PRELIMINARY OFFICIAL STATEMENT Dated April 3, 2006 (Bonds to be sold April 12, 2006, 10:00 a.m. C.D.S.T.)
BOOK-ENTRY-ONLY-SYSTEM Bank Qualified Rating: Moody’s " " prior to registration, to registration, prior See Ratings herein
In the opinion of Bond Counsel, under existing law (i) interest on the Bonds will be excludable from gross income of the holders thereof for purposes of federal income taxation and (ii) interest on the Bonds will not be a specific item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, all subject to the qualifications described herein under the heading "TAX EXEMPTION." Interest on the Bonds is also exempt from income taxation and the Bonds are exempt from ad valorem taxation by the Commonwealth of Kentucky and its political subdivisions. sale would be unlawful is Preliminary Official Statement constitute an ELECTRONIC BIDDING VIA PARITY
$2,550,000* CITY OF OWENSBORO, KENTUCKY GENERAL OBLIGATION PUBLIC PROJECT REFUNDING BONDS SERIES 2006 (AIRPORT REFUNDING PROJECT)
Dated: April 1, 2006 Due: June 1, as shown below
The Bonds will be issued and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the Bonds. Purchasers will not receive certificates representing their ownership interest in the Bonds. Accordingly, principal, interest and premium, if any, on the Bonds will be paid by The Bank of New York Trust Company, N.A., Cincinnati, Ohio, as Paying Agent and Registrar, directly to DTC or Cede & Co., its nominee. DTC will in turn remit such principal, urisdiction in which such offer, solicitation, or solicitation, in which such offer, urisdiction cial Statement. Under no circumstances shall th interest or premium to the DTC Participants (as defined herein) for subsequent distribution to the Beneficial Owners (as defined herein) of the Bonds. The Bonds will be issued in denominations of $5,000 each or integral multiples thereof, and will bear interest payable on June 1, 2006 and thereafter semiannually on each December 1 and June 1.
The Bonds are not subject to optional redemption prior to their stated maturities.
SCHEDULE OF MATURITIES
Cusip # Cusip # Due 690887 Amount* Rate Yield Due 690887 Amount* Rate Yield 6/1/06 $215,000 6/1/11 $260,000 6/1/07 225,000 6/1/12 265,000 6/1/08 230,000 6/1/13 280,000 to completion and revision in a final Offi 6/1/09 240,000 6/1/14 285,000 6/1/10 250,000 6/1/15 300,000 (Plus accrued interest-when issued)
Purchaser’s Option - The Purchaser of the Bonds may specify to the Financial Advisor that any Bonds may be combined with immediately succeeding sequential maturities into a Term Bond or Term Bonds, bearing a single rate of interest, with the maturities set forth above (or as may be adjusted as provided herein being subject to mandatory redemption in such maturities for such Term Bond(s). ere be any sale of these Series 2006 Refunding Bonds in any j 2006 Refunding these Series be any sale of ere urisdiction. urisdiction.
j The City deems this Official Statement to be final for purposes of Security and Exchange Commission Rule 15c2-12.
The Bonds are offered when, as and if issued, subject to the approval of legality and tax exemption by Peck, Shaffer & Williams LLP, Bond Counsel, Covington, Kentucky. Certain legal matters have been passed upon for the City by David Fowler, Esq., City Attorney. The Bonds are expected to be available for delivery on or about April 26, 2006.
e information contained herein are subject are herein contained e information THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. ______*Preliminary, Subject to Permitted Adjustment
tion under the securitie4s laws of such FIRST KENTUCKY SECURITIES CORPORATION p Financial Advisor
ualification, or exem or ualification, offer to sell or the solicitation of an offer to buy, nor shall nor th to buy, an to sell or the solicitation of offer offer This Preliminary Official Statement and th q
CITY OF OWENSBORO, KENTUCKY
Mayor Tom Watson
Board of Commissioners Candance Brake Charles A. Castlen Jim Glen Ron Payne
City Manager/Administrator Bob Whitmer
Finance Director J. T. Fulkerson
City Attorney David C. Fowler
City Clerk Carol Blake
BOND COUNSEL Peck, Shaffer & Williams LLP Covington, Kentucky
FINANCIAL ADVISOR First Kentucky Securities Corporation Frankfort, Kentucky
PAYING AGENT/BOND REGISTRAR/ESCROW AGENT The Bank of New York Trust Company, N.A. Cincinnati, Ohio
(i) REGARDING THIS OFFICIAL STATEMENT
This Official Statement does not constitute an offering of any security other than the original offering of the Bonds of the City. No dealer, broker, salesman or other person has been authorized by the City to give any information or to make any representation, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the City. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.
The information and expressions of opinion herein are subject to change without notice. Neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof.
Upon issuance, the Bonds will not be registered by the City under any federal or state securities law, and will not be listed on any stock or other securities exchange. Neither the Securities and Exchange Commission nor any other federal, state, municipal or other governmental entity or agency except the City will have, at the request of the City, passed upon the accuracy or adequacy of this Official Statement or approved the Bonds for sale.
All financial and other information presented in this Official Statement has been provided by the City from its records, except for information expressly attributed to other sources. The presentation of information, including tables of receipts from taxes and other sources, is intended to show recent historic information, and is not intended to indicate future or continuing trends in the financial position or other affairs of the City. No representation is made that past experience, as is shown by that financial and other information, will necessarily continue or be repeated in the future.
Insofar as the statements contained in this Official Statement involve matters of opinion or estimates, even if not expressly stated as such, such statements are made as such and not as representations of fact or certainty, no representation is made that any of such statements have been or will be realized, and such statements should be regarded as suggesting independent investigation or consultation of other sources prior to the making of investment decisions. Certain information may not be current; however, attempts were made to date and document sources of information. Neither this Official Statement nor any oral or written representations by or on behalf of the City preliminary to sale of the Bonds should be regarded as part of the City's contract with the successful bidder or the holders from time to time of the Bonds.
References herein to provisions of Kentucky law, whether codified in the Kentucky Revised Statutes ("KRS") or uncodified, or to the provisions of the Kentucky Constitution or the City's ordinances or resolutions, are references to such provisions as they presently exist. Any of these provisions may from time to time be amended, repealed or supplemented.
As used in this Official Statement, "debt service" means principal of, interest and any premium on, the obligations referred to; "City" means the City of Owensboro; and "State" or "Kentucky" means the Commonwealth of Kentucky.
(ii)
TABLE OF CONTENTS
Page
INTRODUCTION...... 1 The Issuer...... 1 Sources of Payment for the Bonds ...... 1 Purpose of the Bonds...... 1 Description of the Bonds...... 1 Redemption ...... 1 Book Entry ...... 2 Tax Exemption ...... 4 Parties to the Issuance of the Bonds...... 4 Authority for Issuance...... 4 Disclosure Information...... 5 Additional Information...... 5 DESCRIPTION OF THE BONDS ...... 5 Optional Redemption ...... 5 Notice of Redemption ...... 5 Security and Source of Payment for Bonds...... 6 THE REFUNDING PLAN ...... 6 Estimated Sources and Uses of Funds...... 6 INVESTMENT CONSIDERATIONS...... 6 PROFILE OF THE CITY AND SURROUNDING AREA ...... 6 CITY GOVERNMENT ...... 6 Organization and Major Offices...... 6 Elected and Appointed Officials ...... 7 Financial Matters...... 7 Financial Management ...... 7 Financial Reports and Examinations of Accounts...... 7 Budgeting and Appropriations Procedures...... 8 Investment Policies ...... 8 Debt Limitation ...... 9 Tax Limitation...... 9 Bond Anticipation Notes...... 10 Future Borrowings of the City...... 10 LEGAL MATTERS...... 10 General Information ...... 10 Transcript and Closing Certificates...... 10 Litigation...... 11 Tax Exemption ...... 11 RATING...... 12 CONTINUING DISCLOSURE ...... 12 UNDERWRITING...... 13 FINANCIAL ADVISOR ...... 13 MISCELLANEOUS ...... 13
Appendix A: Estimated Debt Service Requirements for the Series 2006 Refunding Bonds Appendix B: City of Owensboro Demographic, Economic and Financial Data Appendix C: Daviess County, Kentucky Demographic, Economic and Financial Data Appendix D: Comprehensive Annual Financial Report of the City of Owensboro, Kentucky for the Fiscal year Ending June 30, 2005 Appendix E: Daviess County Fiscal Court Treasurers Settlement for the Fiscal Year Ending June 30, 2005 Appendix F: Statement of Indebtedness of the City Appendix G: Form of Final Approving Legal Opinion of Bond Counsel
Official Terms and Conditions of Bond Sale Official Bid Form
(iii) PRELIMINARY OFFICIAL STATEMENT
$2,550,000* CITY OF OWENSBORO, KENTUCKY GENERAL OBLIGATION PUBLIC PROJECT REFUNDING BONDS SERIES 2006 (AIRPORT REFUNDING PROJECT) Dated Date: April 1, 2006
INTRODUCTION
The purpose of this Official Statement, which includes the cover page and appendices hereto, is to provide certain information with respect to the issuance of $2,550,000* aggregate principal amount of General Obligation Public Project Refunding Bonds, Series 2006 (Airport Refunding Project) (the "Bonds") of the City of Owensboro, Kentucky (the "City") as specified on the cover hereof.
This introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of Bonds to potential investors is made only by means of the entire Official Statement.
The Issuer
The Bonds are being issued by the City of Owensboro, Kentucky, a municipal corporation and political subdivision of the State of Kentucky. The City is in Daviess County in Central Kentucky.
Sources of Payment for the Bonds
The Bonds are general obligation debt of the City. The basic security for the Bonds is the City's ability to levy an annual tax to pay the interest on and principal of the Bonds as and when the same become due and payable. (See "Security and Source of Payment for the Bonds," herein). The City has further covenanted in the Ordinance (as hereinafter defined) to deposit to the Bond Fund all amounts received by the City under a general obligation note (the “County Note”) to be issued by the County of Daviess, Kentucky (the “County”). The issuance of the County Note is subject to approval by the State Local Debt Officer of the Commonwealth of Kentucky and would, if approved, support approximately 42% of the debt service on the Bonds.
Purpose of the Bonds
The Bonds are being issued for the purpose of (i) currently refunding the outstanding principal amount of the City of Owensboro Municipal Improvement Corporation Airport Lease Revenue Bonds dated as of June 1, 1995 ("Prior Obligations") (see "The Refunding Plan" for more detail), and (ii) paying the costs of issuing the Bonds.
Description of the Bonds
The Bonds mature as indicated on the cover page hereof. The Bonds are being offered in fully registered form in denominations of $5,000 or any integral multiple thereof (within the same maturity).
Redemption
The Bonds are not subject to optional redemption prior to their stated maturities.
______Preliminary, Subject to Adjustment
1 Book Entry
Unless the successful purchaser notifies the City in writing within twenty-four hours of the award of the Bonds that it has elected (at such purchaser's expense) to take physical delivery of the Bonds, The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds and the Bonds initially will be issued solely in book-entry form to be held in the book-entry only system maintained by DTC. So long as such book-entry system is used, only DTC will receive or have the right to receive physical delivery of Bonds and, except as otherwise provided herein with respect to Beneficial Owners (as defined below) of beneficial ownership interests, Beneficial Owners will not be or be considered to be, and will not have any rights as, owners or holders of the Bonds under the Resolution.
The following information about the book-entry only system applicable to the Bonds has been supplied by DTC. Neither the City nor the Paying Agent and Registrar make any representations, warranties or guarantees with respect to its accuracy or completeness.
DTC will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond will be issued for in the aggregate principal amount of the Bonds and will be deposited with DTC.
DTC, the world's largest depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 2 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments from over 85 countries that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC, in turn, is owned by a number of Direct Participants of DTC and Members of the National Securities Clearing Corporation, Government Securities Clearing Corporation, MBS Clearing Corporation, and Emerging Markets Clearing Corporation, (NSCC, GSCC, MBSCC, and EMCC, also subsidiaries of DTCC), as well as by the New York Stock Exchange, Inc., the American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has Standard & Poor's highest rating: AAA. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.
Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
2 Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the Paying Agent and Registrar and request that copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Bonds unless authorized by a Direct Participant in accordance with DTC's Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Paying Agent and Registrar as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).
Redemption proceeds, distributions, and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Paying Agent and Registrar, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with Bonds held for the accounts of customers in bearer form or registered in "street name" and will be the responsibility of such Participant and not of DTC or its nominee, the Paying Agent and Registrar or the City, subject to any statutory or regulatory requirements as may be in effect from time to tune. Payment of redemption proceeds, distributions, and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the City or the Paying Agent and Registrar, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
A Beneficial Owner shall give notice to elect to have its Bonds purchased or tendered, through its Participant, to the Remarketing Agent and shall effect delivery of such Bonds by causing the Direct Participant to transfer the Participant's interest in the Bonds, on DTC's records, to the Remarketing Agent. The requirement for physical delivery of Bonds in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Bonds are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Bonds to the Remarketing Agent's DTC account.
The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the City believes to be reliable but neither the City nor the Paying Agent and Registrar take any responsibility for the accuracy thereof.
NEITHER THE CITY NOR THE PAYING AGENT AND REGISTRAR WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO ANY DIRECT PARTICIPANT, INDIRECT PARTICIPANT OR ANY BENEFICIAL OWNER OR ANY OTHER PERSON NOT SHOWN ON THE REGISTRATION BOOKS OF THE PAYING AGENT AND REGISTRAR AS BEING A HOLDER WITH RESPECT TO: (1) THE BONDS; (2) THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC OR ANY DIRECT PARTICIPANT OR INDIRECT PARTICIPANT; (3) THE PAYMENT BY DTC OR ANY DIRECT PARTICIPANT OR INDIRECT PARTICIPANT OF ANY AMOUNT DUE TO ANY BENEFICIAL OWNER IN RESPECT OF THE PURCHASE PRICE OF TENDERED BONDS OR THE PRINCIPAL OR REDEMPTION PRICE OF OR INTEREST ON THE BONDS; (4) THE DELIVERY BY ANY DIRECT PARTICIPANT OR INDIRECT PARTICIPANT OF ANY NOTICE TO ANY BENEFICIAL OWNER WHICH IS REQUIRED OR PERMITTED UNDER THE TERMS OF THE RESOLUTION TO BE GIVEN TO HOLDERS; (5) THE SELECTION OF THE BENEFICIAL OWNERS TO RECEIVE PAYMENT IN THE EVENT OF ANY PARTIAL REDEMPTION OF THE BONDS; OR (6) ANY CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC AS HOLDER.
3 Each Beneficial Owner for whom a Direct Participant or Indirect Participant acquires an interest in the Bonds, as nominee, may desire to make arrangements with such Direct Participant or Indirect Participant to receive a credit balance in the records of such Direct Participant or Indirect Participant, to have all notices of redemption, elections to tender Bonds or other communications to or by DTC which may affect such Beneficial Owner forwarded in writing by such Direct Participant or Indirect Participant, and to have notification made of all debt service payments.
Beneficial Owners may be charged a sum sufficient to cover any tax, fee, or other governmental charge that may be imposed in relation to any transfer or exchange of their interests in the Bonds.
The City and the Paying Agent and Registrar cannot and do not give any assurances that DTC, Direct Participants, Indirect Participants or others will distribute payments of debt service on the Bonds made to DTC or its nominee as the registered owner, or any redemption or other notices, to the Beneficial Owners, or that they will do so on a timely basis, or that DTC, Direct Participants or Indirect Participants will serve and act in the manner described in this Official Statement.
DTC may determine to discontinue providing its service as securities depository with respect to the Bonds at any time by giving notice to the City and discharging its responsibilities with respect thereto under applicable law. In such event, the Resolution provides for issuance of fully registered Bonds ("Replacement Bonds") directly to the Beneficial Owners of Bonds, other than DTC or its nominee, only in the event that DTC resigns or is removed as the securities depository for the Bonds. Upon the occurrence of this event, the City and the Paying Agent and Registrar may appoint another qualified depository. If the City and the Paying Agent and Registrar fail to appoint a successor depository, the Bonds shall be withdrawn from DTC and issued in fully registered form, whereupon the City shall execute and the Paying Agent and Registrar, as authenticating agent, shall authenticate and deliver Replacement Bonds in the denomination of $5,000 or integral multiples thereof. The City will pay for all costs and expenses of printing, executing and authenticating the Replacement Bonds. Transfer and exchange of such Replacement Bonds shall be made as provided in the Resolution.
Tax Exemption
Under the laws, regulations, rulings and judicial decisions in effect as of the date hereof, interest, including original issue discount, if any, on the Bonds is excludable from gross income for Federal income tax purposes, pursuant to the Internal Revenue Code of 1986, as amended (the "Code"). Furthermore, interest on the Bonds will not be treated as a specific item of tax preference, under Section 57(a)(5) of the Code, in computing the alternative minimum tax for individuals and corporations. In rendering the opinions in this paragraph, Bond Counsel has assumed continuing compliance with certain covenants designed to meet the requirements of Section 103 of the Code. Bond Counsel expresses no other opinion as to the federal tax consequences of purchasing, holding or disposing of the Bonds. Interest on the Bonds is also exempt from income taxation and the bonds are exempt from ad valorem taxation by the Commonwealth of Kentucky and any of its political subdivisions.
The City has designated the Bonds as "qualified tax-exempt obligations" with respect to certain financial institutions under Section 265 of the Internal Revenue Code of 1986, as amended.
See Appendix G hereto for the form of the opinion Bond Counsel proposes to deliver in connection with the Bonds.
Parties to the Issuance of the Bonds
The Paying Agent and Registrar is The Bank of New York Trust Company, N.A., Cincinnati, Ohio. Legal matters incident to the issuance of the Bonds and with regard to the tax-exempt status of the interest thereon are subject to the approving legal opinion of Peck, Shaffer & Williams LLP, Covington, Kentucky, Bond Counsel. The Financial Advisor to the City is First Kentucky Securities Corporation.
Authority for Issuance
Authority for the issuance of the Bonds is provided by Sections 66.011 through 66.171 of the Kentucky Revised Statutes and an ordinance (the "Ordinance") adopted by the Board of Commissioners of the City on April 4, 2006. The Ordinance further authorizes an Interlocal Cooperation Agreement dated as of April 1, 2006 (the “Interlocal Agreement”) between the City and the County, pursuant to which the County Note would be issued. The Interlocal Agreement is subjecet to approval by the Governor’s Office for Local Development. While the City and County anticipate approval of the Interlocal Agreement, no assurance can be given that such approval will be granted, or that such approval will be obtained prior to the delivery date of the Bonds. Accordingly, in evaluating whether to purchase Bonds, prospective investors are advised to undertake an evaluation on the basis of the full faith and credit of the City, which is being pledged to the payment of the entire issue of Bonds without the County Note. 4 Disclosure Information
This Official Statement speaks only as of its date, and the information contained herein is subject to change. This Official Statement and continuing disclosure documents of the City are intended to be made available through one or more repositories. Copies of the basic documentation relating to the Bonds, including the Ordinance and the bond forms, are available from the City.
The City deems this Preliminary Official Statement to be final for the purposes of Securities and Exchange Commission Rule 15c2-12(b)(1), except for certain information on the cover page hereof, and certain pages herein which have been omitted in accordance with the Rule, and will be provided with the final official Statement.
Additional Information
Additional information concerning this Official Statement, as well as copies of the basic documentation relating to the Bonds, is available from First Kentucky Securities Corporation, Financial Advisor to the City of Owensboro, 305 Ann Street, Suite 400, Frankfort, Kentucky 40602, telephone (502) 875-4611 Attn: Stan Kramer.
DESCRIPTION OF THE BONDS
The Bonds are dated April 1, 2006 and bear interest from April 1, 2006 at the rates set forth on the cover page of this Official Statement. The Bonds are being issued as fully registered bonds in the denomination of $5,000 or any integral multiple thereof.
Interest on the Bonds is payable semi-annually on June 1 and December 1, commencing June 1, 2006.
Optional Redemption
The Bonds are not subject to optional redemption prior to their stated maturities.
Security and Source of Payment for Bonds
The Bonds are general obligations of the City and the full faith, credit and taxing power of the City is irrevocably pledged to the payment of principal of and interest on the Bonds when due.
The basic security for the general obligation debt of the City, including the Bonds, is the City's ability to levy, and its pledge to levy, an annual tax to pay the interest on and principal of the Bonds as and when the same become due and payable. The tax must be levied in sufficient amount to pay, as the same become due, the principal of and interest on the Bonds as well as the principal of and interest on all outstanding general obligation bonds and bond anticipation notes of the City. The Constitution of the State mandates the collection of a tax sufficient to pay the interest on an authorized indebtedness and the creation of a sinking fund for the payment of the principal thereof. The Ordinance levies such annual tax which shall be collected to the extent other lawfully available moneys of the City are not provided. The Ordinance also creates a sinking fund into which the proceeds of such tax or other lawfully available moneys of the City are to be deposited for payment of the interest on and principal of the Bonds and shall not be used for any other purpose. Amounts will be transferred from the sinking fund to the bond payment fund established by the Ordinance to pay the principal of, and interest on the Bonds. The City has further covenanted in the Ordinance to deposit all amounts received by the City under the County Note in such bond payment fund. Any such payments deposited to the bond payment fund for the Bonds shall constitute a credit against the amounts otherwise required to be deposited by the City into the Sinking Fund to pay the principal of, and interest on the Bonds as and when due.
Chapter 9 of the Federal Bankruptcy Code contains provisions relating to the adjustment of debts of a State's political subdivisions, public agencies and instrumentalities ("eligible entity"), such as the City. Under the Bankruptcy Code and in certain circumstances described therein, an eligible entity may be authorized to initiate Chapter 9 proceedings without prior notice to or consent of its creditors, which proceedings may result in material and adverse modification or alteration of the rights of its secured and unsecured creditors, including holders of its bonds and notes.
5 Section 66.400 of the Kentucky Revised Statutes permits a political subdivision, such as the City, for the purpose of enabling such subdivision to take advantage of the provisions of the Bankruptcy Code, and for that purpose only, to file a petition stating that the subdivision is insolvent or unable to meet its debts as they mature, and that it desires to effect a plan for the composition or readjustment of its debts, and to take such further proceedings as are set forth in the Bankruptcy Code as they relate to such subdivision. No taxing subdivision is permitted, in availing itself of the provisions of the Bankruptcy Code, to scale down, cut down or reduce the principal sum of its securities except that interest thereon may be reduced in whole or in part.
THE REFUNDING PLAN
The Bonds are being issued for the purpose of (i) currently refunding the Prior Obligations (see "INTRODUCTION - Purpose of the Bonds", herein), and (ii) paying certain costs related to the issuance of the Bonds. The Prior Obligations are to be redeemed and discharged with proceeds of the Bonds and certain other available funds on June 1, 2006.
The refunding plan is being undertaken to provide net debt service savings to the City and the County.
Estimated Sources and Uses of Funds
Sources of Funds Par Amount of Bonds Accrued Interest Prior Debt Service Reserve
Total
Uses of Funds Accrued Interest Deposit to Bond Fund for Prior Obligations Underwriter’s Discount Costs of Issuance
Total
INVESTMENT CONSIDERATIONS
The Bonds, like all obligations of state and local government, are subject to changes in value due to changes in the condition of the tax-exempt bond market and/or changes in the financial condition of the City.
Prospective purchasers of the Bonds may need to consult their own tax advisors prior to any purchase of the Bonds as to the impact of the Internal Revenue Code of 1986, as amended, upon their acquisition, holding or disposition of the Bonds.
It is possible under certain market conditions, or if the financial condition of the City should change, that the market price of the Bonds could be adversely affected.
With regard to the risk involved in a lowering of the City's bond rating, see "RATINGS" herein. With regard to creditors' rights, see "SECURITY AND SOURCE OF PAYMENT FOR BONDS" herein.
PROFILE OF THE CITY AND SURROUNDING AREA
Demographic, economic and financial information with respect to the City, the County and the surrounding area is set forth in Appendices B through F hereto.
CITY GOVERNMENT
Organization and Major Offices
The City operates pursuant to the general statutes of the Commonwealth of Kentucky governing municipalities.
6 Elected and Appointed Officials
The City operates under a City Manager form of government. The Owensboro Board of Commissioners (the "Board") is made up of a Mayor and four Commissioners elected at large by the citizens on a non-partisan ballot. The Mayor is elected for a four-year term and Commissioners for a two-year term. The Mayor and Commissioners have equal voting power.
The Board sets the policies that govern the City. It appoints advisory citizen groups that help in the decision making process. The City Manager is hired by the Board and is responsible for the day-to-day operations of the City’s employees. The department managers are responsible for their various departments and report to the City Manager.
Financial Matters
The Finance Director is the chief fiscal officer of the City, and is appointed by and serves at the pleasure of the Board. The Finance Director is responsible for the accounting, collection, custody and disbursement of the funds of the City.
The City's fiscal year commences July 1 and ends the following June 30.
The administrative functions of the City are performed by or under the supervision of the following:
1. Establishment of overall financial policy, the Board.
2. Planning and development, the Mayor and Manager.
3. Assessment of real and personal property, the Daviess County Property Valuation Administrator.
4. Financial control functions, the Manager and the Finance Director.
5. Inspection and supervision of the accounts and reports of the City as required by law, by the Auditor of Public Accountants and by independent certified public accountants.
Financial Management
The Board is responsible for appropriating the funds used to support the various City activities. The Board exercises its legislative powers by budgeting, appropriating, levying taxes, issuing bonds and notes, and letting contracts for public works and services to provide this financial management.
Financial Reports and Examinations of Accounts
Each city in the State is required to keep its accounting records and render financial reports in such a way as to: (a) determine compliance with statutory provisions; (b) determine fairly and with full disclosure the financial operations of consistent funds and account groups of the city in conformity with generally accepted governmental accounting principles; and (c) readily provide such financial data as may be required by the federal revenue sharing program.
Municipal accounting systems are required to be organized and operated on a fund basis. The City maintains its accounts and other fiscal records on an appropriation and modified accrual basis in accordance with the procedures established and prescribed by the Kentucky Department for Local Government.
As required by law, financial reports are prepared annually by the City and filed with the Kentucky Department of Local Government. Audits are required to be completed by the February 1st immediately following the fiscal year being audited.
The accounting procedures prescribed by the Kentucky Department of Local Government are generally applicable to all cities in Kentucky and may be different from generally accepted government accounting principles as presented and recommended in the National Council on Governmental Accounting publication "Governmental Accounting Auditing and Financial Reporting," and the Industry Audit Guide of the American Institute of Certified Public Accountants, entitled "Audits of State and Local Governmental Units." Those publications, among other things, provide for a modified accrual basis of accounting for the general fund, all special revenue funds and the debt service fund, and for a full accrual basis of accounting for all other funds, and further provide for the preparation for each fund of balance sheets, statements of revenues and expenditures, and statements showing changes in fund balances.
7 Budgeting and Appropriations Procedures
Detailed provisions for City budgeting, tax levies and appropriations are made in the Kentucky Revised Statutes. Cities are required to operate under an annual budget ordinance and no City may expend any moneys from a governmental or proprietary fund except in accordance with such budget. A budget proposal must be submitted to the City's legislative body no later than 30 days prior to the beginning of the fiscal year covered by the budget. No budget ordinance may be adopted which provides for appropriations to exceed revenues in a fiscal year. The full amount estimated to be required for debt service during the budget year must be appropriated.
Investment Policies
Section 66.480 of the Kentucky Revised Statutes sets forth the requirements and limitations for investments of the state's political subdivisions, including the City. Under that Section, the City must adopt an investment policy and may invest its funds only in the classifications of obligations which are eligible for investment, which are as follows:
(a) Obligations of the United States and of its agencies and instrumentalities, including obligations subject to repurchase agreements, if delivery of these obligations subject to repurchase agreements is taken either directly or through an authorized custodian. These investments may be accomplished through repurchase agreements reached with sources including, but not limited to, national or state banks chartered in Kentucky;
(b) Obligations and contracts for future delivery or purchase of obligations backed by the full faith and credit of the United States or a United States governmental agency, including but not limited to:
1. United States Treasury; 2. Export-Import Bank of the United States; 3. Farmers Home Administration; 4. Governmental National Mortgage corporation; and 5. Merchant Marine bonds;
(c) Obligations of any corporation of the United States government, including but not limited to:
1. Federal Home Loan Mortgage Corporation; 2. Federal Farm Credit Banks; 3. Bank for Cooperatives; 4. Federal Intermediate Credit Banks; 5. Federal Land Banks; 6. Federal Home Loan Banks; 7. Federal National Mortgage Association; and 8. Tennessee Valley Authority;
(d) Certificates of deposit issued by or other interest-bearing accounts of any bank or savings and loan institution which are insured by the Federal Deposit Insurance Corporation or similar entity or which are collateralized, to the extent uninsured, by any obligations permitted by KRS 41.240(d);
(e) Uncollateralized certificates of deposit issued by any bank or savings and loan institutions rated in one (1) of the three (3) highest categories by a nationally recognized rating agency;
(f) Bankers' acceptances for banks rated in one (1) of the three (3) highest categories by a nationally recognized rating agency;
(g) Commercial paper rated in the highest category by a nationally recognized rating agency;
(h) Bonds or certificates of indebtedness of this state and of its agencies and instrumentalities;
(i) Securities issued by a state or local government, or any instrumentality of agency thereof, in the United States, and rated in one (1) of the three highest categories by a nationally recognized rating agency; and
(j) Shares of mutual funds, each of which shall have the following characteristics;
8 1. The mutual fund shall be an open-end diversified investment company registered under the Federal Investment Company Act of 1940, as amended;
2. The management company of the investment company shall have been in operation for at least five (5) years; and
3. All of the securities in the mutual fund shall be eligible investments pursuant to this section.
Debt Limitation
Kentucky Constitution Section 158 provides that cities shall not incur indebtedness to an amount exceeding the following maximum percentages on the value of the taxable property therein, to be estimated by the last assessment previous to the incurring of the indebtedness:
(a) Cities having a population of fifteen thousand (15,000) or more, ten percent (10%);
(b) Cities having a population of less than fifteen thousand (15,000) but not less than three thousand, five percent (5%); and
(c) Cities having a population of less than three thousand (3,000), three percent (3%).
Nothing shall prevent the issue of renewal bonds, or bonds to fund the floating indebtedness of any city, county, or taxing district. Subject to the limits and conditions set forth in that section and elsewhere in the Constitution, the General Assembly has the power to establish additional limits on indebtedness and conditions under which debt may be incurred by cities.
KRS 66.041 provides the same limitations as are set forth in the Constitution except that the limitations apply to "net indebtedness". In calculating "net indebtedness," KRS 66.031 provides that certain obligations of a municipality are not to be considered in the calculation, including self-supporting obligations, revenue bonds, and special assessment debt. (For a complete list of exempt debt see the Statement of Indebtedness attached as Appendix D.)
Other infrequently-issued types of obligations are also excluded from the calculation of net indebtedness. The City has no such obligations outstanding. Notes issued in anticipation of bonds excluded from the calculation of net indebtedness are also excluded from such calculation.
Appendix F of this Official Statement is a Statement of Indebtedness for the City, certified by the City, calculating the amount of the outstanding obligations of the City (including the Bonds) which are subject to the total direct debt limit (10% limit). The total principal amount of general obligation debt that could be issued by the City, subject to the 10% total direct debt limitation is $238,860,762 and the City's net debt subject to such limitation presently outstanding (including the Bonds) is $25,401,113 leaving a balance of approximately $213,459,649 borrowing capacity issuable within such limitation.
However, as described below, the City's ability to incur debt in these amounts is restricted by tax limitations. In the case of general obligation debt, both the debt limitations and tax limitations must be met.
Tax Limitation
The Kentucky Constitution Section 157 also indirectly imposes a debt limitation on general obligation indebtedness of Cities by limiting the tax rates cities may impose upon the value of taxable property, as follows:
(a) cities having a population of fifteen thousand or more, one dollar and fifty cents on each hundred dollars of assessed value;
(b) cities having a population of less than fifteen thousand and not less than ten thousand, one dollar on each hundred dollars of assessed value; and
(c) cities having a population of less than ten thousand, seventy-five cents on the hundred dollars.
9 Section 159 of the Kentucky Constitution requires the collection of an annual tax sufficient to pay the interest on contracted indebtedness and to retire indebtedness over a period not exceeding forty years. The two constitutional provisions operate as a limit on general obligation debt. Because the indirect debt limit results from tax limitations and the requirement to levy taxes to pay debt charges, it has application only to debts which are payable from taxes either initially or in the event other pledged non-tax revenues prove to be insufficient. It does not have any application where the type of debt being issued does not pledge the credit of the municipality or when the debt is payable solely out of the revenues of non-tax sources, such as utility income.
Appendix F of this Official Statement contains a Statement of Indebtedness, certified by the City, setting forth the property tax rate currently levied by the City (.2580) and certifying that the issuance of the Bonds will not cause such rate to increase to an amount which would exceed the maximum permissible rate.
Bond Anticipation Notes
Under Kentucky law, notes, including renewal notes, issued in anticipation of general obligation bonds may be issued from time to time upon the same terms and conditions as bonds except that notes may be sold by private negotiated sale in a manner determined or authorized by the legislative authority.
The ability of the City to retire bond anticipation notes from the proceeds of the sale of either renewal notes or bonds will be dependent upon the marketability of such renewal notes or bonds under market conditions then prevailing.
Future Borrowings of the City
From time to time public interest groups approach the City with proposals for the financing of various projects. At the present time, the City has not made any determinations to finance additional projects, although the City regularly reviews and considers public projects for future funding that may be in the best interests of the residents of the City.
LEGAL MATTERS
General Information
Legal matters incident to the issuance of the Bonds and with regard to the tax-exempt status thereof are subject to the approving legal opinion of Peck, Shaffer & Williams LLP, Bond Counsel. Upon delivery of the Bonds of the City to the successful bidder therefor, the Bonds will be accompanied by an approving opinion dated the date of such delivery, rendered by Peck, Shaffer & Williams LLP. A draft of such legal opinion for the Bonds is attached as Appendix E.
Said firm as Bond Counsel has performed certain functions to assist the City in the preparation by the City of its Official Statement. However, said firm assumes no responsibility for, and will express no opinion regarding the accuracy or completeness of this Official Statement or any other information relating to the City or the Bonds that may be made available by the City or others to the bidders or holders of the Bonds or others.
The engagement of said firm as Bond Counsel is limited to the preparation of certain of the documents contained in the transcript of proceedings with regard to the Bonds, and an examination of such transcript proceedings incident to rendering its legal opinion. In its capacity as Bond Counsel, said firm has reviewed the information in this Official Statement under Sections entitled "General Information" as to legal matters, "Authority for Issuance", "Security and Source of Payment for Bonds", "Debt Limitation", "Tax Limitation" and "Tax Exemption", which review did not include any independent verification of financial statements and statistical data included therein, if any.
Transcript and Closing Certificates
A complete transcript of proceedings, a no-litigation certificate and other appropriate closing documents will be delivered by the City when the Bonds are delivered to the original purchaser. The City will also provide to the original purchaser, at the time of such delivery, a certificate from the City's Mayor and or Clerk addressed to such purchaser relating to the accuracy and completeness of this Official Statement.
10
Litigation
To the knowledge of the City, no litigation or administrative action or proceeding is pending or threatened directly affecting the Bonds, the security for the Bonds or the improvements being refinanced from the proceeds of the Bonds. A No-Litigation Certificate to that effect will be delivered to the purchaser at the time of the delivery of the Bonds.
Tax Exemption
In the opinion of Bond Counsel for the Bonds, based upon an analysis of existing laws, regulations, rulings and court decisions, interest on the Bonds is excludable from gross income for Federal income tax purposes. Bond Counsel for the Bonds is also of the opinion that interest on the Bonds is not a specific item of tax preference under Section 57 of the Internal Revenue Code of 1986 (the "Code") for purposes of the Federal individual or corporate alternative minimum taxes. Furthermore, Bond Counsel for the Bonds is of the opinion that interest on the Bonds is exempt from taxation, including personal income taxation, by the Commonwealth of Kentucky and its political subdivisions.
A copy of the opinion of Bond Counsel for the Bonds is set forth in Appendix G, attached hereto.
The Code imposes various restrictions, conditions, and requirements relating to the exclusion from gross income for Federal income tax purposes of interest on obligations such as the Bonds. The Issuer has covenanted to comply with certain restrictions designed to ensure that interest on the related issues of Bonds will not be includable in gross income for Federal income tax purposes. Failure to comply with these covenants could result in interest on the Bonds being includable in income for Federal income tax purposes and such inclusion could be required retroactively to the date of issuance of the Bonds. The opinion of Bond Counsel assumes compliance with these covenants. However, Bond Counsel has not undertaken to determine (or to inform any person) whether any actions taken (or not taken) or events occurring (or not occurring) after the date of issuance of the Bonds may adversely affect the tax status of the interest on the Bonds.
Certain requirements and procedures contained or referred to in the Bond documents and other relevant documents may be changed and certain actions (including, without limitation, defeasance of the Bonds) may be taken or omitted under the circumstances and subject to the terms and conditions set forth in such documents. Bond Counsel expresses no opinion as to any Bonds or the interest thereon if any such change occurs or action is taken or omitted upon the advice or approval of bond counsel other than Peck, Shaffer & Williams LLP.
Although Bond Counsel for the Bonds is of the opinion that interest on the Bonds will be excludable from gross income for Federal and Kentucky income tax purposes, the ownership or disposition of, or the accrual or receipt of interest on, the Bonds may otherwise affect a Bondholder's Federal, state or local tax liabilities. The nature and extent of these other tax consequences may depend upon the particular tax status of the Bondholder or the Bondholder's other items of income or deduction. Bond Counsel expresses no opinions regarding any tax consequences other than what is set forth in its opinion and each Bondholder or potential Bondholder is urged to consult with tax counsel with respect to the effects of purchasing, holding or disposing the Bonds on the tax liabilities of the individual or entity.
For example, although Bond Counsel for the Bonds is of the opinion that interest on the Bonds will not be a specific item of tax preference for the alternative minimum tax, corporations are required to include all tax-exempt interest in determining "adjusted current earnings" under Section 56(c) of the Code, which may increase the amount of any alternative minimum tax owed. Receipt of tax-exempt interest, ownership or disposition of the Bonds may result in other collateral Federal, state or local tax consequence for certain taxpayers, including, without limitation, increasing the federal tax liability of certain foreign corporations subject to the branch profits tax imposed by Section 884 of the Code, increasing the federal tax liability of certain insurance companies under Section 832 of the Code, increasing the federal tax liability and affecting the status of certain S Corporations subject to Sections 1362 and 1375 of the Code, increasing the federal tax liability of certain individual recipients of Social Security or Railroad Retirement benefits under Section 86 of the Code and limiting the use of the Earned Income Credit under Section 32 of the Code that might otherwise be available. Ownership of any Bonds may also result in the limitation of interest and certain other deductions for financial institutions and certain other taxpayers, pursuant to Section 265 of the Code. Finally, residence of the holder of Bonds in a state other than Kentucky or being subject to tax in a state other than Kentucky, may result in income or other tax liabilities being imposed by such states or their political subdivisions based on the interest or other income from the Bonds.
The City has designated the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265 of the Code.
11 RATING
As noted on the cover page of this Official Statement, Moody’s Investor’s Service ("Moody’s") has assigned its municipal bond rating of "__", to this issue of Bonds.
Such rating reflects only the view of said organization. Any explanation of the significance of such rating may only be obtained from Moody’s, at the following address: Moody’s Investors Service, 99 Church Street, New York, New York 10007.
There can be no assurance that a rating when assigned will continue for any given period of time or that it will not be lowered or withdrawn entirely by the rating agency if in its judgment circumstances so warrant. Any such downward change in or withdrawal of a rating may have an adverse effect on the marketability and/or market price of the Bonds.
The City presently expects to furnish such rating agency with information and material that it may request on future general obligation bond issues. However, the City assumes no obligation to furnish requested information and materials, and may issue debt for which a rating is not requested. Failure to furnish requested information and materials, or the issuance of debt for which a rating is not requested, may result in the suspension or withdrawal of the rating agency's ratings on outstanding general obligation bonds.
CONTINUING DISCLOSURE
In accordance with the Securities and Exchange Commission Rule 15c2-12 (the "Rule") and so long as the Bonds are outstanding the City of Owensboro (the "Obligated Person") will agree pursuant to a Continuing Disclosure Agreement dated as of April 1, 2006 between the City and The Bank of New York Trust Company, N.A., Cincinnati, Ohio, to be delivered on the date of delivery of the Bonds, to cause the following information to be provided:
(i) to each nationally recognized municipal securities information repository ("NRMSIR") and, if one is established for the Commonwealth, to its state information depository ("SID"), certain annual financial information and operating data, including audited financial statements prepared in accordance with generally accepted accounting principles as applied to governmental units, generally consistent with the information contained in "Appendix A" and "Appendix C" of the Official Statement ("Financial Data"); such information shall be provided within 210 days after the end of the fiscal year ending June 30, commencing with the fiscal year ending June 30, 2006; provided that the audited financial statements may not be available by such date, but will be made available immediately upon delivery thereof by the auditors for the Obligated Person;
(ii) to each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB") and to the SID, if any, notice of the occurrence of the following events, if material, with respect to the Bonds:
(a) Principal and interest payment delinquencies; (b) Non-payment related defaults; (c) Unscheduled draws on debt service reserves reflecting financial difficulties; (d) Unscheduled draws on credit enhancements reflecting financial difficulties; (e) Substitution of credit or liquidity providers, or their failure to perform; (f) Adverse tax opinions or events affecting the tax-exempt status of the security; (g) Modifications to rights of security holders; (h) Bond calls, except for mandatory scheduled redemptions not otherwise contingent upon the occurrence of an event; (i) Defeasances; (j) Release, substitution or sale of property securing repayment of the securities; (k) Rating changes; and (l) The cure of any payment or nonpayment related default.
(iii) in a timely manner, to each NRMSIR or to the MSRB and to the SID, notice of a failure (of which the Obligated Person to provide the required Annual Financial Information on or before the date specified in the Disclosure Agreement.
12 The Continuing Disclosure Agreement provides bondholders with certain enforcement rights in the event of a failure by the Obligated Person to comply with the terms thereof; however, a default under the Continuing Disclosure Agreement does not constitute a default under the Bond Legislation. The Continuing Disclosure Agreement may be amended or terminated under certain circumstances in accordance with the Rule as more fully described therein. Bondholders are advised that the Continuing Disclosure Agreement copies of which are available at the office of the Obligated Party should be read in its entirety for more complete information regarding its contents.
For purposes of this transaction with respect to events as set forth in the Rule:
(a) there are no debt service reserve funds applicable to the Bonds; (b) there are no liquidity providers applicable to the Bonds; and (c) there is no property securing the repayment of the Bonds.
The City has entered into numerous disclosure agreements under the Rule. To the best of the City’s knowledge, the City is in compliance with the continuing disclosure undertaking contained in such existing agreements.
UNDERWRITING
The Bonds are being purchased for reoffering by ______(the "Underwriter"). The Underwriter has agreed to purchase the Bonds at an aggregate purchase price of $______(reflecting the par amount of the Bonds, less original issue discount of $______, less underwriter's discount of $______, plus accrued interest of $______). The initial public offering prices which produce the yields set forth on the cover page of this Official Statement may be changed by the Underwriter and the Underwriter may offer and sell the Bonds to certain dealers (including dealers depositing Bonds into investment trusts) and others at prices lower than the offering prices which produce the yields set forth on the cover page.
FINANCIAL ADVISOR
The Bonds will be sold by the solicitation and receipt of competitive bids. First Kentucky Securities Corporation, Frankfort, Kentucky, Financial Advisor to the City, has requested and received permission and approval of the City to bid, either alone or in conjunction with others, on the Bonds. The Financial Advisor has expressed its intent to so bid.
First Kentucky Securities Corporation will receive a fee, subject to sale and delivery of the Bonds, for its advisory services. Said fee is separate from and in addition to compensation received, if any, for underwriting of the Bonds.
MISCELLANEOUS
To the extent any statements made in this Official Statement involve matters of opinion or estimates, whether or not expressly stated to be such, such statements are made as such and not as representations of fact or certainty, and no representation is made that any of such statements will be realized. Information herein has been derived by the City from official and other sources and is believed by the City to be reliable, but such information other than that obtained from official records of the City has not been independently confirmed or verified by the City and its accuracy is not guaranteed. Neither this Official Statement nor any statement which may have been made orally or in writing is to be construed as a contract with the holders of the Bonds.
This Official Statement has been duly executed and delivered for and on behalf of the City of Owensboro, Kentucky, by its Mayor.
CITY OF OWENSBORO, KENTUCKY
By: /s/Tom Watson Mayor
13
APPENDIX A
Estimated Debt Service Requirements for the Series 2006 Refunding Bonds
CITY OF OWENSBORO, KENTUCKY GENERAL OBLIGATION PUBLIC PROJECT REFUNDING BONDS SERIES 2006 (AIRPORT REFUNDING PROJECT)
Estimated Debt Service Requirements
Principal Fiscal Maturity and Interest Year Date Principal Interest Total Total
06/01/2006 $215,000 15,427.92 230,427.92 $230,427.92 12/01/2006 42,790.00 42,790.00 06/01/2007 225,000 42,790.00 267,790.00 310,580.00 12/01/2007 39,133.75 39,133.75 06/01/2008 230,000 39,133.75 269,133.75 308,267.50 12/01/2008 35,223.75 35,223.75 06/01/2009 240,000 35,223.75 275,223.75 310,447.50 12/01/2009 31,023.75 31,023.75 06/01/2010 250,000 31,023.75 281,023.75 312,047.50 12/01/2010 26,586.25 26,586.25 06/01/2011 260,000 26,586.25 286,586.25 313,172.50 12/01/2011 21,841.25 21,841.25 06/01/2012 265,000 21,841.25 286,841.25 308,682.50 12/01/2012 16,872.50 16,872.50 06/01/2013 280,000 16,872.50 296,872.50 313,745.00 12/01/2013 11,482.50 11,482.50 06/01/2014 285,000 11,482.50 296,482.50 307,965.00 12/01/2014 5,925.00 5,925.00 06/01/2015 300,000 5,925.00 305,925.00 311,850.00
Totals $2,550,000 $477,185.42 $3,027,185.42
______Source: Fiscal Agent
A-1
APPENDIX B
City of Owensboro Demographic, Economic and Financial Data
General Information
Owensboro, originally known as “Yellowbanks” in reference to the color of the soil along the Ohio River banks, was first settled in 1797. By 1810, David Morton had opened a general store and population of the settlement grew to 100 by 1815. An 1817 Act of the Kentucky Legislature incorporated the town as “Owensborough”, later shortened to “Owensboro”.
The Owensboro area has grown steadily, while retaining the “small town quality” of a friendly city of warm-hearted and hospitable people. Owensboro ranks as Kentucky’s third largest city in terms of population and is the industrial and cultural capital of western Kentucky.
Location
Owensboro is the county seat of Daviess County, Kentucky, and lies on the southern banks of the mighty Ohio River, one of the nation’s major waterways, in the western Kentucky coal field region. Owensboro is located 32 miles southeast of Evansville, Indiana, 123 miles north of Nashville, Tennessee, and 109 miles southwest of Louisville, Kentucky. A bridge from Owensboro into southern Indiana affords a direct route to Interstate 64 in Indiana, providing a link from St. Louis to Louisville.
Owensboro is known as “a city of festivals”. Each year, the world-famous International Bar-B-Q Festival and the Summer Festival draw thousands of spectators and participants from across the country and around the world.
Owensboro enjoys the luxury of a diverse economic base. As an example, more than 47,000 people earn their living in Daviess County, but the county’s 10 largest private companies are responsible for less than 15% of the total employment.
Work has begun on a new four-lane bridge from Owensboro across the Ohio River into southern Indiana. The new span will cost more than $100 million and be a direct route to I-64 in Indiana, which provides a link from St. Louis to Louisville.
Owensboro-Daviess County is fortunate to own over 500 acres that are available as industrial sites. The acres are located in diversified areas to suit many needs. The MidAmerica Airpark is a 450-acre industrial park adjacent to the Owensboro-Daviess County Regional Airport. Pleasant Valley Industrial Center, a 145-acre site, is located on the east side of Owensboro. The Owensboro Riverport Authority has 65 acres available, and offers access to both rail and the Ohio River.
Industry and Economic Development
The Owensboro area has emerged as an industrial hub of western Kentucky, attracting major manufacturing and processors in aluminum, distilling, coal mining, steel and natural gas transmission corporations. Locally produced commodities include electrical products, chewing tobacco, paper products, tubes, office furniture, wire, plastic, small electric motors, spaghetti sauce, truck frames, and many others.
The City is active in promoting economic development, as new developmental job growth is necessary to ensure the continued stability of the City’s revenue base. Economic indicators and trends reflect stabilization in the area’s economy compared to the previous year. As of April 2005, area employment averaged approximately 42,715. The April 1, 2005, unemployment rate was 5.21%, approximately the same as both state and national rates. Active electric and water meters showed growth for the year. Construction of single-family units was 15 units lower than last year because tornado damage had lifted the numbers for the past 3 years.
An aggressive annexation policy is being pursued to insure continued growth and development for the City of Owensboro. Much of the City’s long-term growth potential lies in the Carter Road/Airport Corridor, anchored by the 400- acre Mid-America Airpark. The City has coordinated with the Greater Owensboro Economic Development Corporation to complete Mid-America AirPark, which includes AirPark, Tamarack, and Unifirst Drives. The Mid-America AirPark is a valuable tool for attracting new industry to Owensboro. The overall outlook for the area’s economy continues to remain bright.
B-1
Total Population 2000 2001 2002 2003 2004 Labor Market Area 467,165 467,615 469,162 471,005 474,067
Daviess County 91,545 91,793 91,694 92,540 92,587
Owensboro 54,067 54,338 54,418 54,417 54,900
Source: U.S. Department of Commerce, Bureau of the Census.
Population Projections 2005 2010 2015 2020 Labor Market Area 471,947 480,049 490,378 499,418
Daviess County 92,754 94,567 97,166 99,438
Source: Kentucky State Data Center, University of Louisville and Kentucky Cabinet for Economic Development
Summary of Recent Locations and Expansions, 2003-Present Reported Companies Jobs Investment Manufacturing Location 1 47 $4,817,000
Manufacturing Expansion 21 373-444 $86,508,746
Supportive/Service Location 1 98 $1,700,000
Supportive/Service Expansion 7 268-283 $25,789,740
Source: Kentucky Cabinet for Economic Development (01/31/2006).
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B-2
Major Business & Industry Year
Firm Product(s)/Service(s) Emp. Established Owensboro Audubon Area Community Social Services Agency 488 NA Services Whiskey, gin, vodka, wines, brandy & cocktail Barton Brands Ltd 194 1869 bottling
BellSouth Telecommunications National directory call center (1+411) 200 1997
Dana Corporation Steel pickup truck frames (Tundra and Sequoia) 340 1997
Automotive deepcycle & Industrial battery Daramic Inc 229 1959 separators
DBM Technologies Inc Plastic blow molded automotive parts 200 1974
HON Co Wooden office chairs 260 1945
Hunter Douglas Inc Window coverings and components 160 1981
Kimberly-Clark Corp Tissue paper & towels 363 NA
Commercial tubes & components, microwave & MPD Inc police radar equipment, breath analyzers, 265 1987 ceramics & ceramic to metal seals
Omico Plastics Inc Blow molded plastic parts 200 1964
Southern Star Central Gas Pipeline Headquarters 448 2002 Inc Specialty Foods Field Packing Processed meat products 600 1915 Division
Swedish Match North America Smokeless tobacco products 356 1973
Texas Gas Co Headquarters, pipeline co. 400 1960
Toyotetsu Mid America LLC Stamped and welded metal automotive parts 561 2002
Unifirst Uniform distribution 327 1998
Unilever Foods North America Pasta and simmer sauces 393 1974
Loan processing and underwriting service center, US Bank Home Mortgage 685 1992 loan servicing center Ready-mixed concrete, crushed limestone, sand Yager Materials LLC 192 1917 & gravel Source: Kentucky Cabinet for Economic Development (01/31/2006).
B-3
Tax Base Information
Real Total Tangible Estate Tangible Assessed Year Real Estate Personal (1) Franchise Franchise Value 04/05 $2,028,537,916 $232,560,600 $43,075,632 $84,433,475 $2,388,607,623 03/04 1,907,097,401 225,651,953 32,854,639 69,256,167 2,234,860,160 02/03 1,858,072,636 259,602,395 27,756,258 74,396,746 2,219,828,035 01/02 1,813,449,766 269,369,280 23,704,177 74,755,573 2,181,278,796 00/01 1,703,101,329 245,253,177 25,969,097 71,182,692 2,045,506,295
(1) Includes Motor Vehicles and Watercraft.
Assessment Rates (per $100.00 assessed valuation)
Real Tangible Estate Tangible Motor Year Real Estate Personal Franchise Franchise Vehicles Watercraft 04/05 .2580 .3091 .2586 .3091 .3030 .3030 03/04 .2612 .2946 .2612 .2946 .3030 .3030 02/03 .2541 .2541 .2541 .2541 .3030 .3030 01/02 .2472 .2472 .2472 .2472 .3030 .3030 00/01 .2472 .2472 .2472 .2472 .3030 .3030
Tax Collections
Total Net to Year Charges City 04/05 $7,492,747 $7,396,847 03/04 7,137,309 7,024,928 02/03 6,752,239 6,598,792 01/02 6,526,834 6,378,460 00/01 6,113,868 5,909,143
Largest City Principal Taxpayers (for year ended 6/30/05)
Name Assessment BellSouth Telecommunications $31,726,392 Towne Square Development 26,021,000 Texas Gas Transmission 24,857,306 Western Kentucky Gas 21,721,771 Adelphia Cable 21,512,700 Unifirst Corporation 19,633,298 Dana Corporation 16,710,948 Field Packing Company 16,617,599 Barton Brands 16,320,837 BB & T 14,273,806 ______Source: City of Owensboro
B-4
APPENDIX C
Daviess County, Kentucky Demographic, Economic and Financial Data
See Appendix B for demographic and economic information for Daviess County.
Tax Base Information
Real Total Tangible Estate Tangible Assessed Year Real Estate Personal (1) Franchise Franchise Value 04/05 $3,505,506,637 $391,566,729 $68,232,123 $169,708,323 $4,135,013,812 03/04 3,296,006,792 391,848,611 62,274,164 209,283,202 3,959,412,769 02/03 3,193,890,266 429,394,747 56,294,685 197,857,519 3,877,437,217 01/02 3,091,038,272 411,676,299 55,194,591 181,812,271 3,739,721,433 00/01 2,936,985,454 389,553,996 53,825,239 165,455,193 3,545,819,882
(1) Includes Motor Vehicles and Watercraft.
Assessment Rates (per $100.00 assessed valuation)
Real Tangible Estate Tangible Motor Year Real Estate Personal Franchise Franchise Vehicles Watercraft 04/05 .1340 .1638 .1340 .1638 .1700 .1700 03/04 .1300 .1638 .1300 .1638 .1700 .1700 02/03 .1280 .1470 .1280 .1470 .1700 .1700 01/02 .1280 .1470 .1280 .1470 .1700 .1700 00/01 .1280 .1470 .1280 .1470 .1700 .1700
Tax Collections
Total Net to Year Charges County 04/05 $6,204,079 $5,749,444 03/04 5,867,406 5,348,615 02/03 5,589,308 5,109,745 01/02 5,388,376 4,940,344 00/01 5,039,290 4,659,562
Largest County Principal Taxpayers
Name Assessment Thomas J Lipton Inc $49,734,556 Toyotetsu Mid America LLC 47,871,804 Dart Polymers 45,690,646 Daramic Inc 37,427,393 Pinkerton Tobacco 33,162,299 Kimberly Clark Corporation 27,697,202 Swedish Match Leaf Tobacco 26,741,162 Towne Square Mall LLC 25,471,000 Diversified Healthcare 20,935,919 Premium Allied Tool 20,288,375 : ______Source: Daviess County
C-1
APPENDIX D
Comprehensive Annual Financial Report of the City of Owensboro, Kentucky For the Fiscal Year Ending June 30, 2005
APPENDIX E
Daviess County Fiscal Court Treasurers Settlement For the Fiscal Year Ending June 30, 2005 COUNTY COUNTY COMMISSIONERS JUDGE/EXECUTIVE Reid Haire Bruce Kunze COUNTY Daviess County Central Division ATTORNEY Robert M . Kirtley Jim Lambert East Division COUNTY TREASURER Anthony D . Soot CPA Fiscal Court Mike Riney West Division
Treasurers Settlement June 30, 2005 TABLE OF CONTENTS
Treasurers Report I
Daviess County Officials and Administrative Staff 2
Statement of Assets, Liabilities, and Fund Balances Arising from Cash Transactions 3-4
Statement of Cash Receipts, Cash Disbursements, and Changes in Cash Balances 5
Additional Information:
Schedule A - Schedule of Budgeted to Actual 6 Operating Revenue
Schedule B - Schedule of Operating Revenue 7-8
Schedule C - Comparative Schedule of Budgeted to Actual Operating Expenditures - General Fund 9-18 - Road And Bridge Fund 18-19 - Jail Fund 20-21 - LGEA Fund 21 - Solid Waste Fund 21-24 - Health Insurance Fund 24
Schedule C - Schedule of Liabilities 25 Daviess County Fiscal Court COUNTY COMMISSIONERS Daviess County Courthouse COUNTY JUDGE/EXECUTIVE Bruce Kunze - Central Division R O . Box 1716 Reid Haire Jim Lambert - East Division Owensboro, Kentucky 42302-1716 : (270) 685-8424 Mike Riney - West Division COUNTY ATTORNEY Telephone Robert M . Kirtley Fax : (270) 685-8469 w ww.daviessky.org
To the People of Daviess County Honorable Reid Haire County Judge/Executive Members of the Daviess County Fiscal Court
In accordance with KRS 424 .220, I have compiled the accompanying statement of assets, liabilities and fund balances arising from cash transactions, as of June 30, 2005 and the related statement of cash receipts, cash disbursements, and changes in cash balances for the year then ended . I have also compiled supplementary schedules reflecting actual revenues and expenditures itemized by account and comparison to the budget .
The financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the cash basis of accounting and the laws of Kentucky, which is a comprehensive basis of accounting other than generally accepted accounting principles . Consequently, certain revenues and the related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when a liability is incurred . Accordingly, the accompanying financial statements are not intended to present financial position and results of operations in conformity with generally accepted accounting principles.
I confer with these balances and believe them to be true and correct to the best of my knowledge and belief .
Details of every transaction made during the period is available in the Treasurers Office, Monday through Friday, during normal work hours, in room 202, Courthouse, 212 St Ann Street, Owensboro, KY .
Submitted to the Daviess County Fiscal Court this the 4" day of August, 2005 .
Respectfully yours,
Anthony D . Sook, CPA Daviess County Treasurer
August 4, 2005
AN EQUAL OPPORTUNITY EMPLOYER
DAVIESS COUNTY OFFICIALS
Daviess County Judge/Executive Reid Haire
County Commissioner - East Jim Lambert
County Commissioner - West Mike Riney
County Commissioner - Central Bruce Kunze
County Attorney Robert Kirtley
Jailer David Osborne
Coroner Bob Howe
County Clerk Michael Libs
Sheriff Keith Cain
Administrative Staff
Assistant County Administrator Steve Johnson
Project Manager Nate Pagan
Fiscal Court Clerk Jennifer Warren
Executive Assistant Mary Moss
Administrative Assistant Patti Ogles
County Treasurer Anthony D. Sook, CPA
Asst.Treasurer/Human Resources Manager Marsha Hardesty
Human Resources/Co Attorney Asst Jennifer Hardesty
Purchasing Manager Dale Boyle
Accounts Payable Manager Willa Ratliff
Billings and Receivables Robin Johnson DAVIESS COUNTY FISCAL COURT STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCES ARISING FROM CASH TRANSACTIONS
JUNE 30, 2005
ASSETS AND OTHER RESOURCES
Assets:
General Fund : Cash and cash equivalents - Unrestricted $6,203,157 Cash and cash equivalents - Restricted $2,772,799 Road Fund : Cash and cash equivalents $141,272 Jail Fund : Cash and cash equivalents $383,958 Local Government Economic Assistance Fund : Cash and cash equivalents $226,167 Solid Waste Fund : Cash and cash equivalents - Operating $950,850 Cash and cash equivalents - Debt Service $34,214 Cash and cash equivalents-Closure/Post-Closure $3,991,527 Cash and cash equivalents-Construction $33,942 Health Insurance Fund Cash and cash equivalents $332,242
Total Assets $15,070,128
Other Resources:
Public Improvement Corporation Fund : Amounts to be provided in future years for bond & capital lease obligations $3,513,927 General Obligation : Amounts to be provided in future years for bond & capital lease obligations $13,120,000
Total Other Resources $16,633,927
Total Assets and Other Resources $31,704,055
LIABILITIES AND FUND BALANCE
Liabilities
Public Improvement Corporation : Bonds not matured - Judicial Center $2,350,000 Capital Lease Obligation - Airport $1,163,927
General Obligation : Bonds not matured - Landfill $2,415,000 Bonds not matured - Tourism $2,210,000 Bonds not matured - Dot Ctr/Operations Center $8,495,000
Total Liabilities $16,633,927
3
DAVIESS COUNTY FISCAL COURT STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCES ARISING FROM CASH TRANSACTIONS
JUNE 30, 2005 Liabiltities and Fund Balance (Continued)
Fund Balances
Reserved : General Fund - ODCH Inc Proceeds $2,772,799 Solid Waste Fund - Closure/Post Closure $3,991,527 Solid Waste Fund - Debt Service $34,214 Unreserved : General Fund $6,203,157 Road Fund $141,272 Jail Fund $383,958 Local Government Economic Assistance Fund $226,167 Solid Waste Fund - Operating $950,850 Solid Waste Fund - Construction $33,942 Health Insurance Fund $332,242
Total Fund Balances $15,070,128
Total Liabilities and Fund Balance $31,704,055
4
Devisee County Summary Statement of Cash Receipts, Cash Disbursements, and Changes In Cash Balances
June 30, 2005
Solid Waste Fund Local GovL Econ . Solid Solid Solid Construction/ Health General Road Jail Assistance Waste Waste Waste Capital Insurance Cash Receipts Totals Fund Fund Fund Fund Operating Debt Sen. Clos/Post Replacement Fund
Operating Revenue $ 28,945.232 S 15 .293,993 $ 1,590,766 $ 5,598,8031 374,385 $ 4.083,848 $ 5 .320 $ 91,375 $ 1,593 $ 1,905,149 Bond Proceeds 0 Bond Proceed Revenue 0 Transfers In 2.787 .217 1,750 .000 0 332,036 405.181 300,000 Kentucky Advance Revenue Program 11,814,000 11,814,000 ODCI1Inc Proceeds 0 0
Total Cash Receipts $ 43,546,450 S 27 .107,993 $ 3 .340,766 S 5,50,803S 374,3% $ 4,083,848 $ 337,358 $ 496 .557 $ 301,593 $ 1,905.149 Cash Disbursements Budgeted Operating Expenditures s 26 .997,2% $ 12.4%,885 5 3,298.038 $ 5,134,841 $ 310,624 $ 3,313 .841 S 120,074 $ 1,1% $ 391,032 $ 1 .930,771 Transfers Out 2,787,217 1.750,000 0 1,037,217 Kentucky Advance Revenue Program 11,814,000 11 .814,000 Lease Purchase/Bond Principal 725,00 54,000 171,000 500,000 ODCH Inc Distribution 1,116.250 1 116,250
Total Cash Disbursements $ 43,439.763 S 27 .231,135 $ 3.298,038 $ 5,305,841 $ 310,624 $ 4,351,058 $ 620,074 $ 1 .190 $ 391 .032 $ 1,930,771
Excess/(Deficiency) of Cash Receipts Over Cash Disbursements $ 106,687 $ (123,142) S 42.728 $ 292,962 1 63 .761 S (267.210) $ (282 .718) $ 495 .367 $ (89.439)$ (25.621)
Cash Balance - July 1, 2004 14,9433,441 5,210,049 98,544 90,995 162,406 1,218,060 316,932 3,496,160 123,382 357,864 ODCH Inc Proceeds - Reserved 3,889,049
Cash Balance- June 30, 2005 $ 15 .070,128 $ 6.203,157 $ 141 .272 $ 383 .958 S 226,167 950,850 S 34,214 $ 3,991,527 $ 33,942 $ 332,242 ODCH Inc Proceeds-Reserved 2,772,799
5 ADDITIONAL INFORMATION Daviess County Fiscal Court
Schedule A - Comparative Schedule of Budgeted to Actual Operating Revenue Fiscal Year Ended June 30, 2005
Budgeted Actual Actual Operating Operating Over/(Under) Budgeted Funds Revenue Revenue Budget
General Fund 13,605,565 13,543,993 (61,572) Road and Bridge Fund 3,575,781 3,340,766 (235,015) Jail Fund 5,674,150 5,598,803 (75,347) Local Government Economic Assistance Fund 273,000 374,385 101,385 Solid Waste Construction Fund 405,000 301,593 (103,407) Solid Waste Operating Fund 2,806,500 3,046,631 240,131 Solid Waste Debt Service Fund 337,500 337,356 (145) Solid Waste Closure/Post-Closure Fund 525,000 496,557 (28,443) Health Insurance Fund 1,910,000 1,905,149 (4,851)
29,112,496 28,945,232 (167,264)
Reconciliation
Total Budgeted Operating Revenue 29,112,496 Add : Borrowed Money 11,814,000 Add : Budgeted Prior Year Surplus 14,722,150
Total Operating Budget Per Comparative Schedule of 55,648,646
Final Budget and Budgeted Expenditures
6
I i I I I I I I I I I
DAVIESS COUNTY FISCAL COURT Schedule B - Schedule of Operating Revenue Fiscal year ended June 30, 2005
Local Solid Government Solid Solid Solid Waste Totals Economic Waste Waste Waste Closure Health (Memorandum General Road and Assistance Construction Operating Debt Service Pest-Closure Insurance Only) Fund Bridge Fund Jail Fund Fund Fund Fund Fund Fund Fund Revenue from Local Taxes and Excess Fees Sheriff Taxes Real Property Tax 4,410.295 4,410,295 Tangible Personal Property Tax 571,602 571,602 Unmined Minerals 488 488 Bank Shares Tax 377,995 377,995 Public Service Tax 359,597 359,597 Distilled Spirits Tax 29,387 29,387 County Clark : Tangible Personal Property Tax 613,880 813,880 Deed Transfer Tax 324,130 324,130 Alcoholic Beverage License 4,380 4,380 Delinquent Tax 127,484 127,484 Occupational License Fee 4,611 4,611 Industries in lieu of taxes 1 .399 1,399 Excess fees - 25% account 706,062 706,062 Insurance Premium Tax 1 .807.207 1,807,207 Tourist Tax 685,821 685.821 Totals 10,224,339 10,224,339 0 0 0 0 0 0 0 0
Federal Receipts-State Treasurer
FICA Incentive 14,600 14,600 Federal Pnsoners 4,202 4 .202 Community Development Block Grant- Sewer Project 3,000 3,000 Daviess County Drainage Grant 568,923 568,923 Emergency Management/Weapons of Mass Desbijction 773,196 773,196 Dept of Health and Human Services 0 0 Title IV-0 Child Support 707,982 707,982 Crime Victim Assistance 18,091 18,091 Totals 2,089,993 2,071,191 0 18,802 0 0 0 0 0 0
Kentucky State Treasurer Jail : Allotments 363.159 363 .159 Medical Allotments 22,391 22,391 DUI service fees 23,439 23,439 Housing State Prisoners 3,020.012 3,020,012 Permit & Acreage 375 375 Commonwealth Reimbursements 280,747 280,747 Transportation Cabinet - Non Public Students 432,692 432,692 County Road Aid 953.677 953,677 Energy Recovery 1,916 1,916 Munidpal Road Aid 93,188 93,188 Truck License Distributions 202,951 202.951 Election expense reimbursement 50,400 50,400 Courthouse rental -AOC 280,429 280,429
7
I I I I I I I I I I i I I I
DAVIESS COUNTY FISCAL COURT Schedule B - Schedule of Operating Revenue Fiscal year ended June 30, 2005
Local Solid Solid Solid Solid Totals Economic Waste Waste Waste Closure Health (Memorandum General Road and Assistance Construction Operating Debt Service PostClosure Insurance Only) Fund Bridge Fund Jeff Fund Fund Fund Fund Fund Fund Fund Department of Juvenile Justice Parthership 169,091 169,091 Alliance for Education Grants 20,000 20,000 Refunds', Legal process tax 18,702 18.702 Driver, license 8,998 8,998 Dog License 0 0 Severance taxes : Coal 111,191 111,191 Mineral 106,521 105,521 LGED Crant 150.000 150,000 Pads Department Grants 13.028 13 .028 Emergency Management 109,162 109,162 Board of Assessment Appeals Reinibursensent 150 150 Totals 6,431,217 1,094,028 1,541,476 3,429,001 368,712 0 0 0 0 0
Miscellaneous Revenue : interest earned 431 .362 282,474 13,866 8,303 7,673 1,593 19,898 5,320 91,375 880 Court costs 337,976 252.173 85 .803 Health Insurance Premiums 1,904290 1,904290 Judicial Center Court Fees 0 Telephone commission 165,205 0 165,205 Firefighter incentive pay 71 .169 71,169 Insurance reimbursement 111,200 111 .200 E911 User Fee 309 .628 309.628 Cable TV franchise 171 .157 171,157 Landfill User Fee 3,931,805 3,931,605 OffSIIe Waste Management Fee 5,522 5,522 Recycling Receipts 53,318 53,318 Animal Shelter 48,043 48,043 Parks Programs 32,963 32,963 Housing - Other counties 1 .328,066 1,328,066 Medical reimbursements -Omer counties 74,276 74,276 Work release-jailer 44,373 44.373 Contract Services-Hwy Maintenance 2 .005 2.005 Inmate Reimbursement Fees 296 .991 296.991 Reimbursements - Prisoner Benefit 82,435 82,435 Guard Hour Reimbursements 10,475 10,475 Medical Discounts 1,007 1,007 Home Monitoring Fees 5,152 5,152 Farm income 2,305 2.305 Courthouse rentals 88,636 88,636 Cold check division-Co . Attorney 13,606 13.606 Vending machine concessions 59 89 Material sales 214,364 214,364 Levy property rental 40.000 40,000 Surplus equipment sales 0 0 Land Sales 103,285 103 .285 Other revenue 319,180 163,343 35,424 46,908 73.505 Totals 10,199,683 1,904,436 49,290 2,150,999 7,673 1,593 4,083,848 5,320 91,375 1,905,149
Total Operating Revenue 28 .945,232 15,293 .993 1 .590766 598 803 374 385 1 93 4 083 848 5 . 20 91 1,995,149
8 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30,2005
BUDGET Actual Variance 01-General Fund Expenses
GENERAL GOVERNMENT County JudgeE_xecutive
01-5001-101-00 County Jude./Executive Salary $89,900 .00 $89,678.04 $221 .96 01-5001-185-00 Other Salaries $104,700 .00 $104,060 .22 $639.78 01-5001-201-00 Social Securuy/Medicare $14,887 .00 $13,777 .25 $1,109.75 01-5001-202-00 Retirement $16,550.00 $16,511 .21 $38 .79 01-5001-203-00 Employee Insurance $30,430.00 $30,425 .87 $4 .13 01-5001-208-00 Un:mploymentInsurance $500 .00 $287 .29 $212 .71 01-5001 .209-00 Workers Compensation $750 .00 $728 .53 $21 .47 01-5001-212-00 Elected Official -Training Incentive $1,000 .00 5150.10 $85000 01-5101-445-00 Once Supplies $1,000 .00 $0.00 51,000.01 01-5001-467-00 Community Outreach $3,000 .00 $2,829.25 $170.75 01-5001-531-00 Bond Premium $500.00 $0.00 $500.00 01-5001-569-00 Registrations, Coot & Training $1,810.00 $1,802 .57 $7.43 01-5001-576-00 Travel $3 .000.00 $1,926 .54 $1,073.46 01-5001-599-00 Miscellaneous $700.00 $680 .00 $20.00 01-5001-705-00 Date Processing $500.00 $0 .00 $500.00 01-5001-709-00 Furniture & Fixtures $800.01 $0 .01 $800.00 Total County Judge/Executive $270,027.00 $262,856.77 $7,170 .23
County Attorney
01-5005-101-00 County Attorney $65,000 .00 564,888.46 $111 .54 01-5005-185-00 Co. Attorney Other Salaries $519,300 .00 $457,300.81 $61,999.19 01-5005-201-00 Social Secmity/Medicare $41,500 .00 $36,563.51 $4,936.49 01-5005-202- 0 Retirement $47,600.00 $44,356.25 $3,243 .75 01-5005-203-00 Employee Insurance $164,500.00 $144,621 .71 $19,879.29 01-5005-208-00 Unemployment Insurance $2,320.00 $1,333 .02 $986 .98 01-5005-209-00 Workers Compensation $2,350.00 $2,282 .7! $67 .29 01-5005-338-00 Maintenance & Repair-Office Equipment $2,553 .00 52,459 .72 $93 .28 01-5005-364-00 Parking& Office Rental $26,120.01 35,375 .00 $20,745 .00 01-5005-445-00 Office Supplies & Equipment $25,100.01 $8,905 .78 $16,194 .22 01-5005-563-00 Postage $23,000.00 $17,778 .49 $5,221 .51 01-5005-573-00 Telephone $3,660.00 $2,713 .95 $946 .05 01-5005-576-00 Travel $2 .892.00 $486 .94 $2,405 .06 01-5005-705-00 Data Processing $23,818.00 $8,762 .31 515,055 .69 Total County Attorney $949 713.00 $797 828 .66 $151894 .34
Other Governmental Offices
01-5010-045-00 County Clerk -Office Supplies $30,000.00 $23,151 .55 $6,848 .45 01-5015-348-00 Sheriff ProgramSuppmt $1,435,000 .00 $1,435,000.00 $0.00 Total Other Governments] Offices $1,465,000 .00 $1,458,151 .55 $6,848.45
Coroner
01-5020-101-00 ComneT $57,000 .00 $56919 .83 $80.17 01-5020-105-00 Assistant Coroners $50,050 .00 $48,903 .66 $1,146.34 01-5020-165-00 Secretary $25,450 .00 $25,090 .78 $359.22 01-5020-201-00 Social Security/Medicare $10,261 .00 $10,257 .26 $3.74 01-5020-202-00 Retirement $8,000 .00 $7,170 .98 $829.02 01-5020-203-00 Employee Insurance $16,000 .00 $14,852 .56 $1 .147.44 01-5020-208-00 Unemployment Insurance $500.00 $287 .29 $212.71 01-5020-209-00 Workers Compensation $1,800.00 $1,748 .46 $51 .54 01-5020-210 .00 Expense Allowance $9,000.00 $9,000 .00 $0 .00 01-5020-308-00 Autopsies/Transpon $6,000.00 $4,008 .42 $1,991 .58 01 .5020-445-00 Office Supplies $3,030.00 $3,026.44 $3 .56 01-5020.569-00 Registrations, Cent & Training $3,000.00 $2,185 .44 $814 .56 01-5020-573-00 Telephone $2,110.00 $2,105 .37 54 .63 01-5020-576-00 Travel $2,500.00 $1 .359.76 $1,140 .24
9 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual variance 01-5020-725-00 Office Equipment $4,000.00 $3,111 .75 $888.25 Total Coroner $198,701 .00 $190,028 .00 $8,673.00
Fiscal Court
01-5025-101-00 Fiscal Court-Commissioners $125,490 .00 $123,123 .39 $2,366.61 01-5025-185-00 Other Salaries $76,500 .00 $76,496.38 $3 .62 01-5025-201-00 Social Securiy/Medicam $16,086 .00 $16,082.97 $3 .03 01-5025-202-00 Retirement $19,636.00 $18,839.18 $796 .82 01-5025-203-00 Employee Insurance $51,000.00 $50,211 .62 $788 .38 01-5025-208-00 Unemployment Insurance $900.00 $517.12 $382 .88 01-5025-209-10 Workers Compensation $1,100 .00 $1,068.51 $31 .49 01-5025-210-01 Fiscal Court Meeting Expenses $10,800 .00 $10,800.00 Saw 01-5025-212-W Elected Official Training Incentive $17,500 .00 $16,515.35 $984 .65 01-5025-302-00 Rewards & Advertising $5,000 .00 $4,574 .91 $425.09 01-5025-348-00 Supplies & Materials $12,000 .00 $4,630 .23 $7,369.77 01-5025-445-00 OfficeSupplies $10,000.00 $8,892 .89 $1,107.11 01-5025-531-00 Bond Premiums $500.00 $0.00 $500.00 01-5025-551-00 Memberships $7,000.00 $2,950.00 $4,050.00 01-5025-569-00 Registrations, Coot & Training $27,000.00 $26,996.84 $3 .16 01-5025-571-00 Renewals & Repairs $2,500.00 $1,602.89 $897 .11 01-5025 .573-00 Telephone $38,000.00 $38,116.53 ($116 .53) 01-5025-576-00 CommissionersTrawl $10,000.00 $9,330.36 $669 .64 01-5025-576-01 Employee Travel $2,300.00 $2,201 .26 $98 .74 01-5025-599-00 Miscellaneous $1,000.00 $568.66 $431 .34 01-5025-709-00 Furniture & Fixtures $1,000.00 $240.00 $760 .00 01-5025-725-00 Office Equipment $5,000.00 $4,402.06 $597 .94 Total Fiscal Cowl $440,312.00 $418,161 .15 $22,150 .85
Property Valuation Administrator
01-5030-367-00 PVA-Statutory Contribution $106,800 .00 $104,550 .00 $2,250.00 01-5030-367-01 GIS Support $25,000 .00 $25,000 .00 $0.00 Total Property Valuation Administrator $131,800 .00 $129,550 .00 $2,250.00
Board of Assessment
01-5035-191-00 BoardofAssessment $2,000.00 $400 .00 $1,600 .00 Total Board of Assessment 12,000.00 $400.00 $1,600 .00
County Treasurer
01-5040-102-00 County Treasurer $75,501 .00 $75,500 .10 $0 .90 01-5040-185-00 Other Salaries $104,050.00 $100,862 .07 $3,187 .93 01-5040-201-00 Social Security/Medicare $13,498 .00 $12,687.91 $810 .09 01-5040-202-00 Retirement S17,I90.W $17,116.40 $63 .60 01-5040-203-00 Employee Insurance $33,000.00 $31,239.33 $1,760 .67 01-5040-208-00 Unemployment Insurance $500.00 $287.29 $212 .71 01-5040-209-00 Workers Compensation $700.00 $679.96 $2004 01-5040.445-00 Office Supplies $600.00 $398 .55 $201 .45 01-5040-531-00 Bond Premium $500.00 $0.00 $500 .10 01-5040-551-00 Memberships $765.00 $765 .00 $0.00 01-5040-569-00 Registrations. Coaf. & Training $3,490.00 $2,003 .54 $1,486.46 01-5040-705-00 Data Processing Equipment $1,600.00 $0 .00 $1,600.00 01-5040-705-01 Accounting Software $10,000.00 $7,061 .00 $2,93900 01-5040-725-00 Office Equipment $500.00 $431 .50 568.50 Total County Treasurer $261,884.00 $249,032 .65 $12,851 .35
Office of Human Resources
01-5046-185-00 OtherSalaries $43,350 .00 $42,549 .03 $800.97 01-5046-201-00 Social Secmity/Medicare $3,300 .00 $3,012 .64 $287.36 01-5046-202-00 Retirement $3,800 .00 $3,580 .02 $219.98 01-5046-203-00 Employee Insurance $9,600 .00 $7,377 .12 $2,222.88
1 0
DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 01-5046-208-00 Unemployment Insurance $200 .00 $114.92 $85 .08 01-5046.209-00 Workers Compensation $400 .00 $388.55 $11 .45 01-5046445-00 Office Supplies $1,500.00 $51 .95 $1,448 .05 01-5046551-00 Memberships $500 .00 $75.00 $425 .00 01-5046569-00 Registrations, Conf. & Training $2,000 .00 $1,498.80 $501 .20 01-5046705-01 Accounting Softwar, 51,000.00 $0.00 $1,000.00 01-5046725-00 Office Equipment $500.00 $271 .00 $229 .00 Total Office of Hunan Resources $66,150 .00 $58,919.03 $7,230.97
Information Systems Department
01-5057-129-W Data Processing $123,246.00 $115,609.50 $7,636 .50 01-5057-185 .00 Dam Processing- Other Salaries $1,000.00 $0 .00 $1,000 .00 01-5057-201-00 Social Security/Medicare $9,424.00 $8,728 .94 $695 .06 01-5057-202-00 Retirement $10,250.00 $10,054 .20 $195 .80 01-5057-203 .00 Employee Insurance $18,950 .00 $18,948 .42 $1 .58 01-5057-208-00 Unemployment Insurance $400.00 $229.82 $170 .18 01-5057-209-00 Workers Compensation $500 .00 $485.68 $14 .32 01-5057-318-00 Software $3,000 .00 $0 .00 $3,000.00 01-5057-333-00 Maintenance Agreements $500 .00 $0 .00 $500.00 01-5057-413.00 DauProcessing Suppfxs $3.500.00 $2,328 .05 $1,171 .95 01-5057-573-00 Telephone/Pager $1,200 .00 $1,094 .47 $105.53 01-5057-705-00 Data Processing Equipment $48,400.00 $40,031 .89 $8,368.11 01-5057-725-00 Office Equipment $500.00 $90.00 $410 .00 Total Information Systems Depannent $220,870.00 $197,600.97 $23,269 .03
Law Librarian
01-5060-101-00 Law Librarian $601 .00 $600.08 $0 .92 Total Law Librarian $601 .00 $600.08 $0 .92
Election Expenses
01-5065-191-00 ElcctionBoard $16,180 .00 $16,179 .60 $0.40 01-5065-192-00 Election Officer Per Diem $60,000.00 $35,285.00 $24 .715 .00 01-5065-194-W Election Tabulators $3,000 .00 $1,105 .00 $1,895 .00 01-5065-302-00 Advertising 519,000 .00 $11,797 .51 $7,202.49 01-5065-341-00 Repair & Transport Voting Machines $5,500 .00 $1,502 .14 $3,997.86 01-5065 .347-00 Rental - Polling place $4,000 .00 $1,494 .00 $2,506.00 01-5065-348-00 Votes Registration $5,000 .00 54,304 .00 $696.00 0I-5065-445.00 Supplies $80,000 .00 $29,625 .27 $50,374.73 01-5065 .737-00 Voting Machines $10000.00 $1,635 .00 $8,365.00 Total Election Expenses $202,680.00 $102,927 .52 $99,752.48
Owensboro Metropolitan Planning & Zoning
01-5070.507-00 Metropolitan Planning & Zoning $125,000.00 $125,000.00 $0 .110 Total Oweasboro Metropolitan Planning & Zoning $125,000.00 $125,000.00 $0 .00
Economic Development
01-5075-348-00 Incentives $50,000.00 $377.54 $49,622 .46 01-5075-348-02 Industry Inc. $95,000.00 $95,000.00 $0.00 01-5075-348-03 Owenaboro-Daviess Co. Skills Inc . $37,500.00 $37,500.00 $0 .00 Total Economic Development $182,500.00 $132877.54 $49,62246
Courthouse
01-5080-175-00 Courthouse Custodian $46,160.00 $46,153.20 $6 .80 01-5080-178-00 courthouse Overtime $5,500 .00 $5,391 .24 $108 .76 01-5080-201-00 Social Security/Medicare 53,754 .00 $3,620 .74 5133 .26 01-5080-202-00 Retirement $5,053 .00 $4,312 .12 $740.88 01-5080.203-00 Employee Insurance $15,000 .00 $14,288 .99 $711 .01 01-5080-208-00 Unemployment Insurance $400 .00 $229 .82 $170.18 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30,2005
BUDGET Actual Variance 01-5080-209-00 Workers Compensation $700.00 $679 .96 $2004 01-5080-329-00 Janitorial Contract $45,000 .00 $41,760 .00 $324000 01-5080 .348-00 Materials & Supplies $21,500.00 $21,488 .80 $11 .20 01-5080.364-00 Rental $1,800.00 $1,200 .00 $600.00 01-5080-081-00 Uniforms $1,950.00 $1,942 .64 $7.36 01-5080-525-00 Insurance-Building & Contents $13,000.00 $11,799 .55 $1,200.45 01-5080-569-00 Technical Training $4,000.00 $1,387 .23 $2,612.77 01-5080-571-00 Repairs $76,500.00 $67,534 .77 $8,965.23 01-5080.571-0I Landscaping $2,000.00 $1,733 .45 $266.55 01-5080-573-00 Telephone $140.00 $139 .09 $0.91 01-5080.578-00 Utilities $55,000.00 $46,878 .36 $8,121 .64 01 .5080-599-00 Miscellaneous $500.00 $0 .00 $500.00 Total Courthouse $297,957.00 $270,539 .96 $27,417.04
Judicial Center
01-5085-175-00 JC Maintenance S upervisor $47,525.00 $46,271 .70 $1,253.30 01-5085-178-00 Overtime Pay $10,000 .00 $9,232 .62 $767.38 01-5085-201-00 Social Sec uity/Medicare $4,131 .00 $3,926.26 $204.74 01-5085-202-00 Retirement $4,694 .00 $4,682 .22 $1 .78 01-5085-203-00 Employee Insurance $14,000 .00 $13,136.88 $863 .12 01-5085-208-00 Unemployment Insurance $400 .00 $229.82 $170 .18 01-5085-209-00 Workers Compensation $800 .00 $777.10 $22 .90 01-5085-329-00 Janitorial Contact $56,000 .00 $54,420.00 $1,580 .00 01-5085-348-00 Materials & Supplies $15,000 .00 $10,693 .63 $4,306 .37 01-5085-364-00 Parking Rental $15,100 .00 $15,100.00 $0 .00 01-5085-445-00 Office Supplies $250 .00 $181 .63 $68 .37 01-5085-481-00 Uniforms $1,500 .00 $1,102.50 $397 .50 I nsurance-Building & Contents 01-5085-525-00 $15,000 .00 $13,614.87 $1,385 .13 01-5085-571-00 Repairs $110,130 .00 $110,126.19 $3 .81 01-5085-571-01 Renewals & Repairs-AOC Reimbursed $35,015 .00 $35,013.26 $1 .74 01-5085.571-03 Landscaping $3,0110 .00 $404.38 $2,595 .62 01 .5085-573-00 Telephone $4,250 .00 $4,248.56 $1 .44 01 .5085-578-00 Utilities $65,000 .00 $62,088.15 $2 .911 .85 01-5085-721-00 Maintenance Equipment $2,000 .00 $1,84525 $154 .75 Total Judicial Center $403785 .00 $387,095.02 $16,689 .98
County Operations Center 01-5086-348-00 Materials and Supplies $30 .00 $30.00 $0 .00 Total County Operations Center $30 .00 $30.00 $0 .00
Total GENERAL GOVERNMENT $5,219,010 .00 $4,781,598.90 $437,411 .10
PROTECTION TO PERSONS AND PROPERTY Juvenile Housing
01-5102-399-00 Payments for Housing Juveniles $40,000 .00 $19,502.07 $20,497 .93 Total Juvcnilr Housing $40,000 .00 $19,502.07 $20,497 .93
Fire Depamnents
01-5120.121-00 Fire Deptstttscut Sa laries $543,750 .00 $533,586.70 $10,163 .30 01-5120-178-00 Overtime Pay $274,760 .00 $274,750.31 $9.69 01-5120-183-00 Fireman Incentive $89,900 .00 $71,669.01 $18,230.99 01-5120-201-00 Social Secueity/Medicare $67,905 .00 $60,433 .13 $7,471 .87 01-5120-202-00 Retirement $195,993 .00 $192,117 .24 $3,875 .76 01-5120-203-00 Emplo yee Insurance $218,600 .00 $218,569.91 $30.09 01-5120.208-00 Unemployment Insurance $3,000 .00 $1,723 .73 $1,276 .27 01-5120-209-00 Workers, Compensation $12,000 .00 $11,656.42 $343.58 01-5120-348-00 Materials & Supplies $6,000 .00 $5,933 .65 $66.35 01-5120-445-00 Office Supplies $2,540 .00 $2,539.98 $0 .02 01-5120-455-00 Fuel & Oil $14,000 .00 $13,423 .86 $576 .14 01-5120481-00 Uniforms $8,950 .00 $8,010.38 $939 .62 01-5120-495-00 Drug Testing $1,500 .00 $981 .00 $519 .00
1 2
DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 01-5120-525-00 Insurance - Bldg & Contents $20,000.00 $18,153 .16 $1,846.84 01-5120-529-00 Insurance-Liability $20,000.00 $18,153 .16 $1,846.84 01-5120-535-00 Insurance - Vehicle $95,000.00 $93,655 .80 $1,344.20 01-5120-545-00 Maps $1,000.00 $179 .21 $820.79 01-5120-569-00 Registrations, Conf, & Training $6,000.00 $1,851 .35 $4,148 .65 01 .5120-573-00 Telephone $8,000.00 $5,343 .04 $2,656.96 01-5120-576-00 Travel $1,000.00 $216 .68 $783 .32 01-5120-578-00 Utilities $17,000.00 $15,650 .03 $1,349.97 01-5120-578-11 Fire Inspector Department $2,000.00 $1,907 .47 $92 .53 01-5120-578-12 Volunteer Station Account $10,000.00 $6,092 .32 $3,907 .68 01-5120-586-00 Maintenance-Building $20,000.10 $16,317 .36 $3,682 .64 01-5120-588-00 Maintenance-Equipment $6,000.00 $5,925 .02 $74 .98 01-5120 .592-00 Rebuild Trucks & Pumps $6,000.00 $5,754 .00 $246 .00 01-5120-599-00 Miscellaneous $1,100.00 $1,058.91 $41 .09 01-5120-723-00 Vehicles $243,000 .00 $242,759.22 $240 .78 01-5120-725-00 Office Furniture & Equipment $7,410 .00 $7,400.25 $9.75 01-5120-739-00 Other Equipment $320250 .00 $120,240.69 $9.31 01-5120-742-00 Building &Construction $10,000 .00 $0.00 $10,000.00 Total Fire Departments $2,032,658 .00 $1,956,052.99 $76,605 .01
Emergency Management Agency
01-5135-107-00 EMA Director $49,360 .00 $49,354.73 $5 .27 01-5135-185-00 Other Salaries $89,271 .00 $87,006.66 $2,264 .34 01-5135-201-00 Social Seenrity/Medicare $11,475 .00 $9,479.33 $1,995 .67 01 .5135-202-00 Retirement $19,800 .00 $18,011 .55 $1,788 .45 01-5135-203-00 Employee Insurance $40,000.00 $36,691 .56 $3,308 .44 01-5135-208-00 Unemployment Insurance $500 .00 $287.29 $212 .71 01-5135-209-00 Workers Compensation $1,500.00 $1,457.05 $42 .95 01-5135-364-00 Rentals $900.00 $300.00 $600 .00 01 .5135413-00 Data Processing $3,000.00 $1,949.65 $1,050 .35 01 .5135445-00 Office Supplies $5,000.00 $4,947.62 $52 .38 01-5135-451-00 Dues & Subscriptions $600.00 $561 .65 $38 .35 01-5135455-00 Fuel, Oil & Lubricants $L000.00 $808 .73 $191 .27 01-5135481-00 Uniforms $520.00 $512 .00 $8 .00 01-5135-535-00 Insurance-Vehicle $2,000.00 $1,815 .32 $184 .68 01-5135-548-00 Community Warning $30,060 .00 $24,788 .87 $5,271 .13 01-5135-548-01 Emergency Operat ions Center $1,000 .00 $903 .52 $96.48 01-5135-548-02 Search and Rescue Grant $3,000 .00 $1,648 .16 $1,351 .84 01-5135-548-03 Citizens Corp Council Grant $4,782 .00 $0 .00 $4,782.00 01-5135-548-04 CERT Committee - Federal Grant $10,000 .00 $5,616 .40 $4,383.60 01-5135-548-05 Planning Grant EMA - $4,200 .00 $4,154 .30 $45.70 01-5135-569-00 Registrations, Conf, & Training $5,000 .00 $3,397 .49 $1,602.51 01-5135-573-00 Telephone $2,620 .00 $2,611 .71 $8.29 01-5135-578-00 Utilities-Siren $2,000.00 $1,758 .36 $241 .64 01-5135-592-00 Vehicle Maintenance $500 .00 $498.17 $1 .83 01-5135-592-01 M obil e Costmian d Post $1,000 .00 $946.98 $53 .02 01-5135-703-00 Communications $4,000.00 $700.10 $3,299.90 01-5135-703-02 Homeland Security $4,800.00 $4,000.00 $800.00 01-5135-725-00 Of oeEquipment $1,000.00 $614.85 $385 .15 Tout Emergency Management Agency $298,888.00 $264,822.05 $34,065 .95
Office of E911
01-5145-331-00 Lease-E911 $57,000.00 540,739.59 $16,260 .41 01-5145-348-00 E911 Expense $15,000.00 $5,636.87 $9,363 .13 01-5145413-00 CAD System $20,000.00 $19,902 .83 $97 .17 01-5145-573-00 Telephone $3,500.00 $2,115 .35 $1,384 .65 Tom] Office ofE911 $95,500.00 $68,394 .64 $27,105 .36
Other Governmental Office,
01-5150-513-00 State Forestry Si,500.00 $1,406 .00 $94 .00 01-5175-903-00 Public Defender- County Support $12,000 .00 $11,443 .00 $557.00
1 3 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance Total Other Governmental Offices $13,500.00 $12,849 .00 $651.00
Total Protection to Persons and Property $2,480,546.00 $2,321,620 .75 $158,925.25
GENERAL HEALTH AND SANITATION Animal Control
01-5205-172-00 Animal Control Salaries $127,000.00 $124,315 .81 $2,684.19 01-5205-178-00 Overtime Pay $9,000.00 $8,584 .81 $415.19 01-5205-201-00 Social Security/Medicare $10,175.00 $9,691 .94 3483.06 01 .5205-202-00 Retirement $11,448.00 $11,117 .73 $330.27 01-5205-203-00 Employee Insurance $29,000.00 $26,752 .68 $2,247.32 01-5205-208-00 Unemployment Insurance $400.00 $229.83 $170.17 01-5205-209-00 Workers Compensation $800.00 $777 .10 $22 .90 01-5205-348-00 Material & Supplies $5,500.00 $5,468 .50 331 .50 01-5205-348-01 Animal Food $2,000.00 SI .117.23 $882.77 01-5205-403-00 Animal Treatment & Tags $40,000.00 $24,866.29 $15,133.71 01-5205403-01 Educational Supplies $1,000.00 $67.20 $932.80 01-5205403-02 Vaccination. $2,100.00 $715 .60 $1,384.40 01-5205413-00 Data Processing Equipment $2,000.00 $1,938 .99 $61 .01 01-5205425-00 Food- Work Release $4,300.00 $2,358 .17 $1,941 .83 01-5205445-00 Office Supplies $2,000.00 $1,902.23 $97.77 01-5205481-00 Uniforms $1,500.00 $1,251 .59 $248 .41 01-5205490-01 Other Equipment $2,000.00 $1,013 .38 $986.62 01-5205495-00 Drug Testing $400.00 30 .00 3400.00 01-5205-525-00 Insurance - Bldg & Contents $3,000.00 $2,722.97 $277.03 01-5205-535-00 Insurance - Vehicle 51,800.00 $1,633 .78 $166.22 01-5205-549-00 Medication $2,501.00 SI,757 .44 $742 .56 01-5205-569-00 Registrations, Conf& Training $3,000.00 $225 .00 52,775 .00 01-5205-573-00 Telephone 51,500.00 $841 .25 $658.75 01 .5205-586-00 Maintenance-Building $4,500.00 $4,214.73 $285 .27 01-5205-588-00 Maintenance -Equipment $500.00 $143 .23 $356.77 01-5205-592-00 Maintenance - Vehicle $2,730.00 $2,721 .05 $8 .95 01-5205-599-00 Miscellaneous $900.00 $857 .77 $42 .23 Total Animal Control $271,053 .00 $237,28630 $33,766 .70
Soil Conservation
01-5235-507-00 Soil Conservation District $24,000 .00 $24,000 .00 $0 .00 Total Soil Conservation $24,000 .00 $24,000 .00 $0 .00
Total GENERAL HEALTH AND SANITATION 8295,053 .00 $261,286 .30 833,766 .70
SOCIAL SERVICES Senior Cilizeos Programs
01-5305-507-02 RSVP $3,750.00 $3,750 .00 $0 .00 01-5305-507-04 Elisabeth Monday Center $22,338 .00 $22,338 .00 $0 .00 Total Senior Citizens Programs $26,088 .00 $26,088 .00 $0 .00
Servies 1. Child.. and Youth
01-5315-507-01 Levy Trust - Girls Clu b $7,000 .00 $7,000.00 $0 .00 01-5315-507-02 Levy Trust - Boys Club $7,000 .00 $7,000.00 $0.00 01-5315-507-03 Levy Trust - Wendell Foster Center 35,000 .00 $5,000.00 $0.00 01-5315-507-04 Levy Trust - HL Neblen Center $4,500 .00 $4,500.00 $0 .00 01-5315-507-06 Volun teer Center - Cs Referra l Program $10,000 .00 $10,000.00 $0.00 01-5315-507-12 Mary Kendell Home - Per Diem $54,200 .00 $54,100.00 $100.00 01-5315-507-13 St Joseph Peace Mission - Per diem Juvenile $50,000 .00 $48,051 .53 SI,948.47 01-5315-507-15 Levy Trust- YMCA Kids $3,500.00 $3,500.00 $0.00 Graisdmat Corner -Juvenile Housing 01-5315-507-17 $2,500.00 $2,500.00 $0.00 01-5315-507-18 Mentorkids (fomrvly Quest for Kids) $1,000 .00 $1,000.00 $0.00 01-5315-507-19 Lighthouse Recovery $5,000.00 $5,000.00 $0 .00 Total Smies to Children and Youth $149,700.00 $147,651 .53 $2,048.47
14 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance
General Charity and Welfare
01-5330-507-02 Rape Victim Services $1,750.00 $1,750.00 $0 .00 01-5330-507-03 Human Relations Commission $1,000.00 $1,000.00 $0 .00 01-5330-507-04 Free Clinic ofOwenaboro $9,000 .00 $9,010 .00 $0 .00 01-5330.507-06 OASIS $12,000.00 $12,000.00 $0 .00 01-5330.507-10 BoulwareCanter $7,000 .00 $7,000.00 $0.00 01-5330507-14 TradewaterLower Green RiverWatch $1,000 .00 $1,000.00 $0.00 01-5330-507-15 Community Solutions $25,000 .00 $25,000.00 $0.00 01-5330-507-16 Citizens Committee on Education $21,500 .00 $21,487 .44 $12.56 01-5330-507-I8 Corrunonwealtia Attorneys Office $4,136 .00 $4,136.00 $0.00 Total General Charity and Welfare $82,386 .00 $82,373 .44 $12.56
Victims Assistance
01-5341-107-00 Director- Victims Assist. $36,000 .00 $35,934 .86 $65.14 01-5341-185-00 Other Salaries $4,500 .00 $0 .00 $4,500.00 01-5341-201-00 Social Security/Mcclicanc, $2,792.00 $2,578.42 $213 .58 01-5341-202-00 Retirement $3,095 .00 $3,011 .98 $83 .02 01-5341-203-00 Employee Insurance $7,500.00 $7,143 .00 $357 .00 01-5341-208-00 Unemployment Insurance $200 .00 $11492 $85 .08 OI-5341-209-00 Workers Compensation $300.00 $291 .41 $8 .59 01-5341-364-00 Parking $600.00 $600.00 $0 .00 01-5341-445-00 Offloe Supplies $1,000.00 $553 .86 $446 .14 01-5341-563-00 Postage $500.00 $0.00 $500 .00 01-5341-569-00 Registrations, Conf & Training $2,000.00 $0 .00 $2,000 .00 01-5341-573-00 Telephone $2,500.00 $63 .91 $2,436 .09 01-5341-576-00 Travel $2,000.00 $134 .76 $1,865 .24 01-5341-739-00 OtherEquipment $500.00 $0.00 $500 .00 Total Victims Assistance $63,487.00 $50,427.12 $13,059 .88
Total SOCIAL SERVICES $321,661 .00 $306,540.09 $15,120 .91
RECREATION AND CULTURE Recreation and Culture
01-5401-107-00 Director-Parks $46,350.00 $43,809 .48 $2,540 .52 01-5401-178-00 Overtime Pay $5,000.00 $4,975 .06 $24.94 01-5401-179-00 Pan-Time/Seasonal Pay $119,000 .00 $118,969.14 $30.86 01-5401-185-00 OtherSalaries $185,000 .00 $179,032 .01 $5,967.99 01-5401-201-00 Social Security/Medicare $27,031 .00 $26,037.28 $993 .72 01-5401-202-00 Retirement $20,042 .00 $18,923 .23 $1118 .77 01-5401-203-00 Employee Insurance $43,645 .00 $37,122.62 $6,522 .38 01-5401-208-00 Unemployment Insurance $1,000 .00 $574.58 $425 .42 01-5401-209-00 Workers Compensation $8,100 .00 $7,868.08 $231 .92 01-5401-302-00 Advertising $12,000 .00 $11,725.60 $274 .40 01-5401-342-00 Parks Grant-County Match $13,200 .00 $13,181 .49 $18 .51 01-5401-348-00 Materials & Supplies $7,180 .00 $7,170.46 $9 .54 01-5401-364-00 Rental $3,500.00 $3,349.23 $150 .77 01-5401-399-00 Contract Services-Grounds $4,500 .00 $3,600.00 $900.00 01-5401 .399-01 Contract Services - Programs $7,400.00 $6,137.00 $1,263 .00 01-5401-399-02 Contract Services-Other $3,000.00 $1,725 .00 $1,275.00 01-5401-425-00 Food - Work Release $6,500.00 $921 .23 $5,578 .77 01-5401-445-00 Office Supplies $4,600.00 $4,582 .55 $17.45 01-5401-455-00 Fuel & Oil $5,000.00 $4980 .18 $1992 01-5401-467-00 Recreation Programs & Supplies $45,000.00 $44,681 .50 $318 .50 01-5401-481-00 Uniforms $2,500.00 $1,859 .50 $640.50 01-5401-525-00 Insurance - Bldg/Contenets $4,000.00 $3,630.63 $369 .37 01-5401-529-00 Insurance - Liability $20,200.00 $18,499.65 $1,700.35 01-5401-535-00 Insurance-Vehicle $6,600.00 $5,990 .54 $609.46 01-5401-571-00 Renewals & Repairs $3,000.00 $2,968 .36 $31 .64 01-5401-573-00 Telephone $10,000.00 $4,775 .00 $5,225.00 01-5401-576-00 Travel $5,000 .00 S4,384 .88 $615.12
15 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 01-5401-578-00 Utilities $35,000 .00 $29,170.04 $5,829 .96 01-5401-585-00 Maintenance-Bldg/Grounds $30,000 .00 $29,826.45 $173 .55 01-5401-585-01 Landscaping $3,000 .00 $1,405.62 $1,594 .38 01-5401-588-00 Maintenance-Equipment $6,000 .00 $5,580.53 $419 .47 01-5401-592-00 Maintenance-Vehicle $6,300.00 $6,266.26 $33 .74 01-5401-594-00 Safety . Hcalth/First Aid Supplies $1,200 .00 $1,025.47 $174 .53 01-5401-599-00 Miscellaneous E500.oo $212 .80 $287.20 01-5401-709-00 Furniture & Fixtures $1,000 .00 $832.92 $167 .08 01-5401-723-00 Motor Vehicles $11,500.00 $11,406.00 $94.00 01-5401-725-00 Office Equipment $2,700 .00 $2,657.68 $42.32 01-5401-739-00 Other Equipment 517,000.00 $16,127 .99 $872.01 01-5401-742-00 Building & Construction $99,600.00 $38,734 .91 $60,865.09 01-5401-742-01 Building &Construction -Playgrounds $20,000.00 $17,567 .37 $2,432.63 Total Parks Department $852,148 .00 $742,288 .32 $109,859.68
Museums
01-5404-507-01 OwensboroMuseum $25,000.00 $25,000.00 $0.00 01-5404-507-02 Museum Wine Arts $25,000 .10 $25,000 .00 $0.00 01-5404-507-03 Bluegrass Museum- Bluegrass Festival $15.000.00 EIS,OOp.00 EO.OD Total Museums $65,000 .00 $65,000 .00 $0.00
Tourist Commission
01-5420-507-00 Tourist Commission $394,100 .00 $394,015 .86 $84 .14 01-5420-507-01 Tourist Tax- Debt Service $240,000 .00 $262,677 .19 ($22,677.19) Total Tourist Commission $634,100 .00 $656,693 .05 ($22,593 .05)
Cultural Programs
01-5425-507-01 Owenaboro Symphony Orchestra $10,010.00 $10,000.00 $0 .00 01-5425-507-03 Theatre Workshop ofOwensboro $2,500.00 $2,500.00 $0 .00 01-5425-507-04 Owensboro Dance meant $3,500.00 $3,510.00 $0 .00 01-5425-507-05 Riverpark Center $113,000.00 $113,000.00 $0 .00 01-5425-507-06 Veterans Affairs Committee $750.00 $750.00 $0 .00 01-5425-507-07 Amesicorps-GRADD $3,500.00 $3 .500.00 $0 .00 01-5425-507-08 DowntownOwensboro,Inc . $15,000.00 $1,500.00 $13,500 .00 01-5425-507-12 Fiscal Court Contributions $5,000.00 $3,165 .00 $1,835 .00 01-5425-507-13 MomrsportsFestival $5,500.00 $5,500.00 $0.00 01-5425-507-14 Friday After Five $5,500.00 $5300 .00 $0 .00 01-5425-507-15 Community Conversations, Inc $2 .000.00 $2,000.00 $0.00 Total Colonel Psogams $166,250 .00 $150915 .00 $15335 .00
Total RECREATION AND CULTURE $1,717,498 .00 $161499637 $102,601 .63
AIRPORT SERVICES Airport
01-6201-507-00 Airport Operations $54,166 .00 $54,166 .00 $0.00 01-6201-602-00 Airport Expansion- Principal onSub , Lesse $85,000 .00 $84680 .00 $320.00 01-6201-605-00 Airport Expansion- Interest on Sub-lease $72,010 .00 $68,197 .45 $3,802.55 Tom) Airport $211,166 .00 $207,043 .45 $4,122 .55
Total AIRPORT SERVICES $211,166.00 $207,043.45 $4,122 .55
TRANSPORTATION Busing Services
OI-6301-370-00 Daviesa County School Board . Transportation $365,000.00 $319,449.41 $45,550 .59 Tom] Busing Services $365,000.00 $319,449.41 $45,550.59
Total TRANSPORTATION $365,000.00 $319,449.41 $45,550 .59
DEBT SERVICE Bond Repayments
1 6 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance
01-7200-602-00 Bond Principal- DC Complex $54,000 .00 $54,000 .00 $0 .00 01-7200-606-00 Bond Interest- DC Complex $80,363.00 $80,263 .36 $99.64 01-7200-699-00 Principal/lneerestJudicial Center $130,000.00 $121,214 .37 $8,785 .63 Total Bond Repayments $264,363.00 $255,477 .73 $8,88527
Borrowed Money
01-7500-603-00 Non, Principal -KARP $11,814,000.00 $0 .00 511,870.000.00 01-7500407-00 Note lr,tersy-KARP $70,000.00 $0 .00 570,000 .00 Total Borrowed Money $11,884,000.00 $0 .00 S 11,884 000 .00
Total DEBT SERVICE $12,148,363 .00 $255,477.73 $11,892,885 .27
CAPITAL PROJECTS Capital Projects
01-8011-716-00 Property Developmentlwaterline Extension $10,000 .00 $6,633 .67 $3,366 .33 01-8099-721-01 Capital Projects -fimue Land Purchase Restricted $40,000 .00 $15,000 .00 $25,000 .00 01-8099-721-02 East Fire Station $26,000.00 $25,938 .90 $61 .10 01-8099-721-03 Land . Arnold Property 510,000.00 $3,929.94 $6,070 .06 01-8099-721-04 GIS/GPS Project $45,000 .00 $18,034 .03 $26965 .97 01-8099-721-05 Greenwood Cemetary $25,000.00 $24,951 .33 $48.67 01-8099-721-08 Daviess County Complex $182,000.00 $181,028 .61 $97139 014099-721-10 Daviess County Fiscal Court Signage $19,000 .00 $18,921 .93 $78 .07 01-8099-721-11 ODC Health/Wellneas Initiative $3,917,150.00 $1,116,250.00 $2,800,900.00 01-8099-721-13 Ambulance Grant 58,000.00 $7,677.00 $323.00 01-8099.721-14 County Attorney Annex Budding $200,000 .00 $186,909 .69 $13,09031 Total Capital Projects 54,482 .150.00 $1,605,275 .10 $2876,874.90
Total CAPITAL PROJECTS $4,482,150 .00 $1,605,275 .10 $2,876,874 .90
ADMINISTRATION General Services
01-9100-185-00 Payroll $1,000.00 $14,392 .49 ($13,392.49) 01-9100.307-00 Professional Services $54,500 .00 $45,054.03 $9,445.97 01 .9100.318-00 Data Processing Services $6,300 .00 $6,211 .50 $88.50 01-9100-332-00 Legal Fees $20,000 .00 $9,364 .58 $10,635.42 01-9100-505-00 Chamber of Commerce $800 .00 $0.00 $800.00 01-9100.525-00 Insurance - Bldg & Contents $13,000 .00 $11,799 .55 $1,200.45 01-9100-529-00 Insurance-Liability $95,000 .00 $86,227 .51 $8,772.49 01-9100-535-00 Insurance-Vehicle $6,000 .00 $5,445.96 $554 .04 01-9100-539-00 Legal Notices $25,000 .00 $22,347.08 $2,652.92 01 .9100-553-00 GRADD $41962 .00 $41962 .00 $0.00 01-9100-555-00 KACO $2,500.10 $0.00 $2,500.00 01-9100-563-00 Postage- County Offices $50,000 .00 $40,765.30 $9,234.70 01-9110-585-00 Damaged Property- Insurance Reimbursement $50,400 .00 $50,321 .74 $78 .26 01-9100.599.00 General S.,ices, Other $1,000.00 $0.00 $1,000.00 Total General Services $367,462 .00 $333,891 .74 $33,570.26
Reserve for Budget Transfer
01-9200-999-00 Reserve for Budget Transfers $2974306 .00 $0.00 $2974,306 .01 Total Reserve for Budget Transfer 52,974,306.00 $0.00 $2,974,306 .00
Fringe Benefits-Additional
01-9400-201-00 Social Security $500.00 $0.00 $500.00 01-9400-202-00 Retirement $500.00 $0.00 $500 .00 01-9400.348-00 Employee Assistance Program $3,500.00 $3,298.40 $201 .60 Total Fringe Benefits - Additional $4,500.00 $3,298.40 $1,201 .60
Other Government Agency
1 7 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance
01 .9500-741-01 D e pt o fiuveis ile Justice $200,000.00 $134,286.83 $65,713 .17 01-9500.741-02 CDBG Grants $500,000.00 $3,000.00 $497,000.00 01-9500.741-04 Daviesa Cou nty Drainage Grai n $500,000 .00 $575,394.83 ($75,394 .83) 01-9500-741-05 DJJ - ASAP Grant $40,000.00 $34,436 .63 $5,563 .37 0I-9500.74l-07 EmergencyManagmentGrants -WMD $1,000,000 .00 $900,296 .69 $99,703 .31 01-9500-741-08 Parking Garage Grant $2,000,000 .00 $0 .00 $2,000,000 .00 01-9500.741-09 National Rifle Association Grant $10,000.00 $9,342.W $658.00 Total Other G overiunem A gency 54,250,000.00 $1,656,756.98 $2,593,243.02
Total ADMINISTRATION $7,596,268.00 $1,993,947.12 $5,602,320.88
Total Expenses $34,8 .36,715 .00 $13,667,135.22 $21,169,579 .78
02 - Road & Bridge Fund Expenses
ROAD OPERATIONS Road Operations
02-6105-107-00 Director of Operations $54,000.00 $53,999 .92 $0.08 02-6105.178-00 Overtime Pay $43,000 .00 $42,993 .43 $6 .57 024105-179-00 Pan-tone/Temporary Labor $20,000 .00 $10,362 .00 $9,638 .00 02.6105-185-00 other S.Iari. $741,750.00 $700,690 .95 $41,059 .05 02-6105-201-00 Social Security/Mdicare $65,243.00 $58,373 .00 $6,870 .00 02-6105-202-00 Retirement $72,322.00 $67,795.27 $4526 .73 02-6105-203-00 Employee insurance $194,491 .00 $194,415.05 $75.95 02 .6105-208-00 Unemployment Insurance $3,500.00 $2 .011 .02 $1,488.98 02-6105 .209-00 Worknuens Compensation $35,000.00 $33,997.90 $1,002.10 02 .6105-310-00 Contracts-Milling $113,000.00 5112,751 .29 $248.71 02-6105-311-01 Contracts-Striping $34,000.00 $29,844.62 $4,155 .38 02-6105-312-00 Contracts- Bridge Construnion $75,000.00 $70,252.03 $4,747.97 02-6105-348-00 Materials & Supplies $22,000.00 $19,855.27 $2,144.73 02-6105-364.00 Equipment Rental $7,000.00 $1 .04890 $5951 .10 02 .6105-373-00 Outside Contractors $84,010.00 $83,574.50 $425 .50 02-6105-405-00 Asphalt-Resurfacing $425,723 .00 $425,634.56 $88.44 02 .6105405-01 Asphalt-Patching $385,070 .00 $294.858 .39 $90,211 .61 024105-405-02 Wayne Bridge Rd Project $75,000.00 $57,940.62 $17,059.38 02-6105405-04 Road Improvements- State Reirnbursonorn, $200,000 .00 $199,024 .29 $975 .71 02-6105405-05 Road Improvements- Capital Pinjects $63,000 .00 $0.00 $63,000.00 024105407-00 Concrete $13,000.00 $6,298 .43 $6,701 .57 02-6105409-00 Chip & Seal $7,400 .00 $0 .00 $7,400 .00 024105409-01 Rock $75,000 .00 $55,543 .31 $19,456 .69 024105413-00 Data Proacesong $500.00 $0.00 $500.00 02-6105421-00 Lime & Fenilixer $7,000 .00 $3,768 .97 $3,231 .03 024105425-00 Food-Work Release $2,000 .00 $1,675 .46 $324 .54 02-6105427-00 Garage Supplies $10,000 .00 $7,823 .01 $2,176 .99 02-6105431-00 Construction Materials $6,000 .00 $3,378 .24 $2,621 .76 02-6105441-00 Machinery & Parts $25,000 .00 $22,372 .15 $2.627 .85 02-6105443-00 Motor Vehicle Parts $25,000 .00 $24,465 .66 $534 .34 02-6105-445-00 Office Supplies $4,750 .00 $3,402 .81 $1 .347 .19 02-6105-455-00 Fuel, Oil & Lubricants $107,000 .00 $106,708 .93 $29107 02-6105457-00 Pipe 530,000.00 $18,020 .94 $11,979 .06 02-6105469-00 Signs $12,000.00 $11,805 .65 $194 .35 02-6105471-00 Salt $50,000 .00 $40,683 .65 $9,31635 02-6105473-00 Sand $3,500.00 $602 .90 $2,897.10 02-6105475-00 Tools $4,500 .00 54,419 .86 $80 .14 024105-477-00 Structural Steel $4,000.00 $2304 .54 $1,695 .46 024105-479-00 Tires & Tubes $15,000.00 $14,280 .26 $719 .74 02-6105479-01 Solid Waste Disposal -Tbea $1,000 .00 $0 .00 $1000 .00 02-6105-481-00 Unifoms $11,750.00 $11,705 .08 344.92 02-6105-525-00 Insurance Bldg/Contents $10,000 .00 $9,076 .58 $923 .42 02-6105-529-00 Insurance-Liability $25,000.00 $22,691 .45 $2308 .55 02-6105-535-00 Insurance - Vehicle $26,000.00 $23,599.11 $2,400.89
1 8 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 02-6105-548-00 Maintenance- Drainage Projects $50,000.00 $23,459 .63 $26,54037 02-6105-569-00 Training $2,000 .00 $1,883.88 $116 .12 02-6105-569-01 COL Training $2,000 .00 $369.00 $1,631 .00 02-6105-573-00 Telephone $3,000.00 $2,791 .33 $208 .67 02 .6105-578-00 Utilities $50,000.01 548,901 .11 $1,098 .89 02-6105.586.00 Maintenance-Building $9,000 .00 $8,764 .14 $235 .86 02-6105.588-00 Maintenance-Equipment $2,000 .00 $513 .50 $1,486.50 02-6105-590-00 Maintenance- Office Equipment $2,000 .00 $0.00 $2,000.00 02-6105-591-00 Maintenance-Radio $3,500 .00 $1,248 .57 $2,251 .43 02-6105-594-00 Safety Program $4,000 .00 $2,812 .12 $1,18788 02-6105-599-00 Miscellaneous $1,00.01 $823 .87 $176.13 02-6105-705-00 Data Processing Equipment $1,000.01 $166 .00 $834.00 02-6105-713-00 Capital Equipment $163,801 .00 $163,571510 $229.00 02.6105-725-00 Office Equipment $3,000.00 $537.98 $2462 .02 Total Road Operations $3,484,799.00 $3,109,892.13 $374,906.87
Total Road Operations $3,484799.00 $3,109,892.13 $374,906 .87
Department of Engineering Engineer
02-6103-102-00 County Engineer $78,500.00 $78,444.44 $55 .56 02-6103-185-00 Woes Salaries $28,850 .00 $28,823 .59 $26 .41 02-6103-201-00 Social Security/Medicare $8,071 .00 $7,780.55 $290 .45 02.6103-202.00 Retirement $8,976.00 $8,972.92 $3 .08 02-6103-203-00 Employ.,lnsurance $11,620 .00 $11,063 .19 $556.81 02-6103-208-00 Unemployment Insurance $400.00 $229.83 $170 .17 026103-209-00 Worlunens Compensation $650 .00 $631 .39 31841 02-6103-323-00 Engineering Service Contracts $20,000 .00 $18,000.00 $2,000.00 026103413-00 Data Processing Service $740.00 $228.75 $511 .25 02-6103445-00 Office Supplies $1,000 .00 $716.79 $28321 024103475-00 Field Supplies & Tools $1,000.00 $30.25 $969.75 026103479.00 Vehicle M .m .racc $1,000 .00 S95630 $43 .50 02-6103-535-00 Insurance- Vehicle $600 .00 $544 .59 $55.41 02-6103-551-00 Memberships $500.00 $122.00 $378 .00 02-6103-569-00 Training $1,500 .00 $176 .17 $1,32323 02-6103-573-00 Telephone $1,000.00 $648 .74 $351 .26 02-6103-705-00 Data Processing Equiptnent $1,26001 $1,253 .64 $6 .36 02-6103-723-00 Motor Vehicle $21,315 .00 $20,899 .00 $416.00 Total Road Engineer $186,982 .00 $179,522 .34 $7,459 .66
Total OFFICE OF ROAD ENGINEER $186,982 .00 $179,522 .34 $7,459.66
ADMINISTRATION General Services
02-9100 .185-00 Payroll $1,000 .00 $8,623 .83 ($7,623.83) Total General Services $1,000.00 $8,623 .83 ($7,623.83)
Reserve for Budget Transfer
02-9200-999.OD Reserve for Budget Transfers $3,000 .00 $0 .00 $3,000.00 Total Reserve for Budget Transfer $3,000 .00 $0 .00 $3,000 .00
Total ADMINISTRATION $4,000 .00 $8,623 .83 ($4,623.83)
Total Expenses $3,675,781 .00 $3,298,038.30 $377,742.70
03-Jail Fund Expense
JAIL OPERATIONS Jail Operations
1 9 DAVIESS COUNTY FISCAL COURT Schedule C -Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 03-5101-101-00 Jailer $86,700 .00 $86,655 .88 $44 .12 035101-103-00 Deputy Jailess, 51 .887.000 .00 $1,807,449 .07 $79,550.93 035101-173-00 KitchenSupervisors $61,100 .00 $61,087 .99 $12 .01 03-5101-178-00 Overtime Wages $100,000 .00 $48,702 .15 $51,297 .85 03-5101-179-00 Pan-Time Deputies $117,000 .00 $86,337.87 $30,662 .13 03-5101-201-00 Social Secrearity1medirm $171,800.00 $142,291 .30 $29,508 .70 03-5101-202-00 Retirement $432,000.00 $397,055 .62 $34,944.38 03-5101-203-00 Insurance - Health/Life $498,800.00 $498,702 .84 $97.16 03-5101-208-00 Insurance-Unemployment 511,900.00 $8,716 .90 $3,183 .10 03-5101-209-00 Insurance- Workers Compensation $67,400 .00 $65,47024 $1,929 .76 03-5101-212-00 Training Incentive-jailer $2,000 .00 $1,546 .48 $453 .52 03-5101-332-00 Legal Fees $7,000 .00 So.00 $7,000 .00 03-5101-334-00 Maintenance 551,500 .00 $51,288.84 $211 .16 03-5101346-00 Pat Cosnrol $4,440 .10 $4,440.00 $0 .00 03-5101-364-00 Levy Foundation Payment $40,000 .00 $40,000.00 $0 .00 03-5101-423-00 Food Prep & Serving Supplies $24,650.00 $21,476 .65 $3,17335 03-5101-425.0 Food $689,000 .00 $688,376.96 $623.04 03-5101-445-00 Supplies -ORce/Operations $98,500 .00 598.494.59 $5.41 03-5101-445-0i SAP Expenses $1,000 .00 $724.53 $275 .47 03-5101-455-00 Foe1/011 $8,000 .00 $6,279.32 $1,720 .68 03-5101-465-00 Unifomu/Supplies-Intenses $25,100 .00 $25,076.16 $23 .84 03-5101-475-00 Tools $1,000.00 $971 .31 $28.69 03 .5101-481-00 Unifomu-Stan $10,000.00 $9,928 .11 $71 .89 03-5101-525-00 Insurance - Building $60 .000.00 $54,459.48 $5,5 40.52 03-5101-529-00 Insurance-Liability $35,000.00 $31,768 .03 $3,231 .97 03-5101-535-00 Insurance- Vehicle 510,000.01 $9,076 .58 $923 .42 03-5101-549-00 Medical-Inmates $382,200.00 $305,463 .56 $76,736.44 03-5101-550-00 Medical Supplies-lactates $15,000.00 $14,981 .11 $18 .89 03-5101-551-00 Association Dues $2,00.01 $1,655 .00 $345.00 03-5101-569-00 Training $6,000.00 $4,848 .22 $1,151 .78 03-5101-573-00 Telephone & Pagers $9 .070 .00 $7,307 .99 $1,692.01 03-5101-57600 Travel $7,000 .00 $2 .880 .70 $4,11930 03-5101-57601 Drag Teals/Vaccines - Staff $5,010.00 $1,135 .00 $3,865 .00 03-5101-578-00 Utilities $239,300 .00 $239.265 .12 $34 .88 03-5101 .599-00 Miscellaneous $7,00.00 $6,614 .97 $385 .03 03-5101-703-00 Equipment-Cmrnnunicafon $3.000.00 $2,885 .70 $114 .30 03-5101-705-00 Equipment- Data Processing $5.500 .00 $5,056 .40 $443 .60 03-5101-707-00 Equipment- Food Service $9,900 .00 $9,870 .32 $2968 03-5101-709-00 x tures Furniture & Fi SL000 .00 $580.57 $419 .43 03-5101-717-00 Equipment- Law Enforcement $3,150 .00 $3,128.22 $21 .78 03-5101-723-00 Motor Vehicles $10 .00 $4.53 $5 .47 03-5101-725-00 Equipment -Other $2500 .00 $2,212 .73 $287 .27 03-5101-742-00 Capital improvements $20,000 .00 $19,88527 $114 .73 Total $5,218,450 .00 $4,874,152.31 $344,297 .69
Total $5,218,450 .00 $4,874,152.31 $344,297 .69
DEBT SERVICE Debt Service
03-7700-602-00 Detention Center- Lease Principal $171,000 .00 $171,000.00 5000 03-7700-606-00 Detention Center - Lease Interest $254,200.00 $254,167.29 $32 .71 Total Debt Service $425,200 .00 $425,167 .29 $32 .71
Total DEBT SERVICE $425,201.00 $425,167 .29 $32.71
ADMINISTRATION General Services
03-9100-185-00 Payroll $500 .00 $6,520 .90 ($6,020.90) Total General Services $500 .00 $6,520 .90 ($6,020.90)
Reserve for Budget Transfer
20
DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 03-9200-999-00 Reserve for Budget Transfer, $40,000.00 $0 .00 $40,000.00 Total Reserve for Budget Transfer $40,000.01 $0 .00 540,000.00
Total ADMINISTRATION 540,500 .00 $6,520.90 $33979.10
Total Expenses $5,684,150 .00 $5,305,840.50 $378,309.50
04 -Local Government Economic Assistance Expenses
RECREATION AND CULTURE Recreation and Culture
045401-742-04 Economic Development Grant $100,000.00 $100,000.00 $0 .00 045401-742-05 HL Neblen Center- LGED Foods $50,000.00 $46,261 .75 $3,738 .25 Total Parks Department $150,000.00 $146,261 .75 $3,738 .25
Total RECREATION AND CULTURE $150,000.00 $146,261 .75 53,738 .25
ROAD OPERATIONS Road Operations
04-6105-405-00 Asphalt-Resurfacing $165,000.00 $164,362 .36 $637 .64 04-6105 .409-00 Materials $8,000.00 $0.00 58,000 .00 Total Road Operations $173,000.00 $164,36236 $8,637 .64
Total Road Operations $173,000.00 $164362 .36 58,637 .64
Total Expenses $323,000.00 $310,624 .11 512,375.89
05-Solid Waste Construction Fund Expenses
SOLID WASTE CONSTRUCTION Solid Waste Consnuction
05-5212-323-00 Engineering Services 5100,000.011 $59,748 .89 $40,251 .11 05-5212-431-00 Materials & Supplies $50 .000.00 $39,868 .32 510,131 .68 05-5212-716-00 Earth Work $50,000.00 $38.915 .00 511,085.0 05-5212-742-00 Line Installation &Termination $255,000 .00 $252,501 .00 $2,500 .00 Total Solid Waste Construction $455,000.00 $391,032 .21 $63,967.79
Total $455,000.00 $391,032 .21 $63,967.79
Total Expenses $455,000.00 $391,032.21 $63,967.79
15-Solid Waste Operating Fund Expenses
SOLID WASTE CONSTRUCTION Solid Waste Conswction
I5-5212-102-00 Solid Waste Engineer Salaries $98,000 .00 597,04412 $955.78 15-5212-201-00 social Security $7,842 .00 $6,920.53 $921 .47 15-5212-202-00 Retirement $8,549.00 $8,121 .31 $427.69 15-5212-203-00 Employeelnaurance $24,000 .00 $21950 .19 $2,049 .81 I5-5212-208-00 Unemployment Insurance 5600 .00 $344.75 $255.25 15-5212-209-00 Worksnens Compensation Insurance $700.00 5679 .96 520.04 153212-323-00 Consulting Engineers 522,000 .00 521,053 .48 $946.52 15-5212-348-00 Materials & Supplies $1,500.00 $183 .89 $1,316.11 15 .5212-413-00 Data Processing 52,850.00 $2,342 .80 5507.20 15-5212.445-00 Once Supplies 5930 .00 3337 .75 $59215 15-5212.481-00 Uniforms $500 .00 5409 .99 $90.01 15-5212-535-00 Vehicle Maintenance $2,000.00 51,853 .09 $14691
21 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 15-5212-569-00 Registrations, Conferences & Training $5,705.00 $713.00 $4,992 .00 15-5212-573-00 Telephone $1,000.00 $970.23 $29.77 15-5212-585-00 P roperty Maintenance/SW Managcsssetst $10,000.00 $309.03 $9,690.97 15-5212-588-00 Equipment Maintenance $4,000.00 $2,843 .37 $1,156 .63 15-5212-599-00 Miscellaneous $570.00 $565 .44 $4 .56 15-5212-739-00 Equipment $21,000.00 $15,764 .10 $5,23590 Total Solid Waste Construction $211,746 .00 $182,407 .13 $29,338 .87
Total $211,746 .00 $182,407 .13 $29,338.87
LANDFILL OPERATIONS Landfill
15-5210 .178-00 Overtime Pay $79,310.00 $79,300.32 $9.68 15-5210-179-00 TemporaryLabor $10,000.00 $1,804.50 $8 .195.50 15-5210-185-00 Salaries $431,000.00 $430,987.71 $12 .29 15-5210-201-00 Social Seesurty/Madicame $37,256.00 $36,412.45 $843 .55 15-5210.202-00 Retirement $41,298 .00 $40,583 .12 $714 .88 15-5210-203-00 Employee Insurance $105,000.00 $98,151 .33 $6,848 .67 15-5210-208-00 Unemploymentlnsurance $1,500.00 $861 .85 $638.15 15-5210-209-00 worlanew compensation $30,600.00 $29,723 .88 $876 .12 15-5210-302-00 Advertising $4,000.00 $2,858.00 $1,142.00 15-5210-324-00 Sampling/Monitoring 550,000.00 $43,27780 $6,722 .20 15-5210-332 .0 Professional Fees $28,500.00 $28,471 .01 $28 .99 15-5210-343-00 Medical Services $1,500.00 $1,284.00 $216.00 15-5210-346-00 Pest Control $1,000.00 $0.00 $1,000 .00 15-5210-348-00 Materials & Supplies $35,200.00 $35,130.41 $69 .59 15-5210-364-00 Equipment Rental $120000.00 $117,143 .20 5285680 15-5210-366-00 Special Waste Diversion $8,000.00 $4,544 .23 $3,455 .77 15-5210.40900 Gravel $30,000.00 $29,039.38 $960.62 15-5210-413-00 Data Processing $5,010 .00 $3,186 .49 $1,813 .51 15-5210421-00 Site Reclamation $8,000.00 $0.00 $8,000 .00 15-5210-425-00 Food- Work Release $10,000 .01 59,71346 $28654 15-5210445-00 Once Supplies $2,000 .00 $1,368 .34 $631 .66 15-5210455-00 Fuel & Oil $165,000.00 $159,457.23 $5,542 .77 15-5210-465-00 Prisoner UniNmn-Footwear $2,000 .00 $1,731 .17 $268 .83 15-5210475-00 Tools $7,500.00 $5,163 .44 $2,336 .56 15-5210479-00 Tires & Tubes $10,000 .00 $9,66720 $332 .80 15-5210481-00 U niforms $7,000.00 $6,00222 $997 .78 15-5210-514-00 Freight & Postage $2,000.00 $433 .82 $1,566 .18 15-5210-525-00 Insurance-Building $2,000 .00 $1,815 .32 $184 .68 15-5210-529-00 Insurance - Liability $26,000.00 $25,570.07 $429 .93 15-5210-535-00 Insurance-Vehicle $7,000 .00 $6.353 .61 $646 .39 15-5210-539-00 Legal Notices $1,000 .00 $0.00 $1,000 .00 15-5210-539-01 Env ironmental Remediation Fee $300,000.00 5223,315 .47 $76,684 .53 15-5210-569-00 Registrations, Conferences & Training $6,650 .00 $4,407 .97 $2,242 .03 15-5210-573-00 Telephone $7,000 .00 $4,885 .47 $2,114 .53 15-5210-578-00 Utilities $11,000 .00 $9,903 .83 $1,096 .17 15-5210-580-00 Leachate Disposal $78,000 .00 $69,090 .22 $8,909 .78 15-5210-586-00 Maintenance-Building $10,000 .00 $9,243 .57 $756 .43 15-5210-588-00 Maintenance - Equipment $100,000 .00 $75,233 .12 $24,766.88 15-5210-591-00 Maintenance-Radio $1,500 .00 $1 .395 .31 $104 .69 15-5210-599-00 Miscellaneous $1,000 .00 $222 .50 $777 .50 15-5210-709-00 Furniture & Fixtures $ 1,500 .00 $1,149 .98 $35002 15-5210-725-00 Office Equipment $2 .00000 $914 .26 $1,085 .74 15-5210-741-00 Capital Equipment $623,000 .00 $448,373.28 $174,626.72 15-5210-742-00 Building & Construction $24,000 .00 $14,778 .86 $9,221 .14 15-5210-999-00 Reserve $195,754 .00 $0 .00 $195,75400 Total Landfill $2,630,068 .00 $2,072,949 .40 $557.118.60
Transfer Station
15-5211-178-00 Overtime Pay $72570 .00 $72,56782 $2 .18 15-5211-185-00 Salaries $375,000 .00 $349,030 .43 $25,969.57
22 DAVIESS COUNTY FISCAL COURT Schedule C - Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance 15-5211-201-00 Social Security/Medicam, $33,278 .00 $30,707.08 $2,570.92 15-5211-202-00 Retirement $36,888 .00 534 .61614 $2,271 .76 15 .5211-203-00 Employee Insurance $75,000 .00 $67,167 .61 $7,832.39 15-5211 .208-00 Unemployment Insurance $1,000 .00 $574 .59 $425 .42 15-5211-209-00 Workmeres Compensation $22,000 .00 $21 .370 .11 $629.89 15-5211-348-00 Materials & Supplies $5,000 .00 $3,099 .58 51,900.42 15-5211-364-00 Equipment Rental $1,560.00 $1,551 .36 $8 .64 15-5211425-00 Food- Work Release $7,920 .00 $7,917 .01 $2.99 15-5211445-00 Office supplies 53,500.00 $2,087.82 $1 .412 .18 15-5211 .455-00 Fuel & Oil $117,100.00 $117,037.08 $62 .92 15-5211465410 Prisoner Uniforms-Footwear $3,000.00 $1,231 .87 $1,768 .13 15-5211465-01 tmmuniaationa $2,500.00 $0.00 $2,500 .00 15-5211475-00 Tools $3,000.00 $1,799.00 $1,201 .00 15.5211-479-00 Tires & Tubes $50,000.00 $48,685.87 $1,314 .13 15-5211480-00 Gloves $650.00 $66.60 $583 .40 15-5211481-00 Uniforms $4,500.00 $3,971 .31 $528 .69 15-5211-492-00 Tire Disposal $16,500.00 $2,217.40 $14182 .60 15-5211495-00 CDL Program $1,000.00 $808.00 $192 .00 15-5211-514-00 Freight & Postage $500.00 580.79 $419 .21 15-5211-525-00 Insurance-Building $6,000.00 $5,445.95 $554.05 15-5211-529-00 Insurance - Liability $8,000.00 $7,261 .26 $738 .74 15-5211-535-00 Insurance- Vehicle $8,000.00 $7,261 .26 $738.74 15-5211-569-00 Registrations, Conferences & Training $2,000.00 $62.68 $1,937 .32 15-5211 .573-00 Telephone $2,500 .00 51,310.82 $1,189 .18 15-5211-578-00 Utilities $8,000.00 $7,541 .41 $458.59 15-5211-58600 Maintenance-Building $15,000 .00 $14,875 .41 $124 .59 15-5211-588-00 Maintenance-Equipment $64,500.00 $64,440.96 $59 .04 15-5211-591-00 Maintenance - Radio $1500.00 $515 .40 $984 .60 15 .5211-725-00 Other Equipment $4,501.00 $3,265.87 $1,234.13 15-5211-741-00 Capital Eq.ipt $177,520.00 $162,799.19 $14,720 .81 15-5211-742-00 Building & Construction $34,201.00 $12,013.35 $22,186.65 Total Transfer Station $1,164,186.00 $1,053,381 .12 $110,804 .88
Total LANDFILL OPERATIONS $3,794,254.00 $3,126,330.52 $667,923 .48
ADMINISTRATION General Services
15-9100-185-00 Payroll $50000 $5,103 .37 ($4,603 .37) Total General Services $500.00 $5,103 .37 ($4,603 .37)
Total ADMINISTRATION $500.00 $5,103 .37 ($4,603.37)
Total Expenses $4,006,500 .00 $3,313,841 .02 $692,658.98
75- Solid Waste Debt Service Fund Expenses
DEBT SERVICE Bond Repayments
75-7401-601-00 Bond Principal $220,000.00 $220,000.00 $0 .00 75-7401-605-00 Bond Interest $110,500.00 $110,233 .78 $266.22 Total Bond Repayments $330,500.00 $330,233 .78 $266 .22
Debt Service
75-7700502-00 Lease Purchase Principal-KACO $280,000.00 $280,000.00 $0 .00 75-770060600 Lease Purchase Interest -KACO $10,000.00 $9,839.97 $160 .03 75-7700-999-00 Reserve For Transfers $32,000.00 $0.00 $32,000 .00 Total Debt Service $322,000.00 $289,839.97 $32,160 .03
Total DEBT SERV ICE $652500.00 $620073.75 $32,426 .25
23
DAVIESS COUNTY FISCAL COURT Schedule C -Comparative Schedule of Final Budget and Budgeted Expenditures Fiscal Year Ended June 30, 2005
BUDGET Actual Variance Total Expenses $652,500.00 $620,073.75 $32,426.25
76 -Solid Waste C losure Expenses
SOLID WASTE CONSTRUCTION Solid Waste Construction
70.5212-323-00 Engineering Services $100,000.00 $1 .190 .07 $98,809 .93 76-5212421-00 Site Reclamation 5100,000.00 $0 .00 $100,000 .00 76-5212-71601 Methane Management $200,000.00 $0 .00 $200,000 .00 76-5212-742-00 Liner Installation & Termination $100,000 .00 $0.00 $100,000 .00 Total Solid Waste Construed . $500,000.00 $1,190 .07 $498,809 .93
Total $500,000.00 $1,190 .07 5498,809 .93
ADMINISTRATION Reserve for Budget Transfer
769200-999-00 Reserve For Trundles $2,025,000 .00 $0 .00 $2,025,000 .00 Total Reserve for Budget Transfer 52,025,000.00 $0.00 $2,025,000 .00
Total ADMINISTRATION $2,025,000.00 $0 .00 $2,025,000 .00
Total Expenses $2,525,000 .00 $1,190.07 $2,523,809.93
77 . Solid Waste Post-Closure Expenses
ADMINISTRATION Reserve for Budget Transfer
77-9200-999-00 Reserve For Transfers $1,480,000 .00 $0.00 $1,480,000 .00 Total Reserve for Budget Transfer $1,480,000.00 $0 .00 11,480,000 .00
Total ADMINISTRATION $1,480,000.00 $0 .00 $1,480,000 .00
Total E .perssms $1,480,000.00 50.00 $1,480,000 .00
78- Davlea County Health Insurance Fund Expenses
HEALTH INSURANCE Employee Benefit Programs
78-5232-203-00 Employee Benefit Programs $2,010,000.00 11,930,770 .57 $79,229.43 Total Employ" Benefit Programs, $2,010,000.00 $1,930,77057 $79,229 .43
Total HEALTH INSURANCE $2,010,000.00 $1930,77057 579,229 .43
Total Expenses $2,050,000.00 $1930,770 .57 $79,229 .43
Total -All Funds 555,618,616.00 528,838,545.75 $26 .810,100.2$
24
1 I I I I I I I I I I I I I I I I I I
DAVIESS COUNTY FISCAL COURT SCHEDULE OF LIABILITIES June 30, 2005
LONG TERM ISSUES
ISSUE IDENTIFIER I Fund & Major Object code 01-7200 014201 21 .7200 21 .7200 75.7401 2 Project Description JUDICIAL CENTER SUBLEASE -AIRPORT Tourist Tax DotCtr/CounyComplex LANDNLLPHASEIt 3 Type of Liability Bond Issue Sublease Bond Issue 2003 6 Bond Issue 2003A Bond issue TOTALS 4 OrganlzatioNfrustes National City Bank Airport General Obligation General Obligation General Obligation 5 Contract Term 20 20 25 25 18 6 Current Interest Rate % 5.4 .5.7 5 .78 4.25 425 5.32 7 Issue Date 07-01 .94 06-01.95 09101/03 09/01/03 034149 8 Total Principal Amount 84,270,000 $1 .572,430 92,270,000 $8,720,000 $3,610,000 9 Total Interest Amount $2,690,988 $1,280,271 $1,439,519 $5,485,329 $1,337,502 10 Total lssuepumof6&7) $6,960,986 $2,932,701 $3,709,519 $14,206,329 $4,947,502 11 OutatandingPdncipal 92,350,000 $1,163,927 $2,210,000 $8,495,000 $2,415,000 $16,633,927 12 Outstanding interest $659,794 8440,872 $1,308,638 $4,815,077 $543,863 13 Lee. Resern Earnings $392,984 $0 s0 $0 90 14 Total Outstanding $2,616,810 I $1,610,799 I $3,519,636 I $13,310,077 I $2,958,863 15 Next Payment Due Data 90/1/2005 12/1/2005 09/01/05 09/01/05 10/12005 16 Final Payment Due Date 10-01.14 06-01 .15 9/12028 9M2028 4/12014 17 Total Due This Budget $120,000 I $157,000 I $145,195 I $559,805 I $326,434
$HORT TERM ISSUES
ISSUE IDENTIFIER I Fund & Major Object code 2 Project Description 5 Contract Term 6 Current Interest Rate % 7 Issue Date 8 Total Principal Amount 9 Total Interest Amount 10 Total Issue (sum of 6 & 7) 11 OutstandIng Principal 12 Outstanding Interest 14 Total Outstanding 16 Final Payment Due Data
APPENDIX F
Statement of Indebtedness of the City
STATEMENT OF INDEBTEDNESS KY CONST. §§157 and 158 KRS §66.041
COMMONWEALTH OF KENTUCKY ) ) SS COUNTY OF DAVIESS )
The undersigned Finance Director of the City of Owensboro, Commonwealth of Kentucky, does hereby certify that the following statements concerning the financial condition of said City are true and correct as they appear from records of the City:
1. The assessed valuation of all the taxable property in the City as estimated on the last certified assessment is…………………………………………………… $2,388,607,623
2. The current population of the City is………………. 54,900
3. The total of all bonds, notes and other obligations currently issued and outstanding, including the present issue of $2,550,000…………… $441,992,476
4. Bonds, notes and other obligations excluded from the calculation of net indebtedness are as follows:
(a) Obligations issued in anticipation of the levy or collection of special assessments which are payable solely from those assessments or are otherwise self- supporting obligations……………………………… $9,388,157
(b) Obligations issued in anticipation of the collection of current taxes or revenues for the fiscal year which are payable within that fiscal year………………….. $-0-
(c) Obligations, which are not self-supporting obligations, issued after July 15, 1996 by any instrumentality of the City created for the purpose of financing public projects for which there has been no pledge to the payment of debt charges of any tax of the City or for which there is no covenant by the City to collect or levy tax to pay debt charges……… $-0-
(d) Self-supporting obligations and other obligations for which there has been no pledge to the payment of debt charges of any tax of the City or for which there is no covenant by the City to collect or levy a tax to pay debt charges…………………………… $404,664,723
(e) Obligations issued to pay costs of public projects to the extent they are issued in anticipation of the receipt of, and are payable as to principal from, federal or state grants within that fiscal year………. $-0-
F-1
(f) Leases entered into under KRS 65.940 to 65.956 after July 15, 1996 which are not tax-supported leases……………………………………………… $-0-
(g) Bonds issued in the case of an emergency, when the public health or safety should so require…………… $-0-
(h) Bonds issued to fund a floating indebtedness………. $2,538,483
TOTAL EXEMPT OBLIGATIONS……………………… $416,591,363
5. The total of bonds, notes and other obligations subject to the debt limitation set forth in KRS 66.041 (3 minus 4) is……………………………… $25,401,113
6. The total of bonds, notes and other obligations subject to the debt limitation set forth in KRS 66.041 as computed in 5 above, does not exceed 10% of the assessed valuation of all the taxable property in the City.
7. The current tax rate of the City, for other than school purposes, upon the value of the taxable property therein is .2580 which does not exceed the maximum permissible tax rate for the City as set forth in Section 157 of the Kentucky Constitution.
8. The issuance of the bonds, notes or other obligations set forth in 3 hereof will not cause the tax rate set forth in 7 hereof to increase in an amount which would exceed the maximum permissible tax rate for the City as set forth in Section 157 of the Kentucky Constitution.
*10% for cities having a population of fifteen thousand or more; 5% for cities having a population of less than fifteen thousand but not less than three thousand; and 3% for cities having a population of less than three thousand.
IN WITNESS WHEREOF, I have hereunto set my hand this ____ day of April, 2006.
/S/ J. T. Fulkerson Finance Director
PECK, SHAFFER & WILLIAMS LLP BOND ATTORNEYS Covington, Kentucky
F-2
APPENDIX G
Form of Final Approving Legal Opinion of Bond Counsel
[Date of Delivery]
City of Owensboro, Kentucky Owensboro, Kentucky
Gentlemen:
We have examined the transcript submitted relating to the issue of $______General Obligation Public Project Refunding Bonds, Series 2006 (Airport Refunding Project) (the "Bonds") of the City of Owensboro, Kentucky (the "Issuer"), dated March 1, 2006, numbered R-1 upward and of the denomination of $5,000 and any integral multiple thereof. The Bonds mature, bear interest, and are subject to mandatory and optional redemption upon the terms set forth therein. We have also examined a specimen Bond.
Based on this examination, we are of the opinion, based upon laws, regulations, rulings and decisions in effect on the date hereof, that:
1. The Bonds constitute valid obligations of the Issuer in accordance with their terms, which unless paid from other sources, are payable from taxes to be levied by the Issuer without limitation as to rate.
2. Under the laws, regulations, rulings and judicial decisions in effect as of the date hereof, interest on the Bonds is excludible from gross income for Federal income tax purposes, pursuant to the Internal Revenue Code of 1986, as amended (the "Code"). Furthermore, interest on the Bonds will not be treated as a specific item of tax preference, under Section 57(a)(5) of the Code, in computing the alternative minimum tax for individuals and corporations. In rendering the opinions in this paragraph, we have assumed continuing compliance with certain covenants designed to meet the requirements of Section 103 of the Code. We express no other opinion as to the federal or state tax consequences of purchasing, holding or disposing of the Bonds.
3. The interest on the Bonds is not subject to taxation by the Commonwealth of Kentucky, and the Bonds are not subject to ad valorem taxation by the Commonwealth of Kentucky or by any political subdivision thereof.
The Issuer has designated the Bonds as "qualified tax-exempt obligations" with respect to investments by certain financial institutions under Section 265 of the Code.
In giving this opinion, we have relied upon covenants and certifications of facts, estimates and expectations made by officials of the Issuer and others contained in the transcript which we have not independently verified. It is to be understood that the enforceability of the Bonds may be subject to bankruptcy, insolvency, reorganization, moratorium and other laws in effect from time to time affecting creditors' rights, and to the exercise of judicial discretion.
Very truly yours,
PECK, SHAFFER & WILLIAMS LLP OFFICIAL TERMS AND CONDITIONS OF BOND SALE
$2,550,000* City of Owensboro, Kentucky General Obligation Public Project Refunding Bonds, Series 2006 (Airport Refunding Project)
SALE: April 12, 2006 at 10:00 A.M., C.S.T.
As duly advertised, the City of Owensboro, Kentucky (the "City") will, until the 12th day of April, 2006, at the hour of 10:00 A.M., C.S.T., at the office of the Finance Director, City Hall, 101 East 4th Street, Owensboro, Kentucky 42302, receive sealed competitive bids for the bonds herein described (the "Bonds"). To be considered, a proposal for the purchase of such Bonds must be submitted on an Official Bid Form and must be delivered to the Finance Director at the address indicated on the date of sale no later than the hour indicated. Bids will be opened and acted upon later that same day.
STATUTORY AUTHORITY, PURPOSE OF ISSUE AND SECURITY
These Bonds are authorized pursuant to Sections 66.011 to 66.181, inclusive, of the Kentucky Revised Statutes and are being issued in accordance with a Bond Ordinance (the "Bond Ordinance") adopted by the City of Owensboro, Kentucky (the "City") on April 4, 2006. The Bonds are general obligation bonds and constitute a direct indebtedness of the City.
The Bonds are secured by the City's ability to levy and its pledge to levy an ad valorem tax on all property within the City in a sufficient amount to pay the principal of and interest on the Bonds when due. Subject to approval by the State Local Debt Officer of the Commonwealth of Kentucky, the County of Daviess, Kentucky will issue a general obligation note (the "County Note") to the City in an amount equal to approximately forty-two percent (42%) of the principal and interest coming due from time to time on the Bonds. When and if issued, the County Note will provide additional security for the Bonds.
The Bonds are being issued for the purpose of (i) financing the costs of currently refunding and redeeming on June 1, 2006 the outstanding principal amount of City of Owensboro Municipal Improvement Corporation Airport Lease Revenue Bonds, Series 1995 (the "Prior Bonds"), the proceeds of which were used to finance various airport improvements at the Owensboro-Daviess County Regional Airport (the "Project") and (ii) paying the costs of issuance of the Bonds.
BOND MATURITIES, PRIOR REDEMPTION PROVISIONS AND PAYING AGENT
The Bonds will bear interest from April 1, 2006, payable on the first day of each June and December, commencing June 1, 2006.
The Bonds are scheduled to mature in each of the years as follows:
Maturities Maturities June 1 Amount* June 1 Amount*
2006 $215,000 2011 $260,000 2007 225,000 2012 265,000 2008 230,000 2013 280,000 2009 240,000 2014 285,000 2010 250,000 2015 300,000 ______*Preliminary; subject to Permitted Adjustment.
The Bonds are not subject to optional redemption prior to their stated maturities. The Bank of New York Trust Company, N.A., Cincinnati, Ohio, has been appointed Paying Agent and Registrar for the Bonds.
BIDDING CONDITIONS AND RESTRICTIONS
The terms and conditions of the sale of the Bonds are as follows:
(A) Bids are required to be submitted on the Official Bid Form in order to provide for uniformity in submission of bids and ready determination of the best bid. Bids may alternatively be submitted electronically via PARITY®. Electronic bids for the Bonds must be submitted through PARITY® and no other provider of electronic bidding services will be accepted. Subscription to the PARITY® Competitive Bidding System is required in order to submit an electronic bid. The City will neither confirm any subscription nor be responsible for the failure of any prospective bidders to subscribe. For the purposes of the bidding process, the time as maintained by PARITY® shall constitute the official time with respect to all bids whether in electronic or written form. To the extent any instructions or directions set forth in PARITY® conflict with the terms of the Official Terms and Conditions of Bond Sale, this Official Terms and Conditions of Bond Sale shall prevail. Electronic bids made through the facilities of PARITY® shall be deemed an offer to purchase in response to the Notice of Bond Sale and shall be binding upon the bidders as if made by signed, sealed written bids delivered to the City. The City shall not be responsible for any malfunction or mistake made by or as a result of the use of the electronic bidding facilities provided and maintained by PARITY®. The use of PARITY® facilities are at the sole risk of the prospective bidders. For further information regarding PARITY®, potential bidders may contact PARITY®, telephone (212) 404-8102. Notwithstanding the foregoing non-electronic bids may be submitted via facsimile or by hand delivery utilizing the Official Bid Form. Official Bid Forms, together with a Preliminary Official Statement, may be obtained at the office of the Financial Advisor, First Kentucky Securities Corporation, 305 Ann Street, Suite 400, Frankfort, Kentucky 40602, Attention Stan Kramer (502) 875-4611.
(B) Bidders are required to bid for the entire issue of Bonds at a minimum price of not less than $2,524,500 (99.00% of par), plus accrued interest from April 1, 2006, to the date of delivery, PAYABLE IN IMMEDIATELY AVAILABLE FUNDS.
(C) Bidders must name an interest rate or rates in a multiple of 1/8 or 1/20 of 1%, which rates must be on an ascending scale, in that the rate on the applicable series of Bonds in any maturity is not less than the rate on the applicable series of Bonds for any preceding maturity and all Bonds of the same maturity and series shall bear the same and a single interest rate from the date thereof to maturity.
(D) The determination of the best purchase bid for the Bonds shall be made on the basis of all bids submitted for exactly $2,550,000 principal amount of Bonds offered for sale hereunder; but the City may adjust the principal amount of Bonds which may be awarded to such best bidder upward or downward by $255,000 (the "Permitted Adjustment") to a minimum of $2,295,000 or a maximum of $2,805,000. In the event of such Permitted Adjustment, no rebidding or recalculation of a submitted bid will be required or permitted. The price of which such adjusted principal amount of Bonds will be sold will be the same price per $1,000 of Bonds as the price per $1,000 for the Bonds bid.
(E) Bidders have the option of specifying that all the Bonds maturing in any two or more consecutive years may, in lieu of maturing in each of such years, be combined to comprise one or more maturities of Bonds scheduled to mature in the latest of such year and be subject to mandatory sinking fund redemption at par in each of the years and in
2 the principal amounts of such term Bonds scheduled in the year of maturity of the term Bonds, which principal amount shall mature in that year.
(F) CUSIP identification numbers will be printed on the Bonds. Improper imprintation or the failure to imprint CUSIP numbers shall not constitute cause for a failure or refusal by the purchaser to accept delivery of and pay for the Bonds in accordance with the terms of any accepted proposal for the purchase of the Bonds.
(G) An electronic version of the Official Statement will be supplied to the Purchaser.
(H) Bids need not be accompanied by a certified or bank cashier's good faith check, but the successful bidder will be required to wire transfer to the order of the City an amount equal to 2% of the amount of the principal amount of Bonds awarded by the close of business on the day following the award. Said good faith amount will be forfeited as liquidated damages in the event of a failure of the successful bidder to take delivery of such Bonds when ready. The good-faith amount will be applied (without interest) to the purchase price upon delivery of the Bonds. The successful bidder shall not be required to take delivery and pay for the Bonds unless delivery is made within 45 days from the date the bid is accepted.
(I) Unless the successful purchaser notifies the City in writing within twenty-four hours of the award of the Bonds that it has elected (at such purchaser's expense) to take physical delivery of the Bonds, The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds. If issued in the book-entry only system, they will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee). One fully-registered Bond certificate will be issued for each maturity of the Bonds of each series, each in the aggregate principal amount of such maturity, and will be deposited with DTC. Purchases of the Bonds under the DTC system must be made by or through securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations (the "Direct Participants"), which will receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond (a "Beneficial Owner") is in turn to be recorded on the records of Direct Participants or securities brokers and dealers, banks, and trust companies that clear through or maintain a custodial relationship with a Direct Participant (the "Indirect Participants"). Beneficial Owners will not receive written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.
(J) The City reserves the right to reject any and all bids or to waive any informality in any bid. The Bonds are offered for sale subject to the principal and interest not being subject to Federal or Kentucky income taxation or Kentucky ad valorem taxation on the date of their delivery to the successful bidder, in accordance with the final approving legal opinion of Peck, Shaffer & Williams LLP, Covington, Kentucky, which opinion will be qualified in accordance with the section hereof on TAX TREATMENT.
(K) Bidders are advised that First Kentucky Securities Corporation has been employed as Financial Advisor in connection with the issuance of the Bonds. Their fee for services rendered with respect to the sale of the Bonds is contingent upon the issuance and
3 delivery thereof. They may submit a bid for the purchase of the Bonds at the time of the advertised public sale, either individually or as a member of a syndicate organized to submit a bid for the purchase of the Bonds.
(L) As required by the Code, the purchasers of the Bonds will be required to certify to the City as to certain of their activities regarding any reoffering to the public of the Bonds, including any reoffering prices. This information from the purchasers of the Bonds shall also be made available to the Financial Advisor immediately after the sale of the Bonds.
(M) At the election and cost of the purchaser of the Bonds, one or more maturities of the Bonds may be insured under a municipal bond insurance policy. In such event, the City agrees to cooperate with the purchaser to qualify the Bonds for bond insurance; however the City will not assume any of the expenses incident to the issuance of such a bond insurance policy, other than the costs for securing a rating of the Bonds from Moody's Investors Service, Inc.
CONTINUING DISCLOSURE
In accordance with Securities and Exchange Commission Rule 15c2-12, as amended (the "Rule") the City (the "Obligated Person") will agree pursuant to a Continuing Disclosure Agreement dated as of April 1, 2006 with The Bank of New York Trust Company, N.A. (the "Disclosure Agreement"), to be delivered on the date of delivery of the Bonds, to cause the following information to be provided:
(i) to each nationally recognized municipal securities information repository ("NRMSIR") and, if one is established for the Commonwealth, to its state information depository ("SID"), certain annual financial information and operating data, including audited financial statements prepared in accordance with generally accepted accounting principles as applied to governmental units, generally consistent with the information contained in "Appendix B," and "Appendix D" of the Official Statement ("Financial Data"); such information shall be provided within 210 days after the end of the fiscal year ending June 30, commencing with the fiscal year ending June 30, 2006; provided that the audited financial statements may not be available by such date, but will be made available immediately upon delivery thereof by the auditors for the Obligated Person;
(ii) to each nationally recognized municipal securities information repository or to the Municipal Securities Rulemaking Board and to the SID, if any, notice of the occurrence of the following events, if material, with respect to the Bonds:
(a) Principal and interest payment delinquencies; (b) Non-payment related defaults; (c) Unscheduled draws on debt service reserves reflecting financial difficulties; (d) Unscheduled draws on credit enhancements reflecting financial difficulties; (e) Substitution of credit or liquidity providers, or their failure to perform; (f) Adverse tax opinions or events affecting the tax-exempt status of the security; (g) Modifications to rights of security holders; (h) Bond calls, except for mandatory scheduled redemptions not otherwise contingent upon the occurrence of an event; (i) Defeasances; (j) Release, substitution or sale of property securing repayment of the securities; (k) Rating changes; and (l) The cure of any payment or nonpayment related default.
(iii) in a timely manner, to each NRMSIR or to the MSRB and to the SID, notice of a failure (of which the Obligated Persons have knowledge) of an Obligated Person to provide the
4 required Annual Financial Information on or before the date specified in the Disclosure Agreement.
The Disclosure Agreement provides bondholders, including beneficial owners of the Bonds, with certain enforcement rights in the event of a failure by the Obligated Person to comply with the terms thereof; however, a default under the Disclosure Agreement does not constitute an event of default under the Bond Resolution. The Disclosure Agreement may also be amended or terminated under certain circumstances in accordance with the Rule as more fully described therein.
For purposes of this transaction with respect to material events as defined under the Rule:
(a) there are no debt service reserve funds applicable to the Bonds; (b) there are no credit enhancements applicable to the Bonds; and (c) there are no liquidity providers applicable to the Bonds.
The City has entered into numerous disclosure agreements under the Rule, relative to all the financings undertaken. To the best of the City's knowledge, the City is in compliance with the continuing disclosure undertaking contained in such existing agreements.
TAX TREATMENT
In the opinion of Bond Counsel for the Bonds, based upon an analysis of existing laws, regulations, rulings and court decisions, interest on the Bonds is excludable from gross income for Federal income tax purposes. Bond Counsel for the Bonds is also of the opinion that interest on the Bonds is not a specific item of tax preference under Section 57 of the Internal Revenue Code of 1986 (the "Code") for purposes of the Federal individual or corporate alternative minimum taxes. Furthermore, Bond Counsel for the Bonds is of the opinion that interest on the Bonds is exempt from income taxation and the Bonds are exempt from ad valorem taxation by the Commonwealth of Kentucky and any of its political subdivisions.
The Code imposes various restrictions, conditions, and requirements relating to the exclusion from gross income for Federal income tax purposes of interest on obligations such as the Bonds. The City has covenanted to comply with certain restrictions designed to ensure that interest on the related issues of Bonds will not be includable in gross income for Federal income tax purposes. Failure to comply with these covenants could result in interest on the Bonds being includable in income for Federal income tax purposes and such inclusion could be required retroactively to the date of issuance of the Bonds. The opinion of Bond Counsel assumes compliance with these covenants. However, Bond Counsel has not undertaken to determine (or to inform any person) whether any actions taken (or not taken) or events occurring (or not occurring) after the date of issuance of the Bonds may adversely affect the tax status of the interest on the Bonds.
Certain requirements and procedures contained or referred to in the Bond documents and other relevant documents may be changed and certain actions (including, without limitation, defeasance of the Bonds) may be taken or omitted under the circumstances and subject to the terms and conditions set forth in such documents. Bond Counsel expresses no opinion as to any Bonds or the interest thereon if any such change occurs or action is taken or omitted upon the advice or approval of bond counsel other than Peck, Shaffer & Williams LLP.
Although Bond Counsel for the Bonds is of the opinion that interest on the Bonds will be excludible from gross income for Federal and Kentucky income tax purposes, the ownership or disposition of, or the accrual or receipt of interest on, the Bonds may otherwise affect a Bondholder's Federal, state or local tax liabilities. The nature and extent of these other tax consequences may depend upon the particular tax status of the Bondholder or the Bondholder's other items of income or deduction. Bond Counsel expresses no opinions regarding any tax consequences other than what is set forth in its opinion and each
5 Bondholder or potential Bondholder is urged to consult with tax counsel with respect to the effects of purchasing, holding or disposing the Bonds on the tax liabilities of the individual or entity.
For example, although Bond Counsel for the Bonds is of the opinion that interest on the Bonds will not be a specific item of tax preference for the alternative minimum tax, corporations are required to include all tax-exempt interest in determining "adjusted current earnings" under Section 56(c) of the Code, which may increase the amount of any alternative minimum tax owed. Receipt of tax-exempt interest, ownership or disposition of the Bonds may result in other collateral Federal, state or local tax consequence for certain taxpayers, including, without limitation, increasing the federal tax liability of certain foreign corporations subject to the branch profits tax imposed by Section 884 of the Code, increasing the federal tax liability of certain insurance companies under Section 832 of the Code, increasing the federal tax liability and affecting the status of certain S Corporations subject to Sections 1362 and 1375 of the Code, increasing the federal tax liability of certain individual recipients of Social Security or Railroad Retirement benefits under Section 86 of the Code and limiting the use of the Earned Income Credit under Section 32 of the Code that might otherwise be available. Ownership of any Bonds may also result in the limitation of interest and certain other deductions for financial institutions and certain other taxpayers, pursuant to Section 265 of the Code. Finally, residence of the holder of Bonds in a state other than Kentucky or being subject to tax in a state other than Kentucky, may result in income or other tax liabilities being imposed by such states or their political subdivisions based on the interest or other income from the Bonds.
The City has designated the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265 of the Code.
/s/ Tom Watson Mayor, City of Owensboro, Kentucky
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6 OFFICIAL BID FORM
Subject to the terms and conditions set forth in the Official Terms and Conditions of Bond Sale for $2,550,000* of General Obligation Public Project Refunding Bonds, Series 2006 (Airport Refunding Project), dated April 1, 2006 (the "Bonds") offered for sale by the City of Owensboro, Kentucky (the "City") in accordance with the Notice of Bond Sale, as advertised in The Courier-Journal, published in Louisville, Kentucky and the Messenger-Inquirer, published in Owensboro, Kentucky, to all of which the undersigned agrees, the undersigned hereby submits the following offer to purchase said Bonds.
We hereby bid for said $2,550,000* principal amount of the Bonds, the total sum of $______(not less than $2,524,500) plus accrued interest from April 1, 2006, at the following annual rate(s), payable semiannually (rates on ascending scale, number of interest rates unlimited):
INTEREST INTEREST MATURITY AMOUNT* RATE MATURITY AMOUNT* RATE June 1, 2006 $215,000 ______% June 1, 2011 $260,000 ______% June 1, 2007 225,000 ______% June 1, 2012 265,000 ______% June 1, 2008 230,000 ______% June 1, 2013 280,000 ______% June 1, 2009 240,000 ______% June 1, 2014 285,000 ______% June 1, 2010 250,000 ______% June 1, 2015 300,000 ______%
*Subject to Permitted Adjustment.
The Bonds maturing in the following years: ______are sinking fund redemption amounts for term bonds due ______.
The Bonds maturing in the following years: ______are sinking fund redemption amounts for term bonds due ______.
Bids may be telephoned to (270) 687-8552 or faxed to (270) 687-8526 at the offices of the City of Owensboro, Kentucky, attention: Mr. J.T. Fulkerson.
We understand this bid may be accepted with variations in maturing amounts to achieve substantially level debt service for the City, at the same price per $1,000 Bond, with the variation in such amount occurring in any maturity of all maturities, such variations to be determined by the City at the time of acceptance of the best bid.
It is understood that the City will furnish the final, approving Legal Opinion of Peck, Shaffer & Williams LLP, Bond Counsel, of Covington, Kentucky.
No certified or bank cashier's check will be required to accompany the bid, but the successful bidder shall be required to wire transfer an amount equal to 2% of the principal amount of Bonds awarded by the close of business on the day following the award. Said good faith amount will be applied (without interest) to the purchase price when said Bonds are tendered for delivery.
If we are the successful bidder, we agree to accept and make payment for the Bonds in Federal Funds within forty-five (45) days from the date of sale in accordance with the terms of the sale.
Respectfully submitted,
Bidder
Address By: Signature
Total interest cost from April 1, 2006 to final maturity $______Plus discount $______Net interest cost (Total interest cost plus discount) $______Average interest rate or cost (i.e. N.I.C.) ______%
The above computation of net interest cost and of average interest rate or cost is submitted for information only and is not a part of this Bid.
Accepted by the Mayor of the City of Owensboro, Kentucky for $______principal amount of Bonds at the price of $______as follows:
MATURING INTEREST MATURING INTEREST JUNE 1 AMOUNT RATE JUNE 1 AMOUNT RATE 2006 ______% 2011 ______% 2007 ______% 2012 ______% 2008 ______% 2013 ______% 2009 ______% 2014 ______% 2010 ______% 2015 ______%
Dated: April 12, 2006
Mayor, City of Owensboro, Kentucky
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