Vote: held

Item Text

49. APPROPRIATION AND BUDGET ADJUSTMENT In accordance with A.R.S. 42-17106(B), authorize the following transfer of budget expenditure authority in the FY 2017 Non Departmental (D470) Budget: a) Decrease expenditure appropriation in Non Departmental Grants Fund (249) Non Recurring Non Project (1001) in the line “Unreserved Contingency” (4711) by $6,687,000. b) Increase expenditure appropriation in County Improvement Debt Fund (320) Non Recurring Non Project (1001) by $6,687,000. This action will allow the County to expend Debt Service Reserve (DSR) funds that were held by Trustee and used, in part, to defease the Series 2007A Lease Revenue Bonds (LRB) through a private placement transaction in August 2016, resulting in interest cost savings to the County. (C-18-17-006-2-00)