Agenda 04/12/2011 Item #10F
4/12/2011 Item 10.F.
EXECUTIVE SUMMARY
Recommendation that the Board approves prepayment of the Series 2008 Conservation
Collier Bonds in the amount of $7,126,908, plus interest accrued.
OBJECTIVE: To obtain approval for prepayment of the Series 2008 Conservation Collier
Bonds, plus interest accrued.
CONSIDERATIONS: On November 21, 2008, Collier County issued the $13,244,:'.04 Collier
County, Florida Limited General Obligation Bond (Conservation Collier Program), Series 2008.
The proceeds of the bonds were used to finance a porti on of the purchase price of
environmentally sensitive land known generally as Pepper Ranch. On January 25, 201], pursuant
to Agenda Item 10(B) the Board of County Commissioners accepted staffs recommendation to
suspend Conservation Collier purchases. except for four properties already under contract.
However, the Board also indicated that it would entertain additional future purchases if a unique
opportunity was presented on a cost by cost basis.
.-
The bonds are a limited general obligation of Collier County and are payable from a levy of up to
.25 mils. Sufficient unused monies have accumulated in the Conservation Collier acquisition
fund (Fund ] 72) to allow for prepayment of the bonds in the amount of $7,126,908, which
includes a 3.00% premium for early prepayment, plus interest accrued to date. The interest rate
on the bonds is 4.]4% and the gross savings realized will be $13],725. If approved, the
prepayment will take place on April 29, 201]. ]t is important to reiterate that this prepayment
will materially impact the Conservation Collier program's near term ability to purchase
environmentally sensitive land.
ADVISORY BOARD RECOMMENDATIONS: The County's Conservation Collier Advisory
Board unanimously recommended this prepayment at its March 14,201] meeting, ltemIVD.!.
In addition, the County's Finance Committee recommended this prepayment unanimously at its
March 25, 2011 meeting. During discussion before each committee staff noted that the ability to
purchase property near tenn would be curtailed at least until the 2011 tax year property tax
receipts are received in January 20 I 1 .
FISCAL IMP ACT: The prepayment request for $7,126.908 results in interest savings of
$131,725. Funds are available in the Conservation Collier acquisition fund (Fund 172). A budget
amendment is necessary to move amounts from land purchase and reserve hudgetary line items to
a debt service line item.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by outside bond
counsel, is legally sufficient for Board action, and requires majority vote for approval. -.1AK
GROWTH MANAGEMENT IMPACT: There is no growth management impact.
RECOMMENDATION: That the Board of County Commissioners approves the prepayment of
the Series 2008 Conservation Collier Bonds and the necessary budget amendments.
Prepared by:
Derek M. Johnssen, General AccGunting Manager
Finance and Accounting Department, Clerk of Courts
.'-
Packet Page -1597-
4/12/2011 Item 10.F.
COLLIER COUNTY
Board of County Commissioners
Item Number: 10.F.
Item Summary: Recommendation that the Board approves prepayment ofthe Series
2008 Conservation Collier Bonds in the amount of $7,126,908, plus interest accrued.
Meeting Date: 4/12/2011
Prepared By
Name: BrockMaryJo
Title: Executive Secretary to County Manager, CMO
4/4/2011 1 :57:34 PM
Submitted by
Title: Executive Secretary to County Manager, CMO
Name: BrockMaryJo
4/4/2011 1 :57:35 PM
Approved By
Name: 1sacksonMark
Title: Director-Corp Financial and Mgmt Svs,CMO
Date: 4/512011 8:49:32 AM
Packet Page -1598-
4/12/2011 Item 10.F.
Collier County, Florida
CC Series 2008 Prepayment Bas
Amount
Fund 273: F/C G/L Increase/(Decrease) Current
929010 481172 7,076,800.00
939010 871100 7,076,800.00 3,257,600.00
Amount
Fund 172: F/C G/L Increase/{Decrease) Current
178986 761100 (2,650,000.00) 2,967,200.00
178986 993000 (1,800,000.00) 1,800,000.00
919010 992000 (717,600.00) 717,600.00
919010 992200 (250,000.00) 250,000.00 .
929010 912740 (1,659,200.00) 6,103,100.00
929010 912730 7.076,800.00
Amount
Fund 174: F/C G/L I ncrease/(Decrease) Cu rre nt
929010 481172 (1,659,200.00) 6,103,100.00
919010 993000 (1,659,200.00) 19,905,700.00
Packet Page -1599-
4/12/2011 Item 10.F.
As amended
7,076,800.00
10,334,400.00
As amended
317,200.00
4,443,900.00
7,076,800.00
As amended
4,443,900.00
18,246,500.00
Packet Page -1600-
4/12/2011 Item 10.F.
\.II!/~
~
SUNTRUSf"
H
SunTrust Equipment Finance & Leasing Corp.
300 East lappa Road, 7~ Floor
Towson, MD 21286
To
SunTrust Equipment Finance & Leasing Corp.
Remittance Information
Via US Postal Service:
Remit payment with copy of invoice or remittance instructions 10:
SunTrust Equipment Finance and Leasing Corp.
PO BOX 79194
Baltimore, Maryland 21279-9194
Via EXDress/Overnil!ht deliverv:
Remit payment with copy of invoice or remittance instructions to:
Sun Trust Eqnipment Finance and Leasing Corp.
1000 Stewart Ave
Attn: Box 79 J 94
Glen Burnie, Maryland 21061-3209
(4] 0)590-8230
Wirinl! Funds Information:
Bank Name: SunTrust Bank Corp
7818 Parham Rd, Richmond, VA 23294
ABA06JOOOI04
Acct # 201-150-263
Name: SunTrust Equipment Finance and Leasing Corp.
Fed 10 26-1256148
Ref: Acct# ...-.......-... and/or invoice number
You may provide special handling instructions or direct payment questions to:
Patricia Smith; pat.smith2(a)sunlrust.com; 410-307-6701
Please note the following turn~around times for processing payoff funds:
Certified CheckIWired Funds 3 business days
Company Check 10 business days
After the payoff funds are processed, following is the turn-around times for final paperwork:
Casualties
Bill of Sale and Tille(s)
Non-Casualty End of Term/Early Term
Bill of Sale and UCC3 Filing(s)
Tille(s)
5-10 business days
10-14 business days
10-14 business days
For information regarding the processing of
UCC3's, titles and bills of sale beyond the above turn-around times,
please contact Alicia Brown at 410-307-6690.
Last Revised 1-2-08. DSK, MIDDLE
Packet Page -1601-
4/12/2011 Item 10.F.
SunTrust Equipment Finance & Leasing Corp
Hampton PJaza
300 E. Joppa Road. 1'" Floor
TO\NSon, Maryland 21286
Thomas E. Callow
Vice PresidenVEquipment Manager
(410) 307-6623 (Telephone)
(410) 307-6616 (Facsimile)
tom.callow@suntrust.com
)\(&
~
SUNThUST'.
March 17, 2011
Dan Tripaldi
Treasury Accountant
Collier County Clerk of the Circuit Court
VIA EMAIL daniel.trioaldirmcollierclerk.com
Dear Dan:
RE: United States of America, Collier County, Florida
Umited General Obligation Bond (Conservation Collier
Program), Series 2008, $13,244,204.00
SunTrust Equipment Finance & Leasing Corp. .(the "Registered Holder") agrees to release their interest in
the above-referenced bond for $7,219.962.62.
Principal
3% Redemption Premium
Interest
S 6,919,328.00
S 207,579.84
S 93,054.78
S 7.219,962.62
Upon receipt of $7,219,962.62 (in immediately available U.S. funds), the Registered Holder shall transfer
ownership, without recourse or warranty, as well as all of the Registered Holder's right, title and interest in and to
the Bond. Furthermore, the Registered Holder makes no claim or warranty as to the condition of the Equipment or
any other matters. Please submit funds (per the attached remittance information) by April 29, 2011. Please
include $795.34 per diem if payment is submitted after the due date.
Thank you for your continued business. If you would like to discuss the contents of this letter, please fee!
free to contact me at (410) 307-6623.
Sincerely yours,
C-}l {' tJL--
Thomas E. Callow
Vice President/Equipment Manager
r have reviewed the above terms and, on behalf of Collier County, Florida agree to them as written.
By:
Name:
Title:
Date:
Packet Page -1602-