Agenda 03/24/2009 Item #16F 2
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March 24. 2009
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EXECUTIVE SUMMARY
Recommendation that the Board approves prepayment of the Caribbean Gardens
Commercial Paper Loan in the amount of $9,500,000.
OBJECTIVE: To obtain approval for prepayment on the Caribbean Gardens
Commercial Paper Loan in the amount of $9,500,000.
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 prepayment proposed in this executive summary will be scheduled for April 6,
2009, contingent upon Board approval. At current rates of interest, savings of
approximately $9,812 per month will result from this prepayment. In addition, the
prepayment proposed in this executive summary will be the seventh prepayment made
on this loan. Attached as Exhibit 1 is the prepayment history on the Caribbean Gardens
loan, including the proposed $9,500,000 outlined in this executive summary.
FISCAL IMPACT: The current principal reduction request will be for $9,500,000 and
results in interest savings of approximately $9,812 per month. Funds are available and
budgeted in Caribbean Gardens Debt Service Fund 220.
GROWTH MANAGEMENT IMPACT: There is no growth management impact.
RECOMMENDATION: That the Board of County Commissioners approves the
prepayment of the Caribbean Gardens related debt, as outlined above.
Prepared by: John Yonkosky, Director
Office of Management and Budget
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Item Number:
Item Summary:
Meeting Date:
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
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fvla,ch 24, 2009
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Recommendation that the Board approves prepayment of the Caribbean Gardens
Comrne:-c:al Paper Loan In the amount of $9,500.000
3/24/2009 9.0000 AI~
A pprovcd By
OMS Coordinator
County Manager's Office
OMB Cccrdir.ator
Office of Management & Budget
Date
3/6f2009 3:39 PM
Approved By
John A. Yonkosky
County Manager's Office
Director of the Office of Marlagcm(;nt
Office of Mf:nagement & Budget
Date
3/1512009 9:12 AM
Approved By
Mark Isacks::ln
County Manager's Office
Budget Analyst
Office of Managemc-nt & Budget
Date
3f16/20C9 10:15 AM
Approved By
Sus~n Usr,€,r
County rJiaflElger'::; Offic::e
Sonior Management/:=:fucigot Analyst
Offi(:(! of ['Aan;:;getl10r\t & E~'Jdgpt
Oate
3/16/20093:32 PM
Approved By
James V. Mudd
Board of County
Commissioners
COU:lty firanagcr
County Manager's Office
Date
J/1612009 4:36 PM
Exhibit 1
Collier County, Florida
Caribbean Gardens Loan Prepayment
As of March 2009
Beginning loan balance
35,900,000.00
First prepayment, 12/4/2006
Second prepayment, 1/26/2007
Third prepayment, 8/7/2007
Fourth prepayment, 9/25/2007
Fifth prepayment, 4/23/2008
Sixth prepayment, 9/11/2008
Current loan balance, due 12/6/2011
(3,000,000.00)
(7,000,000.00)
(1,000,000.00)
(1,565,000.00)
(11,000,000.00)
(1,100,000.00)
11,235,000.00
Seventh prepayment proposed
(9,500,000.00)
Proposed loan balance, due 12/6/2011
1,735,000.00
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Dwight E. Brock
Clerk of Courts
COlluA-'.of-C--0Uier
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CLERK OF THB-blRCDIT COURT
COLLIER COUNTY QoUR~OUSE
3301 TAMIAMI TRAIL E~T
P.O. BOX4f[044 \
NAPLES, FLORIDA ~ I 01-3G.t4
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March 5, 2009 . 't,)
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March 24, 20C!9
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Clerk of Courts
Accountant
Auditor
Custodian of County Funds
Elizabeth Newberry
Florida Association of Counties
P.O. Box 549
Tallahassee, Florida 32302
VIA EMAIL: enewberry@f1-counties.com
Dear Elizabeth:
Please accept this memorandum as notice for preliminarily 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
AA2.1
AA3-1
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
$11. 7 1S..Qilllill!
Original Maturity Date
December 6, 20 II
December 4, 2012
December 4, 2012
December 4,2012
December 4, 2012
December 4, 2012
December 4,2012
December 4, 2012
December 4, 2012
December 4, 2012
December 4, 2012
December 4, 2012
December 4, 2012
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. Should you have any questions, please feel free to
contact me, D rek M. Johnssen, at (239) 774-8350, direct.
<.....
~..,
. n Y onkosky
Director
er . Johnssen
neral Accounting Manager
cc: Crystal K. Kinzel, Director of Finance and Accounting
Phone - (239) 732-2646
Website: www.c1erk.collier.f1.us
Fax - (239) 775-2755
Email: collierclerkia!c1erk.collier.fl.us