Agenda 03/24/2009 Item #16F 1
EXECUTIVE SUMMARY
;,genda :teiYI h!cL ~GF1
March ~4, 2009
Page 1 of 3
Recommendation that the Board approves Commercial Paper Loan prepayments
in the amount of $8,278,000.
OBJECTIVE: To obtain approval for Commercial Paper Loan prepayments totaling
$8,278,000.
CONSIDERATIONS: On January 24, 2007, Item 10(H), the Collier County Board of
County Commissioners approved a $7,000,000.00 prepayment on Caribbean Gardens
Commercial Paper Loan A-32-2. While approving Item 10(H), the Board requested that
County and Clerk staff place debt prepayment proposals on the Board of County
Commissioners' agenda.
The prepayments proposed in this executive summary will be scheduled for April 6,
2009, contingent upon Board approval. At current rates of interest, savings of
approximately $8,550 per month will result from these prepayments. The Board's FY-
2009 adopted budget provided for the prepayments presented in this executive
summary. The prepayments proposed in this executive summary are related to the
following Collier County capital projects:
Loan No.
A-34-1
A-35-1
A-36-1
A-37-1
A-38-1
A-39-1
A-40-1
A-41-1
A-42-1
A-43-1
A-44-1
A-45-1
Fund
350
355
001
390/350/385
385
355
350
390
001
355
390/001
385
Description
EMS Ambulances
South Regional Library Site work
800 MHz Upgrade
Emergency Service Center
Sheriff's Special Operations Facility
South Regional Library Construction
EMS Substation
Courthouse Annex
Radio Locator System
Golden Gate Library Expansion
County Fleet Management Facility
Sheriff's Fleet Facility
Total
Amount
$ 235,000
170,000
901,000
531,000
3,527,000
398,000
88,000
1,027,000
264,000
313,000
176,000
648,000
$8,278,000
FISCAL IMPACT: The current principal reduction request totals $8,278,000.00 and
results in interest savings of approximately $8,550 per month. Funds are available and
budgeted in the General Fund (001), EMS Impact Fee Fund (350), Library Impact Fee
Fund (355), Law Enforcement Impact Fee Fund (385), and General Governmental
Facilities Impact Fee Fund (390).
GROWTH MANAGEMENT iMPACT: There is no growth management impact.
RECOMMENDATION: That the Board of County Commissioners approves the
Commercial Paper Loan prepayments, as outlined above.
Prepared by: John Yon kosky, Director of Office of Managemcnt and Budget
Item Number:
Item Summary:
Meeting Date:
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Page I of I
J\genda It':jm f'Jo. 16F1
lvearch 24, 2009
Pc;ge 2 of 3
16F1
Recommendation that the Boa~d approves Commercial Paper Loan prepayments in the
amount of $8,278,000
3/24/2009 90000 MA
Approved By
OMS Coordinator
County Manager's Office
OMS Coordinator
Office of Management & Budget
Dat.e
316/20093:18 PM
Approved By
John A. Yonlwsky
County Manager's Office
Director of the Office of Management
Office of Management & Budget
Date
3115':2Q09 9:07 AM
Approved By
Mark Isackson
County Manager's Office
Budget Analyst
Office of Management & Budget
Date
3f16f2009 10:04 AM
A IJproved By
Susan Usher
County Mar.ager's Office
Senior lVianagementi8udgei Anaiyst
Office of Moni>gement & BudJE't
Date
2/16:20093:24 prfJ
Appruved By
Jarn0S V. Mudd
BOcrd of County
Commissioners
Cou:!ty Manager
County Manager's Office
Date
3/16/20094:51 PM
-,
Dwight E. Brock
Clerk of Courts
GOlluty-of-C-{JUier
CLERK OF THE-GJRCl1IT COURT
COLLIER COUNTY QoURTkOUSE
3301 TAMIAMI niAIL EA~T
P.O. BOX4~~{)44 \
NAPLES, FLORIDA \14101-3<44
v I
,1"..; I
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March 5, 2009 \ \~)
:lsnl ;;'J. is,:>1
f\-la:ch 24 20C9
PJge3of3
Clerk of Courts
Accountant
Auditor
Custodian of County Funds
Elizabeth Newberry
Florida Association of Counties
P.O. Box 549
Tallahassee, Florida 32302
VL<\ EMAIL: enewberry@fl-counties.com
Dear Elizabeth:
Please accept this memorandum as notice for prel iminarily scheduling a principal paydown of
$17,778,000.00 for April 6, 2009 in the Florida Local Government Finance Commission's
Commercial Paper Program. The paydown should be applied as outlined in the following draw
and maturity schedule:
Draw
A-32-2
A-34-1
A-35-1
A-36-1
A-37-1
A-38-1
A-39-1
A-40-1
A-41-1
A-42-1
A-43-1
A-44-1
A-45-1
Total
Amount
$9,500,000,00
235,000.00
170,000.00
901,000.00
531,000.00
3,527,000.00
398,000.00
88,000.00
1,027.000.00
264,000,00
313,000.00
176,000.00
648.000.00
$J 7 778 000.0f,!
Original Maturitv Date
December 6, 20 II
December 4, 2012
December 4,2012
December 4, 2012
December 4, 2012
December 4,2012
December 4, 20 J 2
December 4, 2012
December 4, 2012
December 4,2012
December 4, 2012
December 4, 2012
December 4, 20] 2
The Collier County Board of County Commissioners' adopted FY-2009 budget related to
commercial paper debt was predicated on principal reduction and final approval of this
prepayment is scheduled for March 24, 2009. Sbould you have any questions, please feel free to
contact me, D rek M. Johnssen, at (239) 774-8350, direct.
'---
~~~r~ ~
YOnkosky ~
Director
e . Johnssen
neral Accounting Manager
cc: Crystal K. Kinzel, Director of Finance and Accounting
Phone - (239) 732-2646
Website: www.c1erk.collier.fl.us
Fax - (239) 775-2755
Email: coIlierclerklalclerk.collier.f1.us