the City, the Paying Agent or Owners are unable to locate a qualified successor of
the Securities Depository in accordance with Section 211(c) hereof, then the Paying Agent shall
authenticate and cause delivery of Replacement Bonds to Owners, as provided herein. The Paying Agent
may rely on information from the Securities Depository and its Participants as to the names and addresses
of and principal amounts held by the beneficial owners of the Bonds. The cost of printing, registration,
authentication and delivery of Replacement Bonds shall be paid for by the City.
(c) In the event the Securities Depository resigns, is unable to properly discharge its
responsibilities, or is no longer qualified to act as a securities depository and registered clearing agency
under the Securities and Exchange Act of 1934, as amended, the City may appoint a successor Securities
Depository provided the Paying Agent and the City receive written evidence with respect to the ability of
the successor Securities Depository to discharge its responsibilities. Any such successor Securities
Depository shall be a securities depository which is a registered clearing agency under the Securities and
Exchange Act of 1934, as amended, or other applicable statute or regulation that operates a securities
depository upon reasonable and customary terms. The Paying Agent upon its receipt of a Bond or Bonds
for cancellation shall cause the delivery of Bonds to the successor Securities Depository in appropriate
denominations and form as provided herein.
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ARTICLE III
REDEMPTION OF BONDS
Section 301. Optional and Mandatory Redemption of Bonds.
(a) Optional Redemption. At the option of the City, certain Bonds specified in the Certificate
of Final Terms or portions thereof may be called for redemption and payment prior to their Stated
Maturity in whole or in part on the dates and at the Redemption Prices specified in the Certificate of Final
Terms.
(b) Mandatory Redemption of Bonds. The Bonds, if any, designated as “Term Bonds” in
the Certificate of Final Terms will be subject to mandatory redemption and payment prior to Stated
Maturity in part on the dates and in the principal amounts specified in the Certificate of Final Terms at a
Redemption Price equal to 100% of the principal amount thereof plus accrued interest to the Redemption
Date.
At its option, to be exercised on or before the 45th day next preceding any mandatory
Redemption Date, the City may: (1) deliver to the Paying Agent for cancellation Term Bonds subject to
mandatory redemption on said mandatory Redemption Date, in any aggregate principal amount desired;
or (2) furnish the Paying Agent funds, together with appropriate instructions, for the purpose of
purchasing any Term Bonds subject to mandatory redemption on said mandatory Redemption Date from
any Registered Owner thereof, whereupon the Paying Agent shall expend such funds for such purpose to
such extent as may be practical; or (3) receive a credit with respect to the mandatory redemption
obligation of the City under this Section for any Term Bonds subject to mandatory redemption on said
mandatory Redemption Date which, prior to such date, have been redeemed (other than through the
operation of the mandatory redemption requirements of this subsection (b)) and cancelled by the Paying
Agent and not theretofore applied as a credit against any redemption obligation under this subsection (b).
Each Term Bond so delivered or previously purchased or redeemed shall be credited at 100% of the
principal amount thereof on the obligation of the City to redeem Term Bonds of the same Stated Maturity
on such mandatory Redemption Date, and any excess of such amount shall be credited on future
mandatory redemption obligations for Term Bonds of the same Stated Maturity in chronological order,
and the principal amount of Term Bonds of the same Stated Maturity to be redeemed by operation of the
requirements of this Section shall be accordingly reduced. If the City intends to exercise any option
granted by the provisions of clauses (1), (2) or (3) above, the City will, on or before the 45th day next
preceding each mandatory Redemption Date, furnish the Paying Agent a written certificate indicating to
what extent the provisions of said clauses (1), (2) and (3) are to be complied with respect to such
mandatory redemption payment.
Section 302. Selection of Bonds to Be Redeemed.
(a) The Paying Agent shall call Bonds for redemption and payment and shall give notice of
such redemption as herein provided upon receipt by the Paying Agent at least 45 days prior to the
Redemption Date of written instructions from the City specifying the principal amount, Stated Maturities,
Redemption Date and Redemption Prices of the Bonds to be called for redemption. If any Bonds are
refunded more than 90 days in advance of such Redemption Date, any escrow agreement entered into by
the City in connection with such refunding shall provide that such written instructions to the Paying
Agent shall be given by the escrow agent on behalf of the City not less than 45 days prior to the
Redemption Date. The Paying Agent may in its discretion waive such notice period so long as the notice
requirements set forth in Section 303 are met. The foregoing provisions of this paragraph shall not apply
to the mandatory redemption of Term Bonds, if any, hereunder, and Term Bonds shall be called by the
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Paying Agent for redemption pursuant to such mandatory redemption requirements without the necessity
of any action by the City and whether or not the Paying Agent holds moneys available and sufficient to
effect the required redemption.
(b) Bonds shall be redeemed only in the principal amount of $5,000 or any integral multiple
thereof. When less than all of the Outstanding Bonds are to be redeemed, such Bonds shall be redeemed
from Stated Maturities selected by the City, and Bonds of less than a full Stated Maturity shall be selected
by the Paying Agent in $5,000 units of principal amount by lot or in such other equitable manner as the
Paying Agent may determine.
(c) In the case of a partial redemption of Bonds at the time Outstanding in denominations
greater than $5,000, then for all purposes in connection with such redemption each $5,000 of face value
shall be treated as though it were a separate Bond of the denomination of $5,000. If it is determined that
one or more, but not all, of the $5,000 units of face value represented by any Bond are selected for
redemption, then upon notice of intention to redeem such $5,000 unit or units, the Registered Owner of
such Bond or the Registered Owner’s duly authorized agent shall present and surrender such Bond to the
Paying Agent (1) for payment of the Redemption Price and interest to the Redemption Date of such
$5,000 unit or units of face value called for redemption, and (2) for exchange, without charge to the
Registered Owner thereof, for a new Bond or Bonds of the aggregate principal amount of the unredeemed
portion of the principal amount of such Bond. If the Registered Owner of any such Bond fails to present
such Bond to the Paying Agent for payment and exchange as aforesaid, such Bond shall, nevertheless,
become due and payable on the Redemption Date to the extent of the $5,000 unit or units of face value
called for redemption (and to that extent only).
Section 303. Notice and Effect of Call for Redemption.
(a) Unless waived by any Registered Owner of Bonds to be redeemed, official notice of any
redemption shall be given by the Paying Agent on behalf of the City by mailing a copy of an official
redemption notice by first class mail at least 20 days prior to the Redemption Date to the Purchaser of the
Bonds and each Registered Owner of the Bonds to be redeemed at the address shown on the Bond
Register.
(b) All official notices of redemption shall be dated and shall contain the following
information:
(1) the Redemption Date;
(2) the Redemption Price;
(3) if less than all Outstanding Bonds of a maturity are to be redeemed, the
identification number, Stated Maturity, and, in the case of partial redemption of any Bonds, the
respective principal amounts of the Bonds to be redeemed;
(4) a statement that on the Redemption Date the Redemption Price will become due
and payable upon each such Bond or portion thereof called for redemption and that interest
thereon shall cease to accrue from and after the Redemption Date;
(5) the place where such Bonds are to be surrendered for payment of the Redemption
Price, which shall be the principal corporate office of the Paying Agent; and
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(6) if applicable, that the proposed redemption is conditioned upon there being on
deposit with the Paying Agent on the Redemption Date sufficient money to pay the full
Redemption Price of the Bonds to be prepaid.
(c) With respect to optional redemptions, such notice may be conditioned upon moneys
being on deposit with the Paying Agent on or prior to the Redemption Date in an amount sufficient to pay
the Redemption Price on the Redemption Date. If such notice is conditional and either the Paying Agent
receives written notice from the City that moneys sufficient to pay the Redemption Price will not be on
deposit on the Redemption Date, or such moneys are not received on the Redemption Date, then such
notice shall be of no force and effect, the Paying Agent shall not redeem such Bonds and the Paying
Agent shall give notice, in the same manner in which the notice of redemption was given, that such
moneys were not or will not be so received and that such Bonds will not be redeemed.
(d) The failure of any Registered Owner to receive notice given as heretofore provided or
any defect therein shall not invalidate any redemption.
(e) Prior to any Redemption Date, the City shall deposit with the Paying Agent an amount of
money sufficient to pay the Redemption Price of all the Bonds or portions of Bonds that are to be
redeemed on that date.
(f) Official notice of redemption having been given as aforesaid, the Bonds or portions of
Bonds to be redeemed shall become due and payable on the Redemption Date at the Redemption Price
therein specified, and from and after the Redemption Date (unless the City defaults in the payment of the
Redemption Price) such Bonds or portion of Bonds shall cease to bear interest. Upon surrender of such
Bonds for redemption in accordance with such notice, the Redemption Price of such Bonds shall be paid
by the Paying Agent. Installments of interest due on or prior to the Redemption Date shall be payable as
herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there
shall be prepared for the Registered Owner a new Bond or Bonds of the same Stated Maturity in the
amount of the unpaid principal as provided herein. All Bonds that have been redeemed shall be cancelled
and destroyed by the Paying Agent as provided herein and shall not be reissued.
(g) The Paying Agent is also directed to comply with any mandatory standards established
by the Securities and Exchange Commission and then in effect for processing redemptions of municipal
securities. Failure to comply with such standards shall not affect or invalidate the redemption of any
Bond.
(h) For so long as the Securities Depository is effecting book-entry transfers of the Bonds,
the Paying Agent shall provide the notices specified in this Section to the Securities Depository. It is
expected that the Securities Depository shall, in turn, notify its Participants and that the Participants, in
turn, will notify or cause to be notified the beneficial owners. Any failure on the part of the Securities
Depository or a Participant, or failure on the part of a nominee of a beneficial owner of a Bond (having
been mailed notice from the Paying Agent, the Securities Depository, a Participant or otherwise) to notify
the beneficial owner of the Bond so affected, shall not affect the validity of the redemption of such Bond.
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ARTICLE IV
SECURITY FOR AND PAYMENT OF BONDS
Section 401. Security for the Bonds.
(a) The Bonds shall be special obligations of the City payable as to both principal and
interest solely from annual appropriations of legally available funds by the City Council for such purpose
to be deposited in the Special Obligation Debt Service Fund. The obligation of the City to make
payments into the Special Obligation Debt Service Fund and for any other obligations of the City under
this Ordinance do not constitute a general obligation or indebtedness of the City for which the City is
obligated to levy or pledge any form of taxation, or for which the City has levied or pledged any form of
taxation and shall not be construed to be a debt of the City in contravention of any applicable
constitutional, statutory or Charter limitation or requirement but in each Fiscal Year shall be payable
solely from the amounts pledged or appropriated therefor (1) out of the legally available income and
revenues of the City provided for such Fiscal Year, plus (2) any unencumbered balances for previous
Fiscal Years. Subject to the preceding sentence, the obligations of the City to make payments hereunder
and to perform and observe any other covenant and agreement contained herein shall be absolute and
unconditional.
(b) The covenants and agreements of the City contained herein and in the Bonds shall be for
the equal benefit, protection and security of the legal owners of any or all of the bonds, all of which
Bonds shall be of equal rank and without preference or priority of one Bond over any other Bond in the
application of the funds to the payment of the principal of and the interest on the Bonds, or otherwise,
except as to the rate of interest and Stated Maturity as provided in this Ordinance.
Section 402. Covenant to Request Appropriations. The City Council hereby directs that
from and after delivery of the Bonds and so long as any of the Bonds remain Outstanding, subject to
Section 401 hereof, the Mayor, the City Administrator, the Director of Finance or any other officer of the
City at any time charged with the responsibility of formulating budget proposals to include in each annual
budget an appropriation of the amount necessary (after taking into account any moneys legally available
for such purpose) to pay debt service on the Bonds and to make other payments required pursuant to this
Ordinance. The City is not required or obligated to make any such annual appropriation, and the decision
whether or not to appropriate such funds will be solely within the discretion of the then current City
Council.
ARTICLE V
ESTABLISHMENT OF FUNDS;
DEPOSIT AND APPLICATION OF BOND PROCEEDS
Section 501. Establishment of Funds. There are hereby created or ratified and ordered to be
established and maintained in the treasury of the City the following separate funds and accounts to be
known respectively as the:
(a) Special Obligation Improvement Bonds 2019 Project Fund (the “Project Fund”);
(b) Special Obligation Improvement Bonds 2019 Debt Service Fund (the “Special
Obligation Debt Service Fund”); and
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(c) Special Obligation Improvement Bonds 2019 Rebate Fund (the “Rebate Fund”).
Each fund shall be maintained as a separate and distinct fund and the moneys therein shall be
held, managed, invested, disbursed and administered as provided in this Ordinance. All moneys
deposited in the funds shall be used solely for the purposes set forth in this Ordinance. The City shall
keep and maintain adequate records pertaining to each fund and all disbursements therefrom.
Section 502. Deposit of Bond Proceeds. The Purchase Price received from the sale of the
Bonds specified in the Certificate of Final Terms shall be deposited simultaneously with the delivery of
the Bonds in the Project Fund and applied in accordance with Section 503 hereof.
Section 503. Application of Moneys in the Project Fund.
(a) Moneys in the Project Fund shall be used by the City solely for the purpose of (1) paying
the cost of the Project as hereinbefore provided, in accordance with the plans and specifications therefor
prepared by the City’s architects and engineers and on file in the office of the City Clerk, including any
alterations in or amendments to said plans and specifications deemed advisable by the City’s architects
and engineers and approved by the City Council, and (2) paying the costs and expenses of issuing the
Bonds, including, but not limited to, the fees of Bond Counsel, the City’s financial advisor, and other
attorneys, financial consultants, accountants, rating agencies, printers and others employed to render
professional services and other costs, fees and expenses incurred in connection with the issuance of the
Bonds.
(b) The City Administrator, the City Clerk, the Director of Finance or other authorized
official of the City shall make withdrawals from the Project Fund solely for the purpose of paying the
costs of the Project and costs of issuing the Bonds, as hereinbefore provided. Such withdrawals shall be
made only upon a duly authorized certificate executed by the City Administrator, the City Clerk, the
Director of Finance or other authorized City official that such payment is being made for a purpose within
the scope of this Ordinance and that the amount of such payment represents only the contract price of the
property, equipment, labor, materials or service being paid for or, if such payment is not being made
pursuant to an express contract, that such payment is not in excess of the reasonable value thereof.
(c) Upon completion of the Project as hereinbefore provided, any surplus money remaining
in the Project Fund and not required for the payment of unpaid costs thereof shall be deposited into the
Special Obligation Debt Service Fund for the Bonds and applied in accordance with Section 504 hereof.
Section 504. Application of Moneys in the Special Obligation Debt Service Fund.
(a) All amounts paid and credited to the Special Obligation Debt Service Fund shall be
expended and used by the City for the purpose of paying the principal or Redemption Price of and interest
on the Bonds as and when the same become due and the usual and customary fees and expenses of the
Paying Agent. The City Administrator, the Director of Finance, the City Clerk or such other appropriate
office of the City is authorized and directed to withdraw from the Special Obligation Debt Service Fund
sums sufficient to pay both principal or Redemption Price of and interest on the Bonds and the fees and
expenses of the Paying Agent as and when the same become due, and to forward such sums to the Paying
Agent in a manner which ensures that the Paying Agent will receive immediately available funds in such
amounts on or before the Business Day immediately preceding the dates when such principal, interest and
fees of the Paying Agent will become due. If, through the lapse of time or otherwise, the Registered Owners
of Bonds are no longer entitled to enforce payment of the Bonds or the interest thereon, the Paying Agent
shall return said funds to the City. All moneys deposited with the Paying Agent shall be deemed to be
deposited in accordance with and subject to all of the provisions contained in this Ordinance and shall be
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held in trust by the Paying Agent for the benefit of the Registered Owners of the Bonds entitled to payment
from such moneys.
(b) Any moneys or investments remaining in the Special Obligation Debt Service Fund after
the redemption and payment of all the Bonds shall be transferred and paid into the appropriate fund(s) of the
City as required by law.
Section 505. Application of Moneys in the Rebate Fund.
(a) There shall be deposited in the Rebate Fund such amounts as are required to be deposited
therein pursuant to the Federal Tax Certificate. All money in the Rebate Fund shall be held in trust, to the
extent required to satisfy the Rebate Amount (as defined in the Federal Tax Certificate), for payment to
the United States of America, and neither the City nor the Registered Owner of any Bond shall have any
rights in or claim to such money. All amounts deposited into or on deposit in the Rebate Fund shall be
governed by this Section 505 and the Federal Tax Certificate.
(b) The City shall periodically determine the rebatable arbitrage under Section 148(f) of the
Code in accordance with the Federal Tax Certificate, and the City shall make payments to the United
States Government at the times and in the amounts determined under the Federal Tax Certificate. Any
funds remaining in the Rebate Fund after redemption and payment of all of the Bonds and the interest
thereon and payment and satisfaction of any Rebate Amount, or provision made therefor, shall be released
to the City.
(c) Notwithstanding any other provision of this Ordinance, including in particular
Article VII hereof, the obligation to pay rebatable arbitrage to the United States and to comply with all
other requirements of this Section and the Federal Tax Certificate shall survive the defeasance or payment
in full of the Bonds.
Section 506. Deposits and Investment of Moneys.
(a) Moneys in each of the funds and accounts created by and referred to in this Ordinance
shall be deposited in a bank or banks or other legally permitted financial institutions located in the State
of Missouri that are members of the Federal Deposit Insurance Corporation. All such deposits shall be
continuously and adequately secured by the banks or financial institutions holding such deposits as
provided by the laws of the State of Missouri.
(b) Moneys held in any fund or account held in the custody of the City referred to in this
Ordinance may be invested in Permitted Investments; provided, however, that no such investment shall be
made for a period extending longer than the date when the moneys invested may be needed for the
purpose for which such fund or account was created. All earnings on any investments held in any fund or
account shall accrue to and become a part of such fund or account. In determining the amount held in any
fund or account under any of the provisions of this Ordinance, obligations shall be valued at the lower of
the cost or the market value thereof.
Section 507. Nonpresentment of Bonds. In the event any Bond shall not be presented for
payment when the principal thereof becomes due at Maturity, if funds sufficient to pay such Bond shall
have been made available to the Paying Agent all liability of the City to the Registered Owner thereof for
the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon
it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the
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benefit of the Registered Owner of such Bond, who shall thereafter be restricted exclusively to such funds
for any claim of whatever nature on his part under this Ordinance or on, or with respect to, said Bond. If
any Bond is not presented for payment within one year following the date when such Bond becomes due
at Maturity, the Paying Agent shall repay to the City without liability for interest thereon the funds
theretofore held by it for payment of such Bond, and such Bond shall, subject to the defense of any
applicable statute of limitation, thereafter be an unsecured obligation of the City, and the Registered
Owner thereof shall be entitled to look only to the City for payment, and then only to the extent of the
amount so repaid to it by the Paying Agent, and the City shall not be liable for any interest thereon and
shall not be regarded as a trustee of such money.
Section 508. Payments Due on Saturdays, Sundays and Holidays. In any case where a
Bond Payment Date is not a Business Day, then payment of principal, Redemption Price or interest need
not be made on such Bond Payment Date but may be made on the next succeeding Business Day with the
same force and effect as if made on such Bond Payment Date, and no interest shall accrue for the period
after such Bond Payment Date.
ARTICLE VI
DEFAULT AND REMEDIES
Section 601. Default and Remedies.
(a) The City covenants and agrees that if it defaults in the payment of the principal of or
interest on any of the Bonds as the same become due on any Bond Payment Date, or if the City or the
City Council of the City or any of the officers, agents or employees of the City fail or refuse to comply
with any of the provisions of this Ordinance or of the Constitution or Statutes of the State of Missouri,
and such default continues for a period of 60 days after written notice specifying such default has been
given to the City by any Registered Owner of any Bond then Outstanding, or if the City declares
bankruptcy, then, at any time thereafter and while such default continues, the Registered Owners of 25%
in principal amount of the Bonds then Outstanding may, by written notice to the City filed in the office of
the City Clerk or delivered in person to said City Clerk, exercise any of the remedies specified below.
This provision, however, is subject to the condition that if all arrears of interest upon all of said Bonds,
except interest accrued but not yet due on such Bonds, and all arrears of principal upon all of said Bonds
has been paid in full and all other defaults, if any, by the City under the provisions of this Ordinance and
under the provisions of the statutes of the State of Missouri have been cured, then and in every such case
the Registered Owners of a majority in principal amount of the Bonds then Outstanding, by written notice
to the City given as hereinbefore specified, may rescind and annul such declaration and its consequences,
but no such rescission or annulment shall extend to or affect any subsequent default or impair any rights
consequent thereon.
(b) The provisions of this Ordinance, including the covenants and agreements herein
contained, shall constitute a contract among the City and the Registered Owners of the Bonds, and the
Registered Owner or Owners of not less than 10% in principal amount of the Bonds at the time
Outstanding shall have the right for the equal benefit and protection of all Registered Owners of Bonds
similarly situated:
(1) by mandamus or other suit, action or proceedings at law or in equity to enforce
the rights of such Registered Owner or Owners against the City and its officers, agents and
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employees, and to require and compel duties and obligations required by the provisions of this
Ordinance or by the constitution and laws of the State of Missouri;
(2) by suit, action or other proceedings in equity or at law to require the City, its
officers, agents and employees to account as if they were the trustees of an express trust; and
(3) by suit, action or other proceedings in equity or at law to enjoin any acts or things
which may be unlawful or in violation of the rights of the Registered Owners of the Bonds.
Section 602. Limitation on Rights of Bondowners. The covenants and agreements of the
City contained herein and in the Bonds shall be for the equal benefit, protection and security of the legal
owners of any or all of the Bonds. All of the Bonds shall be of equal rank and without preference or
priority of one Bond over any other Bond in the application of the funds herein pledged to the payment of
the principal of and the interest on the Bonds, or otherwise, except as to rate of interest, or date of
Maturity or right of prior redemption as provided in this Ordinance. No one or more Bondowners secured
hereby shall have any right in any manner whatever by his or their action to affect, disturb or prejudice
the security granted and provided for herein, or to enforce any right hereunder, except in the manner
herein provided, and all proceedings at law or in equity shall be instituted, had and maintained for the
equal benefit of all Registered Owners of such Outstanding Bonds.
Section 603. Remedies Cumulative. No remedy conferred herein upon the Bondowners is
intended to be exclusive of any other remedy, but each such remedy shall be cumulative and in addition to
every other remedy and may be exercised without exhausting and without regard to any other remedy
conferred herein. No waiver of any default or breach of duty or contract by the Registered Owner of any
Bond shall extend to or affect any subsequent default or breach of duty or contract or shall impair any
rights or remedies consequent thereon. No delay or omission of any Bondowner to exercise any right or
power accruing upon any default shall impair any such right or power or shall be construed to be a waiver
of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the
Registered Owners of the Bonds by this Ordinance may be enforced and exercised from time to time and
as often as may be deemed expedient. If any suit, action or proceedings taken by any Bondowner on
account of any default or to enforce any right or exercise any remedy has been discontinued or abandoned
for any reason, or has been determined adversely to such Bondowner, then, and in every such case, the
City and the Registered Owners of the Bonds shall be restored to their former positions and rights
hereunder, respectively, and all rights, remedies, powers and duties of the Bondowners shall continue as if
no such suit, action or other proceedings had been brought or taken.
Section 604. No Acceleration. Notwithstanding anything herein to the contrary, the Bonds
are not subject to acceleration upon the occurrence of an event of default hereunder.
Section 605. No Obligation to Levy Taxes. Nothing contained in this Ordinance shall be
construed as imposing on the City any duty or obligation to levy any taxes either to meet any obligation
incurred herein or to pay the principal of or interest on the Bonds.
Section 606. Exception for Continuing Disclosure. This Article VI shall not apply to
Section 802 of this Ordinance regarding continuing disclosure requirements of the City set forth in the
Continuing Disclosure Undertaking, and Bondowners or Beneficial Owners of Bonds (as defined in the
Continuing Disclosure Undertaking) shall have no remedies for enforcement of said Section 802 other
than the remedies provided in said Section 802 and the Continuing Disclosure Undertaking..
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ARTICLE VII
DEFEASANCE
Section 701. Defeasance.
(a) When any or all of the Bonds or the interest payments thereon shall have been paid and
discharged, then the requirements contained in this Ordinance and all other rights granted hereby shall
terminate with respect to the Bonds or interest payments so paid and discharged. Bonds or the interest
payments thereon shall be deemed to have been paid and discharged within the meaning of this Ordinance
if there has been deposited with the Paying Agent or other commercial bank or trust company having full
trust powers under the laws of the State of Missouri, at or prior to the Stated Maturity or Redemption
Date of said Bonds or the interest payments thereon, in trust for and irrevocably appropriated thereto,
moneys and/or Defeasance Obligations which, together with the interest to be earned thereon, will be
sufficient for the payment of the principal or Redemption Price of said Bonds, and/or interest to accrue on
such Bonds to the Stated Maturity or Redemption Date, as the case may be, or if default in such payment
shall have occurred on such date, then to the date of the tender of such payments; provided, however, that
if any such Bonds shall be redeemed prior to the Stated Maturity thereof, (1) the City shall have elected to
redeem such Bonds, and (2) either notice of such redemption shall have been given, or the City shall have
given irrevocable instructions, or shall have provided for an escrow agent to give irrevocable instructions,
to the Paying Agent to redeem such Bonds in compliance with Section 303 of this Ordinance.
(b) Any moneys and Defeasance Obligations that at any time shall be deposited with the
Paying Agent or other commercial bank or trust company by or on behalf of the City, for the purpose of
paying and discharging any of the Bonds or the interest payments thereon, shall be and are hereby
assigned, transferred and set over to the Paying Agent or other bank or trust company in trust for the
respective Registered Owners of such Bonds, and such moneys shall be and are hereby irrevocably
appropriated to the payment and discharge thereof. All moneys and Defeasance Obligations deposited
with the Paying Agent or other bank or trust company shall be deemed to be deposited in accordance with
and subject to all of the provisions contained in this Ordinance.
ARTICLE VIII
MISCELLANEOUS PROVISIONS
Section 801. Tax Covenants.
(a) The City covenants and agrees that (1) it will comply with all applicable provisions of the
Code necessary to maintain the exclusion from federal gross income of the interest on the Bonds and (2)
comply with all provisions and requirements of the Federal Tax Certificate. The Mayor is hereby
authorized to execute the Federal Tax Certificate in a form approved by Bond Counsel, for and on behalf
of and as the act and deed of the City. The City will also pass such other ordinances or resolutions and
take such other actions as may be necessary to comply with the Code and with all other applicable future
laws, regulations, published rulings and judicial decisions in order to ensure that the interest on the Bonds
will remain excluded from federal gross income, to the extent any such actions can be taken by the City.
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(b) The covenants contained in this Section and in the Federal Tax Certificate shall remain in
full force and effect notwithstanding the defeasance of the Bonds pursuant to Article VII of this
Ordinance or any other provision of this Ordinance until the final Maturity of all Bonds Outstanding.
Section 802. Continuing Disclosure. The City is authorized to enter into the Continuing
Disclosure Undertaking in substantially the form attached hereto as Exhibit B. The Mayor, the City
Administrator or the Director of Finance is authorized to execute the Continuing Disclosure Undertaking,
and the City Clerk is authorized to attest the Continuing Disclosure Undertaking, with such changes,
omissions, insertions and revisions therein, as such official executing the Continuing Disclosure
Undertaking deems advisable. The execution of the Continuing Disclosure Undertaking by the Mayor,
the City Administrator or the Director of Finance, as attested by the City Clerk, shall be conclusive
evidence of such approval. The Continuing Disclosure Undertaking is subject to amendment and
modification only as provided therein. Notwithstanding any other provision of this Ordinance, failure of the
City to comply with the Continuing Disclosure Undertaking shall not be considered a default under this
Ordinance. Remedies for a default under the Continuing Disclosure Undertaking shall be limited to those
set forth in the Continuing Disclosure Undertaking.
Section 803. Amendments.
(a) The Continuing Disclosure Undertaking is exempt from the provisions of this Section 803 and
is subject to amendment and modification only as provided therein. The rights and duties of the City and
the Bondowners, and the terms and provisions of the Bonds or of this Ordinance, may be amended or
modified at any time in any respect by ordinance of the City with the written consent of the Registered
Owners of not less than a majority in principal amount of the Bonds then Outstanding, such consent to be
evidenced by an instrument or instruments executed by such Registered Owners and duly acknowledged
or proved in the manner of a deed to be recorded, and such instrument or instruments shall be filed with
the City Clerk, but no such modification or alteration shall:
(1) extend the maturity of any payment of principal or interest due upon any Bond;
(2) effect a reduction in the amount which the City is required to pay as principal of
or interest on any Bond;
(3) permit preference or priority of any Bond over any other Bond; or
(4) reduce the percentage in principal amount of Bonds required for the written
consent to any modification or alteration of the provisions of this Ordinance.
(b) Any provision of the Bonds or of this Ordinance may, however, be amended or modified
by ordinance duly adopted by the City Council at any time in any legal respect with the written consent of
the Registered Owners of all of the Bonds at the time Outstanding.
(c) Without notice to or the consent of any Bondowners, the City may amend or supplement
this Ordinance for the purpose of curing any formal defect, omission, inconsistency or ambiguity therein,
or in connection with any other change therein which is not materially adverse to the security of the
Bondowners.
(d) Every amendment or modification of the provisions of the Bonds or of this Ordinance to
which the written consent of the Bondowners is given, as above provided, shall be expressed in an
ordinance passed by the governing body of the City amending or supplementing the provisions of this
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Ordinance and shall be deemed to be a part of this Ordinance. Any and all modifications made in the
manner hereinabove provided shall not become effective until there has been filed with the City Clerk a
copy of this Ordinance of the City herein provided for, duly certified, as well as proof of any required
consent to such modification by the Registered Owners of the Bonds then Outstanding. It shall not be
necessary to note on any of the Outstanding Bonds any reference to such amendment or modification. A
certified copy of every such amendatory or supplemental proceedings and a certified copy of this
Ordinance shall be made available for inspection by the Registered Owner of any Bond or a prospective
purchaser or owner of any Bond authorized by this Ordinance, and upon payment of the reasonable cost
of preparing the same, a certified copy of any such amendatory or supplemental proceedings or of this
Ordinance will be sent by the City Clerk to any such Bondowner or prospective Bondowner.
(e) The City shall furnish to the Paying Agent a copy of any amendment to the Bonds or this
Ordinance made hereunder which affects the duties or obligations of the Paying Agent under this
Ordinance.
Section 804. Notices, Consents and Other Instruments by Bondowners.
(a) Any notice, consent, request, direction, approval or other instrument to be signed and
executed by the Bondowners may be in any number of concurrent writings of similar tenor and may be
signed or executed by such Bondowners in person or by agent appointed in writing. Proof of the
execution of any such instrument or of the writing appointing any such agent and of the ownership of
Bonds, other than the assignment of the ownership of a Bond, if made in the following manner, shall be
sufficient for any of the purposes of this Ordinance, and shall be conclusive in favor of the City and the
Paying Agent with regard to any action taken, suffered or omitted under any such instrument, namely:
(1) The fact and date of the execution by any person of any such instrument may be
proved by a certificate of any officer in any jurisdiction who by law has power to take
acknowledgments within such jurisdiction that the person signing such instrument acknowledged
before such officer the execution thereof, or by affidavit of any witness to such execution.
(2) The fact of ownership of Bonds, the amount or amounts, numbers and other
identification of Bonds, and the date of holding the same shall be proved by the Bond Register.
(b) In determining whether the Registered Owners of the requisite principal amount of Bonds
Outstanding have given any request, demand, authorization, direction, notice, consent or waiver under
this Ordinance, Bonds owned by the City shall be disregarded and deemed not to be Outstanding under
this Ordinance, except that, in determining whether the Bondowners shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver, only Bonds which the
Bondowners know to be so owned shall be so disregarded. Notwithstanding the foregoing, Bonds so
owned which have been pledged in good faith shall not be disregarded as aforesaid if the pledgee
establishes to the satisfaction of the Bondowners the pledgee’s right so to act with respect to such Bonds
and that the pledgee is not the City.
Section 805. Corporate Existence. The City will maintain its corporate identity and
existence so long as any of the Bonds remain Outstanding, unless another body corporate and politic by
operation of law succeeds to the powers, privileges, rights, liabilities, disabilities and duties of the City
and is obligated by law to comply with the terms and provisions of this Ordinance without materially
adversely affecting at any time the privileges and rights of any Owner of any Outstanding Bond.
Section 806. Insurance. The City will carry and maintain insurance with respect to the
Project against casualties, contingencies and risks (including but not limited to property and casualty, fire
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and extended coverage insurance upon all of the properties forming a part of the Project insofar as the
same are of an insurable nature, public liability insurance, business interruption insurance, worker’s
compensation and employee dishonesty insurance), such insurance to be of the character and coverage
and in such amounts as would normally be carried by other municipalities or public entities engaged in
similar activities of comparable size and similarly situated. In the event of loss or damage, the City, with
reasonable dispatch, will use the proceeds of such insurance in reconstructing and replacing the property
damaged or destroyed, or in paying the claims on account of which such proceeds were received, or if
such reconstruction or replacement is unnecessary or impracticable, then the City will pay and deposit the
proceeds of such insurance into the Special Obligation Debt Service Fund. The City will annually review
the insurance it maintains with respect to the Project to determine that such insurance is customary and
adequate to protect its property and operations.
Section 807. Further Authority. The officers of the City, including the Mayor, the City
Administrator, the Director of Finance, the Director of Parks, Recreation and Forestry, the City Counselor,
and the City Clerk, are hereby authorized and directed to execute all documents and take such actions as
they may deem necessary or advisable in order to carry out and perform the purposes of this Ordinance and
to make ministerial alterations, changes or additions in the foregoing agreements, statements, instruments
and other documents herein approved, authorized and confirmed which they may approve, and the
execution or taking of such action shall be conclusive evidence of such necessity or advisability.
Section 808. Annual Audit.
(a) Annually, promptly after the end of the Fiscal Year, the City will cause an audit to be
made of its funds and accounts for the preceding Fiscal Year by an independent public accountant or firm
of independent public accountants.
(b) Within 30 days after the completion of each such audit and approval thereof by the City
Council, a copy thereof shall be filed in the office of the City Clerk. Such audits filed in the office of the
City Clerk shall at all times during the usual business hours of the City be open to the examination and
inspection by any Registered Owner of any of the Bonds, or by anyone acting for or on behalf of such
Registered Owner. The City will file or will cause to be filed a copy of the audit with the Municipal
Securities Rulemaking Board in the manner and within the time period required under the Continuing
Disclosure Undertaking.
(c) As soon as possible after the completion of the annual audit, the City Council shall review
such audit, and if the audit discloses that proper provision has not been made for all of the requirements of
the Ordinance, the City shall, subject to Section 401 hereof, promptly cure such deficiency.
Section 809. Severability. If any section or other part of this Ordinance, whether large or small,
is for any reason held invalid, the invalidity thereof shall not affect the validity of the other provisions of this
Ordinance.
Section 810. Governing Law. This Ordinance shall be governed exclusively by and construed
in accordance with the applicable laws of the State of Missouri.
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Section 811. Electronic Storage of Documents. The City agrees that the transaction described
herein may be conducted and related documents may be sent, stored and received by electronic means.
[Remainder of this page intentionally left blank.]
Ordinance
Special Obligation Improvement Bonds, Series 2019
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Section 812. Effective Date. This Ordinance shall take effect and be in full force from and after
its passage by the City Council and approval by the Mayor.
Passed: October 21, 2019 Approved: October 21, 2019
_______________________________ ______________________________________
Presiding Officer Mayor
(SEAL)
ATTEST: APPROVED AS TO FORM:
____________________________________ ___________________________
City Clerk City Counselor
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EXHIBIT A
TO ORDINANCE
(FORM OF BONDS)
EXCEPT AS OTHERWISE PROVIDED IN THE ORDINANCE DESCRIBED
HEREIN), THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT
NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES
DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES
DEPOSITORY.
UNITED STATES OF AMERICA
STATE OF MISSOURI
Registered Registered
No. _____ $__________
CITY OF JEFFERSON, MISSOURI
SPECIAL OBLIGATION IMPROVEMENT BOND
(PARKS SYSTEM PROJECT)
SERIES 2019
Interest Rate Maturity Date Dated Date CUSIP Number
September 1, 20__ November __, 2019
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: ___________________________________________ DOLLARS
THE CITY OF JEFFERSON, MISSOURI, a constitutional charter city and a political
subdivision of the State of Missouri (the “City”), for value received, hereby promises to pay to the
Registered Owner shown above, or registered assigns, but solely from the source and in the manner herein
specified, the Principal Amount shown above on the Maturity Date shown above, unless called for
redemption prior to said Maturity Date, and to pay interest thereon, but solely from the source and in the
manner herein specified, at the Interest Rate per annum shown above (computed on the basis of a 360-day
year of twelve 30-day months) from the Dated Date shown above or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, payable semiannually on March 1 and
September 1 in each year, beginning on [March 1, 2020], until said Principal Amount has been paid.
The Principal Amount or Redemption Price of this Bond shall be paid at Maturity or upon earlier
redemption by check or draft to the Person in whose name this Bond is registered at the Maturity or
Redemption Date thereof, upon presentation and surrender of this Bond at the principal payment office of
UMB Bank, N.A., St. Louis, Missouri (the “Paying Agent”). The interest payable on this Bond on any
Interest Payment Date shall be paid to the Person in whose name this Bond is registered on the Bond
Register at the close of business on the Record Date for such interest (being the 15th day, whether or not a
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Business Day, of the calendar month next preceding the Interest Payment Date) by check or draft mailed
by the Paying Agent to such Registered Owner at the address shown on the Bond Register or, in the case
of an interest payment to the Securities Depository or any Registered Owner, by electronic transfer to
such Registered Owner upon written notice signed by such Registered Owner and given to the Paying
Agent not less than 15 days prior to the Record Date for such interest (being the 15th day, whether or not
a Business Day, of the calendar month next preceding the Interest Payment Date), containing the
electronic transfer instructions including the bank (which shall be in the continental United States),
address, ABA routing number and account number to which such Registered Owner wishes to have such
transfer directed, and an acknowledgment that an electronic transfer fee may be applicable.
This Bond is one of an authorized series of bonds of the City designated “Special Obligation
Improvement Bonds (Parks System Project), Series 2019,” aggregating the principal amount of
$[Principal Amount] (the “Bonds”), issued by the City for the purpose of paying the costs of various
repairs, replacements, improvements, renovations, expansions and additions that need to the City’s Parks
System and paying the costs of issuance of the Bonds, under the authority of and in full compliance with
the constitution and laws of the State of Missouri, the City’s Charter, and pursuant to ordinance duly
passed by the City Council (herein called the “Ordinance”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the Ordinance.
At the option of the City, Bonds or portions thereof maturing on September 1 in the years 20___
and thereafter may be called for redemption and payment prior to maturity on September 1, 20___, and
thereafter in whole or in part at any time in such amounts for each maturity as shall be determined by the
City (Bonds of less than a full maturity to be selected in multiples of $5,000 principal amount in such
equitable manner as the Paying Agent shall designate) at the Redemption Price of 100% of the principal
amount thereof, plus accrued interest thereon to the Redemption Date.
[[The Bonds are subject to mandatory redemption and payment prior to maturity in the amounts
and on the dates in accordance with and pursuant to the mandatory redemption requirements of the
Ordinance, at a redemption price equal to 100% of the Principal Amount thereof plus accrued interest to
the Redemption Date.]]
Bonds shall be redeemed only in the principal amount of $5,000 or any integral multiple thereof.
When less than all of the Outstanding Bonds are to be redeemed, such Bonds shall be redeemed from the
Stated Maturities selected by the City, and Bonds of less than a full Stated Maturity shall be selected by
the Paying Agent in $5,000 units of principal amount by lot or in such other equitable manner as the
Paying Agent may determine.
Notice of redemption, unless waived, is to be given by the Paying Agent by mailing an official
redemption notice by first class mail at least 20 days prior to the Redemption Date, to the original
Purchaser of the Bonds and to each Registered Owner of each of the Bonds to be redeemed at the address
shown on the Bond Register. Notice of redemption having been given as aforesaid, the Bonds or portions
of Bonds to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified, and from and after such date (unless the City defaults in the payment of the
Redemption Price) such Bonds or portions of Bonds shall cease to bear interest.
The Bonds shall be special obligations of the City payable as to both principal and interest solely
from annual appropriations of legally available funds by the City Council for such purpose. The
obligation of the City to make payments into the Special Obligation Debt Service Fund and for any other
obligations of the City under the Ordinance do not constitute a general obligation or indebtedness of the
City for which the City is obligated to levy or pledge any form of taxation, or for which the City has
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levied or pledged any form of taxation and shall not be construed to be a debt of the City in contravention
of any applicable constitutional, statutory or City Charter limitation or requirement but in each Fiscal
Year shall be payable solely from the amounts pledged or appropriated therefor (i) out of the legally
available income and revenues of the City provided for such Fiscal Year plus (ii) any unencumbered
balances for previous Fiscal Years.
The Bonds are issued in fully registered form in the denomination of $5,000 or any integral
multiple thereof. This Bond may be exchanged at the office of the Paying Agent for a like aggregate
principal amount of Bonds of the same maturity of other authorized denominations upon the terms
provided in the Ordinance.
The Bonds are being issued by means of a book-entry system with no physical distribution of
bond certificates to be made except as provided in the Ordinance. One Bond certificate with respect to
each date on which the Bonds are stated to mature, registered in the nominee name of the Securities
Depository, is being issued and required to be deposited with the Securities Depository and immobilized
in its custody. The book-entry system will evidence positions held in the Bonds by the Securities
Depository’s participants, beneficial ownership of the Bonds in authorized denominations being
evidenced in the records of such participants. Transfers of ownership shall be effected on the records of
the Securities Depository and its participants pursuant to rules and procedures established by the
Securities Depository and its participants. The City and the Paying Agent will recognize the Securities
Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes,
including (i) payments of principal of, and redemption premium, if any, and interest on, this Bond,
(ii) notices and (iii) voting. Transfers of principal, interest and any redemption premium payments to
participants of the Securities Depository, and transfers of principal, interest and any redemption premium
payments to beneficial owners of the Bonds by participants of the Securities Depository will be the
responsibility of such participants and other nominees of such beneficial owners. The City and the
Paying Agent will not be responsible or liable for such transfers of payments or for maintaining,
supervising or reviewing the records maintained by the Securities Depository, the Securities Depository
nominee, its participants or persons acting through such participants. While the Securities Depository
nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of
principal of and interest on this Bond shall be made in accordance with existing arrangements among the
City, the Paying Agent and the Securities Depository.
EXCEPT AS OTHERWISE PROVIDED IN THE ORDINANCE, THIS GLOBAL BOND
MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE
OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR
TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.
This Bond may be transferred or exchanged, as provided in the Ordinance, only on the Bond
Register kept for that purpose at the principal payment office of the Paying Agent, upon surrender of this
Bond together with a written instrument of transfer or exchange satisfactory to the Paying Agent duly
executed by the Registered Owner or the Registered Owner’s duly authorized agent, and thereupon a new
Bond or Bonds in any authorized denomination having the same Maturity Date and in the same aggregate
principal amount shall be issued to the transferee in exchange therefor as provided in the Ordinance and
upon payment of the charges therein prescribed. The City and the Paying Agent may deem and treat the
Person in whose name this Bond is registered on the Bond Register as the absolute owner hereof for the
purpose of receiving payment of, or on account of, the principal or redemption price hereof and interest
due hereon and for all other purposes and neither the City nor the Paying Agent shall be affected by any
notice to the contrary.
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This Bond shall not be valid or become obligatory for any purpose or be entitled to any security
or benefit under the Ordinance until the Certificate of Authentication hereon has been executed by the
Paying Agent.
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions and things required
to be done and to exist precedent to and in the issuance of the Bonds have been done and performed and
do exist in due and regular form and manner as required by the constitution and laws of the State of
Missouri.
IN WITNESS WHEREOF, CITY OF JEFFERSON, MISSOURI, has caused this Bond to be
executed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk and its official seal to be affixed or imprinted hereon.
CERTIFICATE OF AUTHENTICATION CITY OF JEFFERSON, MISSOURI
This Bond is one of the Bonds
of the issue described in the
within-mentioned Ordinance. By:________________________________
Mayor
Registration Date: ____________________
UMB BANK, N.A., (Seal)
Paying Agent
ATTEST:
By ________________________________ ___________________________________
Authorized Officer or Signatory City Clerk
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
____________________________________________________________________________________
Print or Type Name, Address and Social Security Number
or other Taxpayer Identification Number of Transferee
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
____________________ agent to transfer the within Bond on the books kept by the Paying Agent for the
registration thereof, with full power of substitution in the premises.
Dated: ____________________ _______________________________________
NOTICE: The signature to this assignment must
correspond with the name of the Registered
Owner as it appears upon the face of the within
Bond in every particular.
Signature Guaranteed By:
_______________________________________
(Name of Eligible Guarantor Institution as
defined by SEC Rule 17 Ad-15 (17 CFR 240.17
Ad-15))
By: ________________________________
Title: ________________________________
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LEGAL OPINION
The following is a true and correct copy of the approving legal opinion of Gilmore & Bell, P.C.,
Bond Counsel, which was dated and issued as of the date of original issuance and delivery of the Bonds:
GILMORE & BELL, P.C.
2405 Grand Boulevard, Suite 1100
Kansas City, Missouri 64108
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EXHIBIT B
TO ORDINANCE
FORM OF CONTINUING DISCLOSURE UNDERTAKING
C-1
EXHIBIT C
TO ORDINANCE
FORM OF CERTIFICATE OF FINAL TERMS
$[Principal Amount]
CITY OF JEFFERSON, MISSOURI
SPECIAL OBLIGATION IMPROVEMENT BONDS
(PARKS SYSTEM PROJECT)
SERIES 2019
______________________, 2019
CERTIFICATE OF FINAL TERMS
City of Jefferson, Missouri
Jefferson, Missouri
Ladies and Gentlemen:
The undersigned, [Purchaser] (the “Purchaser”), hereby offers to purchase from the City of
Jefferson, Missouri (the “City”) Special Obligation Improvement Bonds (Parks System Project), Series
2019 (the “Bonds”), in the Original Principal Amount of $[______________], to be issued by the City
under and pursuant to an Ordinance passed by the City Council of the City on [_______________], 2019
(the “Bond Ordinance”).
Upon the terms and conditions of the Official Bid Form, the Notice of Bond Sale and the
Preliminary Official Statement, all of which are made a part hereof, the Purchaser hereby agrees to
purchase from the City, and the City hereby agrees to sell to the Purchaser, all (but not less than all) of the
Bonds at a Purchase Price of $[_________________] (the principal amount of the Bonds plus original
issue premium of $[_________________], less an underwriter’s discount of $[_________________]).
The Bonds shall mature, shall bear interest, shall be subject to redemption and shall have some other
terms as set forth in Schedule I hereto.
Very truly yours,
[PURCHASER]
By: _______________________________
Name:
Title:
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Accepted and agreed to as of
the date first above written:
CITY OF JEFFERSON, MISSOURI
(SEAL)
By: _________________________________
Name: Cary Tergin
Title: Mayor
ATTEST
By:
Name: Phyllis Powell
Title: City Clerk
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SCHEDULE I TO CERTIFICATE OF FINAL TERMS
FOR
$[Principal Amount]
CITY OF JEFFERSON, MISSOURI
SPECIAL OBLIGATION IMPROVEMENT BONDS
(PARKS SYSTEM PROJECT)
SERIES 2019
1. Original Principal Amount - Sections 101, 201 and 202: $[___________].
2. Purchaser - Sections 101 and 210: [___________].
3. Purchase Price - Sections 101 and 210: $________ (Original Principal Amount plus a premium
of $________ less an underwriting discount of $_________), which underwriting discount is ......
______% of the Original Principal Amount
4. Dated Date, Maturity Schedule, Interest Payment Dates and Interest Rates:
(a) Interest Payment Dates - Sections 101 and 202: Semiannually on March 1 and September 1,
beginning [March 1, 2020].
(b) Dated Date - Sections 101 and 202: November [___], 2019
(c) Maturity Schedule and Interest Rates - Section 202: (see table below)
SERIAL BONDS
Stated Maturity
September 1
Principal
Amount
Annual Rate
of Interest
Stated Maturity
September 1
Principal
Amount
Annual
Rate
of Interest
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TERM BONDS*
Dated Date: ___________, 2019
Maturity
_____ 1*
Principal
Amount
Annual Rate
of Interest
*Term Bonds subject to mandatory redemption
5. Optional Redemption – Section 301(a): At the option of the City, the Bonds or portions thereof
maturing on September 1, 20__, and thereafter may be called for redemption and payment prior
to the Stated Maturity thereof on September 1, 20__, and thereafter in whole or in part at any time
in such amounts for each Stated Maturity as shall be determined by the City at the Redemption
Price of 100% of the principal amount thereof, plus accrued interest thereon to the Redemption
Date.
6. Mandatory Redemption - Section 301(b):
(a) Term Bonds maturing September 1, 20__, shall be redeemed and paid as follows:
Year
September 1
Principal
Amount
*Final Maturity
7. Deposit of Purchase Price of Bonds - Section 502: Net proceeds of the Bonds in the amount of
$[_______________] shall be deposited in the Project Fund and, of this amount
$[_______________] shall be used to pay costs of issuing the Bonds and the remaining proceeds
($[___________]) shall be used to pay costs of the Project.
8. Compliance with provisions of Section 202(a) of the Ordinance:
(a) Original Principal Amount of the Bonds (not to exceed
$7,500,000) – Section 202(a)(1): ................................................................... $__________
(b) True Interest Cost on the Bonds (not to exceed _____%) – Section 202(a)(2):_________%
(c) Weighted Average Maturity on the Bonds (not less than [____] years nor more than
[____] years) – Section 202(a)(3): .................................................................. _________%
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(d) Underwriting discount on the Bonds (not to exceed [___]% of the Original Principal
Amount of the Bonds) – Section 202(a)(4): .................................................. _________%
(e) Final Stated Maturity of the Bonds (not later than September 1, [2039],) –
Section 202(a)(5): ................................................................................ September 1, _____
(f) Optional call date for Bonds (not later than September 1, [20__] at a
Redemption Price not to exceed 100% of the principal amount
thereof plus accrued interest thereon to the Redemption Date) -
Section 202(a)(6): .................................................................................. _________ 1, 20__
EXHIBIT D
TO ORDINANCE
FORM OF NOTICE OF BOND SALE
EXHIBIT E
TO ORDINANCE
FORM OF PRELIMINARY OFFICIAL STATEMENT
EXHIBIT F
TO ORDINANCE
FORM OF PAYING AGENT AGREEMENT
In the context of financial reporting, the term fund balance is used to describe the net position of
governmental funds calculated in accordance with generally accepted accounting principles (GAAP).
Budget professionals commonly use this same term to describe the net position of governmental
funds calculated on a government’s budgetary basis.1 While in both cases fund balance is intended
to serve as a measure of the financial resources available in a governmental fund; it is essential that
differences between GAAP fund balance and budgetary fund balance be fully appreciated.
1. GAAP financial statements report up to five separate categories of fund balance based on the
type and source of constraints placed on how resources can be spent (presented in
descending order from most constraining to least constraining): nonspendable fund balance,
restricted fund balance, committed fund balance, assigned fund balance, and unassigned
fund balance.2 The total of the amounts in these last three categories (where the only
constraint on spending, if any, is imposed by the government itself) is termed unrestricted
fund balance. In contrast, budgetary fund balance, while it is subject to the same constraints
on spending as GAAP fund balance, typically represents simply the total amount accumulated
from prior years at a point in time.
2. The calculation of GAAP fund balance and budgetary fund balance sometimes is complicated
by the use of sub-funds within the general fund. In such cases, GAAP fund balance includes
amounts from all of the subfunds, whereas budgetary fund balance typically does not.
3. Often the timing of the recognition of revenues and expenditures is different for purposes of
GAAP financial reporting and budgeting. For example, encumbrances arising from purchase
orders often are recognized as expenditures for budgetary purposes, but never for the
preparation of GAAP financial statements.
The effect of these and other differences on the amounts reported as GAAP fund balance and
budgetary fund balance in the general fund should be clarified, understood, and documented.
It is essential that governments maintain adequate levels of fund balance to mitigate current and
future risks (e.g., revenue shortfalls and unanticipated expenditures) and to ensure stable tax rates.
In most cases, discussions of fund balance will properly focus on a government’s general fund.
Nonetheless, financial resources available in other funds should also be considered in assessing the
adequacy of unrestricted fund balance in the general fund.
GFOA recommends that governments establish a formal policy on the level of unrestricted fund
balance that should be maintained in the general fund for GAAP and budgetary purposes.3 Such a
Fund Balance Guidelines for the
General Fund
BACKGROUND:
RECOMMENDATION:
BEST PRACTICE
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guideline should be set by the appropriate policy body and articulate a framework and process for
how the government would increase or decrease the level of unrestricted fund balance over a
specific time period.4 In particular, governments should provide broad guidance in the policy for
how resources will be directed to replenish fund balance should the balance fall below the level
prescribed.
Appropriate Level. The adequacy of unrestricted fund balance in the general fund should take into
account each government’s own unique circumstances. For example, governments that may be
vulnerable to natural disasters, more dependent on a volatile revenue source, or potentially subject
to cuts in state aid and/or federal grants may need to maintain a higher level in the unrestricted fund
balance. Articulating these risks in a fund balance policy makes it easier to explain to stakeholders
the rationale for a seemingly higher than normal level of fund balance that protects taxpayers and
employees from unexpected changes in financial condition. Nevertheless, GFOA recommends, at a
minimum, that general-purpose governments, regardless of size, maintain unrestricted budgetary
fund balance in their general fund of no less than two months of regular general fund operating
revenues or regular general fund operating expenditures.5 The choice of revenues or expenditures
as a basis of comparison may be dictated by what is more predictable in a government’s particular
circumstances.6 Furthermore, a government’s particular situation often may require a level of
unrestricted fund balance in the general fund significantly in excess of this recommended minimum
level. In any case, such measures should be applied within the context of long-term forecasting,
thereby avoiding the risk of placing too much emphasis upon the level of unrestricted fund balance in
the general fund at any one time. In establishing a policy governing the level of unrestricted fund
balance in the general fund, a government should consider a variety of factors, including:
1. The predictability of its revenues and the volatility of its expenditures (i.e., higher levels of
unrestricted fund balance may be needed if significant revenue sources are subject to
unpredictable fluctuations or if operating expenditures are highly volatile);
2. Its perceived exposure to significant one-time outlays (e.g., disasters, immediate capital
needs, state budget cuts);
3. The potential drain upon general fund resources from other funds, as well as, the availability
of resources in other funds;
4. The potential impact on the entity’s bond ratings and the corresponding increased cost of
borrowed funds;
5. Commitments and assignments (i.e., governments may wish to maintain higher levels of
unrestricted fund balance to compensate for any portion of unrestricted fund balance already
committed or assigned by the government for a specific purpose). Governments may deem it
appropriate to exclude from consideration resources that have been committed or assigned to
some other purpose and focus on unassigned fund balance, rather than on unrestricted fund
balance.
Use and Replenishment.
The fund balance policy should define conditions warranting its use, and if a fund balance falls below
the government’s policy level, a solid plan to replenish it. In that context, the fund balance policy
should:
1. Define the time period within which and contingencies for which fund balances will be used;
2. Describe how the government’s expenditure and/or revenue levels will be adjusted to match
any new economic realities that are behind the use of fund balance as a financing bridge;
3. Describe the time period over which the components of fund balance will be replenished and
the means by which they will be replenished.
Generally, governments should seek to replenish their fund balances within one to three years of
use. Specifically, factors influencing the replenishment time horizon include:
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203 N. LaSalle Street - Suite 2700 | Chicago, IL 60601-1210 | Phone: (312) 977-9700 - Fax: (312) 977-4806
1. The budgetary reasons behind the fund balance targets;
2. Recovering from an extreme event;
3. Political continuity;
4. Financial planning time horizons;
5. Long-term forecasts and economic conditions;
6. External financing expectations.
Revenue sources that would typically be looked to for replenishment of a fund balance include
nonrecurring revenues, budget surpluses, and excess resources in other funds (if legally permissible
and there is a defensible rationale). Year-end surpluses are an appropriate source for replenishing
fund balance.
Unrestricted Fund Balance Above Formal Policy Requirement. In some cases, governments can
find themselves in a position with an amount of unrestricted fund balance in the general fund over
their formal policy reserve requirement even after taking into account potential financial risks in the
foreseeable future. Amounts over the formal policy may reflect a structural trend, in which case
governments should consider a policy as to how this would be addressed. Additionally, an education
or communication strategy, or at a minimum, explanation of large changes in fund balance is
encouraged. In all cases, use of those funds should be prohibited as a funding source for ongoing
recurring expenditures.
Notes:
1. For the sake of clarity, this recommended practice uses the terms GAAP fund balance and
budgetary fund balance to distinguish these two different uses of the same term.
2. These categories are set forth in Governmental Accounting Standards Board (GASB)
Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions.
3. Sometimes restricted fund balance includes resources available to finance items that typically
would require the use of unrestricted fund balance (e.g., a contingency reserve). In that case,
such amounts should be included as part of unrestricted fund balance for purposes of
analysis.
4. See Recommended Practice 4.1 of the National Advisory Council on State and Local
Budgeting governments on the need to "maintain a prudent level of financial resources to
protect against reducing service levels or raising taxes and fees because of temporary
revenue shortfalls or unpredicted one-time expenditures" (Recommended Practice 4.1).
5. In practice, a level of unrestricted fund balance significantly lower than the recommended
minimum may be appropriate for states and America’s largest governments (e.g., cities,
counties, and school districts) because they often are in a better position to predict
contingencies (for the same reason that an insurance company can more readily predict the
number of accidents for a pool of 500,000 drivers than for a pool of fifty), and because their
revenues and expenditures often are more diversified and thus potentially less subject to
volatility.
6. In either case, unusual items that would distort trends (e.g., one-time revenues and
expenditures) should be excluded, whereas recurring transfers should be included. Once the
decision has been made to compare unrestricted fund balance to either revenues and/or
expenditures, that decision should be followed consistently from period to period.
This best practice was previously titled Appropriate Level of Unrestricted Fund Balance in the
General Fund.
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