Agenda 01/24/2012 Item #16F21/24/2012 Item 16.F.2.
EXECUTIVE SUMMARY
Recommendation that the Board approves a prepayment of the 2007 State
Infrastructure Bank Loan resulting in a interest savings of $59,983 and approve all
necessary budget amendments.
OBJECTIVE: To obtain approval for a prepayment on the 2007 State lafrastructure
Bank Loan resulting in interest savings of $59,983.
CONSIDERAT,ONS: On February 27, 2007, (Agenda Item 10E) the Collier County
Board of County. Commissioners entered into a State Infrastructure Bank Loan agreement
with the Florida Department of Transportation. The loan financed the I- 75/Immokalee
Road Interchange Improvements and bears interest at 2.0 %. The final maturity of the loan
is October 1, 2012, but by paying the loan off as of January 25, 2012 a savings of
$59,983 would be realized. The total payment due on October 1, 2012 is $4,502,378;
contact with the Florida Department of Transportation indicates a January 25, 2012
payoff of $4,442,395. Finance Committee recommended this prepayment unanimously at
its December 16, 2011 meeting.
LEGAL CONSIIJERATIONS: This item has been reviewed by the County Attorney,
raises no legal issues, and requires majority vote for approval. -JAK
FISCAL IMPACT: The prepayment as proposed would generate interest savings of
$59,983. A budget amendment decreasing the Gas Tax Road Construction Fund 313
Reserves by $3,988,312 and decreasing completed project budgets by $454,083 will be
necessary as the payment was originally programmed for October 1, 2012 (FY 2013).
GROWTH blWA,� GEMENTIMPACT: There is no growth management impact.
RECOMMENDATION: That the Board of County Commissioners approves
prepayment of the 2007 State Infrastructure Bank Loan entered into with the Florida
Department of Transportation, and approve all necessary budget amendments. .
Prepared by Mark Isackson, Director of Corporate Finance and Management Services
and Derek Johnssen, General Accounting Manager, Clerk of Courts Finance
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1/24/2012 Item 16. F.2.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.2.
Item Summary: Recommendation that the Board approves a prepayment of the 2007
State Infrastructure Bank Loan resulting in a interest savings of $59,983 and approve all
necessary budget amendments.
Meeting Date: 1/24/2012
Prepared By
Name: BrockMaryJo
Title: Executive Secretary to County Manager, CMO
1/17/2012 3:10:26 PM
Submitted by
Title: Executive Secretary to County Manager, CMO
Name: BrockMaryJo
1/17/2012 3:10:27 PM
Approved By
Name: UsherSusan
Title: Management/Budget Analyst, Senior,Office of Manage
Date: 1/18/2012 9:12:12 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 1/18/2012 9:26:53 AM
Name: SheffieldMichael
Title: Manager - Business Operations, CMO
Date: 1/18/2012 1:03:08 PM
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1/24/2012 Item 16.F.2.
Remit Payment to:
Mailing Address:
Street Address:
Wiring Instructions:
State Board of Administration of Florida
Post Office Box 1330
Tallahassee, FL 32317 -3300
State Board of Administra8on of Florida
1801 Hermitage Boulevard, Suite 100
Tallahassee, FL 32308
Bank of America
ABA #0260- 0959 -3
Credit State Board of Administration
Account t. 003660048119
Note on Payment for -FDOT SIB Loan - 420655.7
2151630.xis
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1/17/2012
Collier County Transportation
I- 75/lmmokalee Road Interchaniie Im rovements
Fiscal Year
Date
Beginning
Estl m
mated/Acal
Interest
Accrued at
Balance . 'Including
Repayment to
Repaymentto
Tots)
Balance
Disbursement
2.0%.
Interest
Principal
Interest :
Repayment
Ending Balance
2007/08
5/28/2008
$0.00
512,000,000.00
50.00
$12.000,000.00
50.00
$0.00
$0.00
$12,000,000.00
2008/09
10 /1 /2008
512,000,000.00
$0.00
$82,622.95
$12,082,622.95
SI.957.377.05
$82.622.95
$2,040,000.00
$10,042,622.95
2009/10
10/1/2009
510,042,622.95
S0.00
$200,852.46
$10,243,475.41
SI,839,147.54
5200,852.46
52,040,000.00
$8,203,475.41
2010/11
10/1/2010
58,203.475.41
50.00
$164,069.51
$8,367,544.92
SI.875.930.491
$164,069.51
$2,040,000.00
$6,327,544.92
2011/12
10/1/2011
S6,327, 44.921
50.00
S126,550 901
56.454,095.82
$1,913.449.10
F 5126,550.90
$2,040,000.00
$4,414,095.82
1/25/2012
$4,414,095.82
50.00
$28,298.59
54,442,394.40
$4,414,095.81
$28,298.59
$4,442,394.40
$0.00
$12,000,000.00
$602,394.401 S12.000,000.001
S602,394.401
512,602,394.40
Interest will begin accruing October 1, 2007 and will accrue annually October 1 and end each September 30 thereafter until loan is repaid.
This calculation assumes the following disbursement date:
FY 2006/07
$12,000,000.00
If disbursements are made
on dates other than those above, the interest calculations will be modified and this schedule updated according.
Total Loan Amount
$12,000,000.00
Total Interest
$602,394.40
Total Repayments
$12,602,394.40
Remit Payment to:
Mailing Address:
Street Address:
Wiring Instructions:
State Board of Administration of Florida
Post Office Box 1330
Tallahassee, FL 32317 -3300
State Board of Administra8on of Florida
1801 Hermitage Boulevard, Suite 100
Tallahassee, FL 32308
Bank of America
ABA #0260- 0959 -3
Credit State Board of Administration
Account t. 003660048119
Note on Payment for -FDOT SIB Loan - 420655.7
2151630.xis
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1/17/2012