Title
Recommendation to Accept the 2013 Local Library Bond Measure Annual Report. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The purpose of this report is to present the 2013 Local Library Bond Measure Annual Report for acceptance by the City Council in compliance with Government Code section 53410 et seq.
BACKGROUND
Government Code section 53410 et seq. requires that any local bond measure subject to voter approval that would provide for the sale of bonds by a local agency shall provide certain accountability measures for those local bonds approved after January 1, 2001. The specific purpose, the amount of funds collected and expended, and the status of the project being funded by the proceeds of the local bond measure must be reported annually to the governing body. The City of Alameda's (City) Measure O Library Bonds are subject to this compliance requirement.
DISCUSSION
Measure O Library Bonds are General Obligation bonds approved by the voters and issued in March 2003 to finance the acquisition and construction of the new main library and improvements to two branch libraries. In Fiscal Year (FY) 2013-14, the City issued the 2013 General Obligation Refunding Bonds to refund the 2003 General Obligation Bonds. These monies are accounted for in Fund 421.1. FY 2018-19 annual levy produced tax revenue of $648,725 and investment income of $14,576. The expenditures during the fiscal year related to the use of these funds totaled $620,894, which represent debt service (principal and interest) on the cost of the improvements made at the three libraries and bond administration charges. As of June 30, 2019, the ending fund balance was $1,017,031, which was sufficient to cover the August bond principal and interest payment of $504,834. The tax rate for FY 2019-20 has been set at $4.00/$100,000 of assessed value to cover the cost of next year's principal and interest payment with partial offset by the accumulated fund bal...
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