Agenda 01/25/2011 Item #16F6
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1/25/2011 Item 15.F.6.
EXECUTIVE SUMMARY
Recommendation that the Board approves a prepayment of the Naples Park Area
Stormwater Improvement Assessment Bond, Series 1997 in the amount of 5175,000,
plus interest accrued.
OBJECTIVE: To obtain approval for a prepayment on the Naples Park Area.
Stonnwater Improvement Assessment Bond, Series 1997 in the amount of $175,000, plus
interest accrued.
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CONSIDERATIONS: On August 26, 1997, the Collier County Board of C01IP~'~)!~
Commissioners approved the issuance of the $1,870,000 Naples Park Area Stormw~~;,
Improvement Assessment Bonds, Series 1997. The proceeds of the bonds were 'USei.';;:~t'
finance the cost of stormwater drainage improvements (the Project) in the area known as ..~..~
the Naples Park Assessment District. The bonds are a limited, special obligation o$~";
Collier County and are payable solely from and secured by a lien upon and pledge of .G.'f
stonnwater assessments levied against properties benefitted by the Project. Sufficient
assessment proceeds have accumulated in the debt service fund to allow an extraordin.ary;j~
redemption of principal in the amount of $175,000, which is the final payment on t:1ie
bond. The interest rate on the bonds is 6.45% and the savings realized will be $6,556. If
approved, the prepayment will take place on February 1, 2011. The County's Fina:nce
Committee recommended this prepayment unanimously at its November 19, 2010
meeting.
FISCAL IMPACT: The principal reduction request is for $175,000 and results hit
interest savings of $6,556. Funds are available in the Naples Park Area Storm~
Assessment Bond Fund (Fund 226) as this payment is scheduled for September 1~ 201 l.
As such, no budget amendment is necessary.
LEGAL CONSIDERATIONS: This item is legally sufficient for Board action. -JAX
GROWTH MANAGEMENT IMP ACT: There is no growth management impact
RECOMMENDATION: That the Board of County Commissioners approves a
prepayment on the Naples Park Area Stormwater Improvement Assessment Bonds.
Prepared by: Derek M. Johnssen, General Accounting Manager
Finance and Accounting Department, Clerk of Courts
Packet Page -847-
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BankofAmerica ~ "
Date: January 14, 2011 ./
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Payoff Statement
To: COLLIER CNTY NAPLES PRK AREA C/O COLLIER CO FINANCE DEPT
COLLIER COUNTY GVRNMNT COMPLEX
3301 E TAMIAMI TRL BLOG F
NAPLES, FL 34110-8425
Our Loan No: 21 -XXXXXX9187 -18
Borrower Name: COLLIER CNTY NAPLES PRK AREA C/O COLLIER CO FINANCE DEPT
Ladies and Gentlemen:
This letter is in response to your request for a payoff quote on the above referenced loan
outstanding from Bank of America, NA ("the Bank").
Funds Required:
1. Principal Balance
2. Interest
3. Unused Commitment Fee
4. Late Fees
5. Prepayment Fees
6. Payoff Demand Statement Fee
7. Reco'nveyance/Release Fee
8. Unpaid Attorney's Fees
Total due Bank of America
For each day after February 1, 2011, up to and including the date the Bank receives the payment,
add to the payoff amount $30.92 per day of additional interest [and $0.00 per day of
commitment fee]. If the interest rate on the loan is variable, the per diem rate may change if
the rate changes. Funds must be received prior to 2:00pm local time at the place of receipt for
application on the same business day. Moneys must be delivered in immediately available funds
payable to the bank.
This payoff statement is valid through February 1, 2011, assuming no additional advances or
payments are made or other charges incurred, and the interest rate, if variable, does not change.
1/25/2011 Item 16.F.6.'
$175,000.00
$4,731.47
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$179,731.47
IMPORTANT!
If the borrower has entered into a swap contract related to the loan with the Bank (a "Swap
Agreemenf'), the collateral which secures the loan may also secure the Swap Agreement
Please note that the payoff of any loan will not terminate the Swap Agreement, which is
governed by a separate contract If the borrower wishes to payoff and terminate the Swap
Agreement, it is the borrower's responsibility to contact the SwaD Desk at (877) 669-7369. ODtion 1
to request that the Swaps Desk provide the dollar amount required to terminate the Swap
Agreement If the borrower does not contact the Swaps Desk, any collateral securing the Swap
Agreement will remain in place.
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Packet Page -848-
(07/10)
1/25/2011 Item 16.F.6.
If the loan is secured by collateral, after the payoff amount is received by the Bank in immediately
available funds (which, if payment is by check, shall be when the check has been honored by the
financial institution on which it is drawn), subject to the exceptions noted below, any liens
securing the loan shall be released and the Bank shall execute and file.all terminations, releases
and satisfactions necessary to release such liens and any collateral in the possession of the Bank
will be retumed or delivered as instructed by the borrower or the owner of the collateral. Any
outstanding balance created by a transaction conducted within this time-frame must be paid
before such liens can be released. If collateral is pledged against more than one loan or other
obligation, it will not be released until all loans and obligations are paid in full. If any letters of
credit will remain outstanding, the Bank must receive cash collateral in an amount acceptable to
the Bank before other collateral will be released.
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The payoff amount may be forwarded to:
Wire Instructions:
Bank of America, New York, NY
ABA #026009593
Account#1366211001000
Ref: COLLIER CNTY NAPLES PRK AREA C/O COLLIER CO FINANCE DEPT - 21 -XXXXXX9187 -18
Attn: Transaction Processing'
Bank of America, N.A.
Attn: Transaction ProcessinglPayoffs
Mail Stop: CT2-515-BB-12 .
70 Batterson Park Road
Farmington CT 06032
This letter is fumished on the condition that in the event of error or omission, the Bank does not,
in any way, prejudiCe its rights or entitlement to all moneys lawfully due under the terms of any
credit documents.
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If you have any further questions pertaining to this matter, please call: (800)986-9756.
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BANK OF AMERICA, NA
Commercial Credit Operations Loan Servicing
cc: Stephen B. Lenehan
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Packet Page -849-
No ~ -# 89)