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<br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br />~~HILLS <br /> <br />2005 PROPOSED BUDGET - SUMMARY BY DEPT, <br /> <br />Department Name: Debt Service-G.O. TI Bonds 1998A <br /> <br />2004 Budl!et: $288,450 <br /> <br />Preliminarv 2005 Budl!et: $286,376 <br /> <br />Departmental Overview/Summary: <br />Issuance of $3, 1 00,000 Generat Obligation Tax Increment Bonds dated March 1, ] 998 <br />were to finance various pubtic improvements within TIF District No, 2. The <br />th <br />improvements were generally the relocated]4 Street project and the Round Lake Road <br />intersection improvements project. The bond issue was rated A+ by Standard and Poor's <br />Corporation, The seventeen year bonds mature on February I, 2015. The City is <br />currently considering bond refunding to take ptaee within the next year. This will reduce <br />the interest cost over the tife, in the amount of approximately $90,000. <br /> <br /> <br />Supplies, $0, <br />0% <br /> <br />Operating <br />Transfers, $0, <br />0% <br /> <br />Other <br />Serv/Charges, <br />$0,0% <br /> <br />Debt Service <br /> <br /> <br />Sil!nificant Chane:es from Prior Year: <br />None <br /> <br />Capital <br />Outlay, <br />$286,376, <br />100% <br /> <br />Personal <br />SeMces, $0, <br />0% <br />