To: The Honorable Mayor and Board of Commissioners From: Jackie Huffman / Gerry Vincent Subject: Approve a Budget Amendment for Fire Station #4 Capital Project Ordinance
The Town issued $3,575,000 bonds on September 22, 2016 and budgeted $300 interest earnings on those bonds during the Fire Station construction period. Due to rising interest rates and new investment options, the Town has earned additional interest earnings on the Fire Station bonds. This amendment recognizes the additional $35,000 interest revenue and allocates, in accordance with bond covenants, additional $35,000 to the project for furniture and equipment.
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