Chippewa County
Wisconsin

Resolution
14 - 14

Resolution to Use Sales Tax Funds to Fund Debt Service Liabilities

Information

Department:Corporation Counsel DivisionSponsors:
Category:Budget

Attachments

  1. Printout

Financial Impact

The Sales Tax Fund will be reduced by $1,661,050.00 in 2015.

ORD/RES Printout

WHEREAS, Ordinance § 2-476 authorizes using a portion of the 1/2% County Sales Tax funds collected for Long Term Capital Projects; and

 

WHEREAS, Chippewa County Ordinance § 2-476(a)(4)(b) requires that annually and prior to the adoption of the annual County Budget, use of sales tax funds to pay off debt service liabilities must be approved by separate County Board resolution; and

 

WHEREAS, Chippewa County issued general obligation bonds on two occasions in 2011 for capital improvements and for refunding a previous bonding, and now the money borrowed is being paid back with two payments made each year on each borrowing; and

 

WHEREAS, Chippewa County issued general obligation bonds in 2013 to be used for transportation projects in 2014, 2015, and 2016, and now the money borrowed is being paid back with two payments made each year; and

 

WHEREAS, it is the recommendation of the Finance Director and the County Administrator that $1,661,050.00 from the Sales Tax Fund be applied to the debt service in 2015;

 

NOW, THEREFORE BE IT RESOLVED, that the sum of Five Hundred Ninety Thousand Three Fifty Dollars ($590,350.00) be transferred from Sales Tax Property Tax Relief Fund # 230-03-59305-592910 to Debt Service Fund # 312-01-58011-492909 for payments on the principal and interest on the 2011 Capital Improvement Program bonds and to be included in the 2015 Chippewa County Budget; and

 

BE IT FURTHER RESOLVED, that the sum of Eight Hundred Forty One Thousand Eight Seventy Five Dollars ($841,875.00) be transferred from Sales Tax Property Tax Relief Fund # 230-03-59305-592910 to Debt Service Fund 313-01-58012-492909 for payments on the principal and interest on the 2011 Refunding Bond and to be included in the 2015 Chippewa County Budget; and

 

BE IT FURTHER RESOLVED, that the sum of Two Hundred Twenty Eight Thousand Eight Hundred Twenty Five Dollars ($228,825.00) be transferred from Sales Tax Property Tax Relief Fund # 230-03-59305-592910 to Debt Service Fund # 314-01-58013-492909 for payments on the principal and interest on the 2013 Transportation Bonds and to be included in the 2015 Chippewa County Budget.

 

              Forwarded to the County Board by the Executive Committee

Meeting History

Jul 15, 2014 4:00 PM  Executive Committee Regular Meeting
RESULT:FORWARD TO COUNTY BOARD [UNANIMOUS]
MOVER:Anson Albarado, District 8
SECONDER:Mike Leisz, District 13
AYES:Paul Michels, Henry Shakal, Anson Albarado, Mike Leisz
ABSENT:Jared Zwiefelhofer
Aug 12, 2014 6:00 PM  County Board Regular Meeting

NOW, THEREFORE BE IT RESOLVED, that the sum of Five Hundred Ninety Thousand Three Fifty Dollars ($590,350.00) be transferred from Sales Tax Property Tax Relief Fund # 230-03-59305-592910 to Debt Service Fund # 312-01-58011-492909 for payments on the principal and interest on the 2011 Capital Improvement Program bonds and to be included in the 2015 Chippewa County Budget; and

BE IT FURTHER RESOLVED, that the sum of Eight Hundred Forty One Thousand Eight Seventy Five Dollars ($841,875.00) be transferred from Sales Tax Property Tax Relief Fund # 230-03-59305-592910 to Debt Service Fund 313-01-58012-492909 for payments on the principal and interest on the 2011 Refunding Bond and to be included in the 2015 Chippewa County Budget; and

BE IT FURTHER RESOLVED, that the sum of Two Hundred Twenty Eight Thousand Eight Hundred Twenty Five Dollars ($228,825.00) be transferred from Sales Tax Property Tax Relief Fund # 230-03-59305-592910 to Debt Service Fund # 314-01-58013-492909 for payments on the principal and interest on the 2013 Transportation Bonds and to be included in the 2015 Chippewa County Budget.

Forwarded to the County Board by the Executive Committee

RESULT:ADOPTED [UNANIMOUS]
MOVER:Mike Leisz, District 13
SECONDER:Jared Zwiefelhofer, District 4
AYES:Paul Michels, Henry Shakal, Bill Stimeling, Glen Sikorski, Jared Zwiefelhofer, Lee Mcllquham, Michael A. Goettl, Anson Albarado, Lawrence J. Willkom, Florian Skwierczynski, Doug Ellis, Mike Leisz, Leigh Darrow
ABSENT:Steve Gerrish, Brittani Zammit