The GO Bonds, series 2016A, approved for FY17 CIP have a temporary period ending 12-12-2019. There is currently $464,645 in unspent bond proceeds and premium, that if not expended by 12-12-2019, the City will be required to pay the IRS 90% of the unspent bond proceeds due to arbitrage rules and regulations, outlined in the Internal Revenue Code Section 148.

The City's desire is to allocate $102,764 of bond premium to the Debt Service fund to use toward future premium and interest payments. The remaining $361,810 will be re-purposed to use toward the levee project, regarding the construction, reconstruction and improvement of real and personal property useful for the protection or reclamation of property within the corporate limits of the city from floods or high waters.