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Appropriation- Designated Enterprise Funds 1997
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Appropriation- Designated Enterprise Funds 1997
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Last modified
1/4/2011 3:41:38 PM
Creation date
7/12/2010 4:29:19 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/23/1996
Ord-Res Number
8745-96
Bill Number
103-96
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., .~ •, <br />COLLEGE FOOTBALL HALL OF FAME <br />NOTES <br />REVENUE AND EXPENSE BUDGET <br />1997 <br />AN 2 Yr. Slide Replacement 15,310 <br />Completion of Conference Room 3,040 <br />FINANCING <br />INTEREST EXPENSE <br />The annual budget is based on outstanding principal on the bonds of <br />$17,950,000 multiplied by the average variable interest rate which is estimated <br />at 4.5% for 1997. The interest rate should be evaluated every year for changes <br />in the bond market. A rate cap of 7% has been purchased on the bonds. <br />LETTER OF CREDIT FEES <br />This line item represents annual fees related to the letter of credit and <br />reimbursement agreement between the Redevelopment Authority and Fuji Bank. <br />The letter of credit terms include an annual fee of .45% of the outstanding bonds <br />of $17,950,000 which is $80,775. The budget for letter of credit fees should be <br />evaluated annually for revisions in terms or new letter of credit providers. <br />LETTER OF CREDIT TRANSACTION FEES <br />This line item represents fees that are charged for administrating the letter of <br />credit which include transfer fees, negotiation fees and amendment fees per the <br />letter of credit and reimbursement agreement. <br />REMARKETING FEES <br />This line item represents annual fees related to the remarketing agreement <br />between the Redevelopment Authority and First Capital Markets, Inc. in <br />connection with the bond issue. The remarketing agreement terms include an <br />annual fee of .125% of the outstanding bonds of $17,950,000 which is $22,438. <br />The budget for remarketing fees should be evaluated annually for revisions in <br />terms or new providers. <br />TRUST FEES <br />This line item represents estimated annual trustee fees for administrating the <br />trust accounts per the trust agreement with Norwest Bank. <br />Page 16 <br />
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