Authorize Transfer of $290,551.20 from the Project Financing Zone Fund to the Venue Debt Service Fund and Adopt Appropriation Ordinances (ALL COUNCIL DISTRICTS)

It is recommended that the City Council:

1.  Adopt the attached ordinance increasing estimated receipts and appropriations in the Project Financing Zone Fund by $290,551.20 from available funds for purpose of making a transfer to debt service;

2.  Authorize transfer of $290,551.20 from the Project Financing Zone Debt Service Fund to the Venue Debt Service Fund; and

3.  Adopt the attached ordinance increasing estimated receipts and appropriations in the Venue Debt Service Fund by $290,551.20 for the purpose of paying debt service on the 2017B Special Tax Revenue Bonds.

The purpose of this Mayor and Council Communication (M&C) is to take actions associated with meeting the City obligations and covenants for the 2017B Special Tax Revenue Bonds.

On Tuesday, June 6, 2017, City Council authorized the issuance of the 2017A and 2017B Special Tax Revenue Bonds for the purpose of funding the public contribution associated with the Dickies Arena as well as other improvements to adjacent support facilities in and adjacent to the Will Rogers Memorial Center complex (M&C G-19020).  Bond covenants within the adopted ordinances indicate monthly transfers of pledged revenues are to be deposited into the Venue Debt Service Fund to ensure the safe and timely payment of principal and interest coming due.

The portion of the debt associated with the Arena included capitalized interest that is already in the Venue Debt Service Fund and available for making initial debt service payments of that portion of the bonds.  Adoption of this M&C will provide for and authorize the appropriations and transfers for Fiscal Year 2017 necessary to meet the City's obligations with respect to the remainder of the bonds, which were issued to finance other improvements on the Will Rogers campus.  

This M&C does not request approval of a contract with a business entity.