| | | | | | | | | ITEM 3. Clerk of Courts - Consent |
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| | | | | | | | DATE: | June 18, 2019
| DEPARTMENT: | Constitutional Items
| REQUESTER: | Terry Mallow
| TITLE: | Approve IRS form 8038-CP-Lee County, Fl Tourist Development Tax Revenue Bonds, Series 2010B |
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| | | | | | | | I. | MOTION REQUESTED | | Board approval and Chairman’s signature on the Department of the Treasury, Internal Revenue Service (IRS) Form 8038-CP Return for Credit Payments to Issuers of Qualified Bonds for the Lee County, Florida Tourist Development Tax Revenue Bonds, Series 2010B (Federally Taxable Build America Bonds-Recovery Zone Economic Dev. Bonds-Direct Subsidy) (“Series 2010B Bonds”). |
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| | | | | | | | II. | ITEM SUMMARY | | To request from the Department of Treasury via the IRS the October 1, 2019 interest payment subsidy for the Series 2010B Bonds. |
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| | | | | | | | III. | BACKGROUND AND IMPLICATIONS OF ACTION |
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| | | | | | | | | A) | Board Action and Other History | | | The Series 2010B Bonds were issued October 6, 2010. Pursuant to the American Recovery and Reinvestment Act (ARRA) of 2009 the Series 2010B Bonds are subject to a subsidy from the United States Department of Treasury in an amount equal to forty-five percent of interest payable on the Series 2010B Bonds, which can be requested as early as 90 days prior to the interest payment date. Our goal is to have the 8038-CP form approved, signed, and ready to be mailed to the IRS on July 3, 2019, which is the earliest date to make a request for the October 1, 2019 interest payment.
Note: Due to Sequestration, the IRS will reduce the subsidy payment by 6.2 percent of the amount requested on 8038-CP form.
After approval by the Board and Chairman’s signature, please return the original Form 8038-CP to the Finance Department. |
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| | | | | | | | | A) | Current year dollar amount of item:
| No funding required. | | B) | Is this item approved in the current budget? | Yes | | C) | Is this a revenue or expense item? | Revenue | | D) | Is this Discretionary or Mandatory? | Mandatory Federal Internal Revenue Service §6431(b) | | E) | Will this item impact future budgets?
If yes, please include reasons in III(D) above.
| No | | F) | Fund:
Program:
Project:
Account Strings: | | G) | Fund Type? | Other: Tourist Development Tax | | H) | Comments: |
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REVIEWERS: | Department | Reviewer | Action | Date | Constitutional Items | Winton, Peter | Approved | 6/10/2019 - 3:21 PM |
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