Green Cove Springs, Florida
Agenda Item #42
Item Title
Resolution to Refinance 1995 Racetrack Bonds
Issue/Rationale
Beginning in 1965 the District received from the State an annual distribution of $223,500 derived from pari-mutuel wagering taxes. In 1995, the District issued $2,615,000 in revenue bonds payable from these revenues. In 2000, the Legislature changed the source of the funds distributed to the District to funds derived from the general sales tax; the amount of the distribution did not change. This resolution authorizes the District to issue up to $2,700,000 of bonds payable from the sales tax revenues to refund the $1,595,000 that remains outstanding of the 1995 bonds and obtain approximately $1,000,000 in new money. There will not be an increase in annual debt service, but the term of the debt will be extended. The new money may be used for capital expenditures on building or equipment, and it is proposed that the money will be used for computers.
Recommended Action
Approve Resolution as presented.
Financial Impact
$1,000,000
Submitted By
Dr. George F. Copeland, Assistant Superintendent for Business Affairs
Attachment: Racetrack Bond reso(final).pdf