Agenda 09/09-10/2008 Item #16F5
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Recommendation that the Board approves prepayment of the Caribbean Gardens
Paper Loan in the amount of $1,100,000.00.
mm~FaI 0 S. 2008
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Prepared By:
Department
Information Technology
Date
8/28/20083:36:15 PM
Approved By:
Department
Approval
Date
County Approved
Manager's Office
8/31/20082:16 PM
ATTACHMENTS:
-
Name:
o J;,)(ECWTIVE_SJ.!MMl\RY
Caribbean GardensJill:t~
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Description:
Type:
Executive Summary
Executive Summary
Prepayment History
Request Letter
Exhibit
Backup Material
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EXECUTIVE SUMMARY
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Recommendation that the Board approves prepayment of the Caribbean Gardens
Commercial Paper Loan in the amount of $1,100,000.00.
OBJECTIVE: To obtain approval for prepayment on the Caribbean Gardens
Commercial Paper Loan in the amount of $1,1 00,000.00.
CONSIDERATIONS: On January 24, 2007, Item 1O(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 September 11, 2008, contingent upon Board approval. At current rates of
interest, savings of approximately $2,000.00 per month will result from this prepayment.
In addition, the prepayment proposed in this executive summary will be the sixth
prepayment made on this loan. Attached as Exhibit 1 is the prepayment history on the
Caribbean Gardens loan, including the proposed $1,100,000.00 outlined in this executive
summary.
FISCAL IMPACT: The current principal reduction request will be for $1,100,000.00
and results in interest savings of approximately $2,000.00 per month. Funds are available
and budgeted in 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: Derek M. Johnssen, General Accounting Manager
Finance and Accounting Department
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Exhibit 1
Collier County, Florida
Caribbean Gardens Loan Prepayment History
As of August 2008
Beginning loan balance $ 35,900,000.00
First prepayment, 12/4/2006 (3,000,000.00)
Second prepayment, 1/26/2007 (7,000,000,00)
Third prepayment, 8/7/2007 (1,000,000.00)
Fourth prepayment, 9/25/2007 (1,565,000.00)
Fifth prepayment, 4/23/2008 (11,000,000,00)
Current loan balance, due 12/6/2011 12,335,000.00
Sixth prepayment proposed (1,100,000.00)
Proposed loan balance, due 12/6/2011 $ 11,235,000.00
Dwight E. Brock
Clerk of Courts
\eou~ty-,ofeollier
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CLERK OF THE CIRCUIT COURT
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COLLIER COUNTY COURTflOUSE
3301 TAMIAMI TRAfL EAsT
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PO, BOX 413044 \
NAPLES, FLORIDA14101-3644
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AGENDA 1'1 E iii, 1
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Clerk of Courts
Accountant
Auditor
Custodian of County Funds
August 22, 2008
Elizabeth Newberry
Florida Association of Counbes
P,O, Box 549
Tallahassee, Florida 32302
VIA EMAIL: enewben.Y@f1-counties.com
Dear Elizabeth:
Please accept this memorandum as notice for preliminarily scheduling a principal paydown of
$1,100,000,00 for September 11, 2008 in the Florida Local Govel11ment Finance Commission's
Commercial Paper Program, 111e paydown should be applied as outlined in the following draw
and maturity schedule:
Draw
Amount
Original Maturitv Date
A-32-2
$1,1 00,000,00
December 6,2011
The Collier County Board of County Commissioners' adopted FY-2008 budget for the Caribbean
Gardens debt service fund was predicated on maximum principal reduction and final approval of
this prepayment is scheduled for September 9, 2008, Should you have any questions, please feel
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G.l'fferal Accounting Manager O~ DIrector
cc: Crystal K. Kinzel, Director of Finance and Accounting
Phone (239) 252-2646
Website: www.collierclerk.com
Fax (239) 252-2755
Email: collierclerk@collierclerk.com
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