Ordinance 01-2016 BudgetEMERGENCY ORDINANCE NO. 01-2016
AN EMERGENCY ORDINANCE OF THE TOWN COUNCIL OF
THE TOWN OF PALM BEACH, PALM BEACH COUNTY,
FLORIDA, PROVIDING FOR AN AMENDMENT TO THE TOWN'S
BUDGETS ADOPTED FOR THE FISCAL YEAR COMMENCING
OCTOBER 1, 2015; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on September 28, 2015, the Town of Palm Beach adopted final budgets for
the fiscal year commencing October 1, 2015; and
WHEREAS, on August 16, 2016, the Town Council of the Town of Palm Beach approved
Resolution No. 140-2016, authorizing the issuance of Public Improvement Revenue and
Refunding Bonds for the Purpose of Refunding the Town's Public Improvement Revenue and
Refunding Bonds, Series 2010A (Capital Improvement Program) and Public Improvement
Revenue Bonds, Series 2010B (Worth Avenue Commercial District Project), due to the recent
record low market interest rates; and
WHEREAS, Resolution No. 140-2016 requires that the Town appropriate in its budget,
by amendment if necessary, non-ad valorem revenues in amounts sufficient to pay the_principal
of, redemption premium, if any, and interest on the Bonds, as same become due; and
WHEREAS, the Town Council of the Town of Palm Beach deems it necessary and
appropriate to amend said budgets to provide the necessary funds in the Debt Service Fund for the
prepayment of interest due to the refinancing of the Public Improvement Revenue and Refunding
Bonds, Series 2010A and 2010B; and
WHEREAS, the Town Council of the Town of Palm Beach, deems it necessary and
appropriate to amend said budgets to provide appropriations adequate for the authorization of
expenditures necessary for conducting Town operations for the fiscal year ending September 30,
2016;and
WHEREAS, said budget amendments are required to be approved by ordinance; and
WHEREAS, the prepayment due on these bonds must be made at closing on September
28,2016;and
WHEREAS, because the short timeframe does not allow the Town of Palm Beach enough
time to advertise and hear this ordinance on second reading pursuant to the provisions of F.S.
166.041, the Town Council of the Town of Palm Beach deems it necessary and appropriate to
adopt this matter through the emergency ordinance provisions ofF.S. 166.041(3)(b.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF PALM BEACH, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The foregoing recitals are hereby ratified and confirmed.
Section 2. The Debt Service Fund budget for the fiscal year commencing October 1,
2015, is hereby amended and adopted pursuant to Exhibit "A", attached hereto and made a part of
this emergency ordinance.
Section 3. Effective Date. This emergency ordinance shall take effect immediately
upon passage and adoption as provided by law.
Emergency Ordinance No. 01-2016 Page 2of3
PASSED AND ADOPTED in a regular, adjourned session of the Town Council of the
Town of Palm Beach on first and final reading this 13th day of September, 2016.
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ail L. Conigho, Mayor Michael . Pucillo, To Council President
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Richard M. Kleid, Council President Pro Tern
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�; ! I I��!\ , L Bobbie i dsay, Town C ember
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§t-, ,eo ',- Danielle H. Moore, Town Council Member
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san A. Owens, MMC, Town Clerk Margaret A. Zei an, Town Council Member
Emergency Ordinance No. 01-2016 Page 3 of 3
Exhibit A
Town of Palm Beach, Florida
2010A and 2013 Debt Service Fund Revenues and Expenditures (205)
Budget Amendment
October 1, 2015 through September 30, 2016
Adopted Emergency Ordinance Amended
Budget No. 01-2016 Budget
FY2016 Amendment FY2016
Revenues
Investment Earnings 1,000 1,000
Transfer from General Fund 6,265,462 6,265,462
Transfer from Recreation Enterprise Fund 204,100 204,100
Transfer from Coastal Protection Fund 731,163 731,163
Total Revenues 7,201,725 - 7,201,725
Expenditures
Debt Service Interest 5,155,725 622,861 5,778,586
Debt Service Principal 2,045,000 2,045,000
Bond Costs 15,000 15,000
Total Expenditures 7,215,725 622,861 7,838,586
Revenues Over/(Under) Expenditures (14,000) (636,861)
Beginning Fund Equity 1,566,675 1,566,675
Ending Fund Equity 1,552,675 929,814