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2017-R-29 RESOLUTION 2017-R-29 A RESOLUTION OF THE CITY COUNCIL OF EDGEWATER, FLORIDA, ADOPTING BUDGET ADJUSTMENTS TO THE 2016-2017 FISCAL YEAR BUDGETS AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Edgewater, by Resolution 2016-R-29, adopted an operating budget for Fiscal Year 2016-2017; and WHEREAS, the City of Edgewater, by Resolution 2016-R-43, amended the adopted operating budget for Fiscal Year 2016-2017 as a result of Hurricane Matthew; and WHEREAS, the City of Edgewater, by Resolution 2017-R-14, amended the operating budget for Fiscal Year 2016-2017 to allow for the use of Charter Reserves; and WHEREAS, the City of Edgewater, by Resolution 2017-R-15, amended the operating budget for Fiscal Year 2016-2017 to allow for the Mid Year Budget; and WHEREAS. the City of Edgewater, by Resolution 2017-R-15, amended the operating budget for Fiscal Year 2016-2017 to allow for the Mid Year Budget; and WHEREAS, the budget adjustments increase revenues and expenditures in total in an amount not to exceed $2,000,000 pursuant to an internal loan between Fund 001 "General Fund" and Fund 445 "Water& Sewer Rate Stabilization"; and WHEREAS, the internal loan will be charged the Florida Prime "1-Day SEC Yield" as of the date of the internal loan funds transfer and have a loan amortization not to exceed five years; and WHEREAS, the budget adjustments will allow the City of Edgewater to adjust the Fiscal Year 2016-2017 budget. NOW,THEREFORE,be it resolved by the City Council of Edgewater, Florida. Section 1. j3udget Adjustment: The City Council of the City of Edgewater amends the Fiscal Year 2016-2017 budget by revising the budget in total in an amount not to exceed #2017-R-29 $2,000,000 pursuant to an internal loan between Fund 001 "General Fund"and Fund 445 "Water & Sewer Rate Stabilization". Section 2. Effective Date. This Resolution shall become effective immediately upon passage and adoption. This resolution was scheduled for the Council Meeting on September 11, 2017 however, due to Hurricane Irma the Council Meeting was re-scheduled to September 18, 2017 with the appropriate notices done. Motion to approve was made by with second by -x rif-,cqs-1 . The vote on this resolution is as follows: AYE NAY Mayor Michael Ignasiak \` Councilwoman Christine Power Councilwoman Amy Vogt Councilman Daniel Blazi Councilman Gary Conroy PASSED AND DULY ADOPTED this 18th day of September, 2017. ATTEST: CITY COUNCIL OF THE CITY OF EDGEWATER, FLORIDA 4,e„s Robin L. Matusick Michael Ignasi City Clerk Mayor For the use and reliance only by the City of Approved by the City Council of the City of Edgewater, Florida. Approved as to form Edgewater at a meeting held on this 18th day and legality by: of September, 2017 under Agenda Item No. Aaron R. Wolfe, Esquire 8 . City Attorney Doran,Sims, Wolfe&Ciocchetti 2 t001 1Q Page 1 of 1 Loan Amortization Schedule HELP ©2006 Vertex42 LLC Loan Information Summary Loan Amount 2,000,000.00 Rate (per period) 1.310% Annual Interest Rate 1.31% Number of Payments 5 Term of Loan in Years 5 Total Payments 2,079,281.93 First Payment Date 1011/2018 Total Interest 79,281.93 Payment Frequency Annual Est. Interest Savings 0.00 Compound Period Annual . Payment Type End of Period . Annual Payment 415,856.39 Amortization Schedule ❑� Rounding On Additional No. Due Date Payment Payment Interest Principal Balance I 2,000,000.001 _ 1 10/1/18 415.856.39 26,200.00 389,656.39 1,610,343.61 2 10/1/19 415.856.39 21,095.50 394,760.89 1,215,582.72 3 10/1/20 415,856.39 15,924.13 399,932.26 815,650.46 4 10/1/21 415,856.39 10,685.02 405,171.37 410,479.09 5 10/1/22 415,856.37 5,377.28 410,479.09 0.00