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FISCAL IlAPACTS: <br />Using 2021 Distressed County Funds retiring remaining Shady Brook bond debt <br />eliminates $259,000 in obligated bond interest. This is money saved by the Board of <br />County Commissioners. If the Board elects to continue utilizing Fund 108 making <br />principal and bond payments and the legislation is extended to 2032, the corresponding <br />financial impact to the fund is $1,461,001.40 in fund expense. While early bond <br />retirement saves Fund 108 principal and interest payments ($1,461,001.40); true savings <br />total $259,000 in bond interest payments avoided. The Board could then elect to use the <br />bond interest savings in 2021 by requesting the COG put the money in fund reserve, <br />restoring the reserve utilized by the Board in funding Snoqualmie Pass Public Utility <br />District in the 2020 PF grant award. <br />Eliminating $259,000 in future debt service obligations to Fund 108 appears to make <br />financial sense for the fund, providing the Board has enough funds retiring Shady Brook <br />bond debt when combined with 2021 Distressed County Funds. A current Fund financial <br />report is provided as EXHIBIT 3. <br />ATTACHMENTS: <br />Exhibit 1: Resolution No. 2018-056 <br />Exhibit 2: Shady Brook interest forecast <br />Exhibit 3: Current Financial Report <br />Page 2 of 5 <br />PUBLIC WORKS BOARD OF COUNTY COM&IISSIONERS WORK SESSION STAFF REPORT <br />