Agenda 09/09-10/2008 Item #16F6
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NAGEN A ITEM
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EXECUTIVE SUMMARY Pg / _ C:l T' 3
Recommendation that the Board approves Commercial Paper Loan prepayments in
the amount of $4,121,000.00.
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OBJECTIVE: To obtain approval for Commercial Paper Loan prepayments totaling
$4,121,000.00.
CONSIDERATIONS: On January 24, 2007, Item lOCH), 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 September II, 2008, contingent upon Board approval. At current rates of
interest, savings of approximately $7,500.00 per month will result from these
prepayments. The Board's FY-2008 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:
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Sheriffs Special Operations Facility
Sheriffs Fleet Facility
South Regional Library Construction
Golden Gate Library Expansion
Radio Locator System
EMS Ambulances
County Fleet Management Facility
South Regional Library Sitework
EMS Substation
Total
$1,827,000,00
648,000,00
399,000.00
313,000,00
265,000,00
235,000.00
176,000,00
170,000.00
88.000.00
$4,121,000.00
FISCAL IMPACT: The current principal reduction request totals $4,121,000,00 and
results in interest savings of approximately $7,500.00 per month. Funds are available and
budgeted in Funds 385, 355, 301, 350 and 390, respectively.
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: Derek M, Johnssen, General Accounting Manager
Finance and Accounting Department
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Recommendation that the Board approves Commercial Paper Loan prepaymentsj.amJ?'J':'~~':'L,~
$4, 121 ,OOO.oo.'-'~-
Prepared By:
Department
Information Technology
Date
8/28/20083:47:04 PM
Approved By:
Department
Approval
Date
County Approved
Manager's Office
8/31/20082:17 PM
ATTACHMENTS:
Name:
Description:
Type:
II ];)<J;Q.UIJY~S_UMMi\RY
YMl9.us...p~ents.doc
CI DQQ002.PPE
Executive Summary
Executive Summary
Request Letter
Backup Material
Dwight E. Brock
Clerk of Courts
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;eount. '\[, o.TCollier
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CLERK OF THE C-IRClJIT COURT
COLLIER COUNTY}::OURl\f10USE
330 I TAMIAMI TRAIL EAST
po. BOX 41'2.044 \
NAPLES, FLORIDA3fu~1-3144
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AGENDA ITEM
No,
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L.P!lt1ertc~f~~C~
Accountant
Auditor
Custodian of County Funds
August 22, 2008
Elizabeth Newberry
Florida Association of Counties
P,O, Box 549
Tallahassee, Florida 32302
VIA EMAIL: enewberry@fI-counties.com
Dear Elizabeth:
Please accept this memorandum as notice for preliminarily scheduling a principal paydown of
$4,121,000,00 for September II, 2008 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
Amount
Original Maturity Date
A-34-1
A-35-1
A-38-1
A-39-1
A-40-1
A-42-1
A-43-1
A-44-1
A-45-1
Total
$ 235,000.00
170,000,00
1,827,000,00
399,000,00
88,000,00
265,000.00
313,000.00
176,000,00
648.000,00
$4,121,000,00
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-2008 budget 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 free to contact me, Derek M, Johnssen, at (239)
774-8350, direct.
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Jo, Yonkosky \.' .......
otf Director ~
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. er M, Johnssen
,;General Accounting Manager
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