Agenda 01/26/2010 Item #10FAgenda Item No. 1 OF
January 26, 2010
Page 1 of 3
EXECUTIVE SUMMARY
Recommendation to approve FY2010 budgeted Commercial Paper Loan
prepayments in the amount of $6,154,000.
OBJECTIVE: To obtain approval for Commercial Paper Loan prepayments totaling
$6,154,000.
CONSIDERATIONS: On January 24, 2007, Item 10(H), the Collier County Board of County
Commissioners approved a $7,000,000 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 February 9, 2010,
contingent upon Board approval. At current commercial paper rates, interest cost savings of
approximately $4,540 per month will result from these prepayments. The Board's FY -2010
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.
Fund
Description
Amount
A -34 -1
350
EMS Ambulances
$ 235,000
A -35 -1
355
South Regional Library Site work
171,000
A -36 -1
001
800 MHz Upgrade
451,000
A -37 -1
390/350/385
Emergency Service Center
532,000
A -38 -1
385
Sheriffs Special Operations Facility
1,848,000
A -39 -1
355
South Regional Library Construction
399,000
A -40 -1
350
EMS Substation
88,000
A -41 -1
390
Courthouse Annex
1,028,000
A -42 -1
001
Radio Locator System
265,000
A -43 -1
355
Golden Gate Library Expansion
313,000
A -44 -1
390/001
County Fleet Management Facility
176,000
A -45 -1
385
Sheriffs Fleet Facility
648,000
Total
$6,154,000
The prepayments of commercial paper and executive summary was reviewed and approved by
the Collier County Finance Committee on December 17, 2009.
FISCAL IMPACT: The current principal reduction request totals $6,154,000 and results in
interest cost savings of approximately $4,540 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: Approve the Commercial Paper Loan prepayments, as outlined above.
Prepared by: John Yonkosky, Director of Office of Management and Budget
Susan Usher, Sr Budget Analyst, Office of Management and Budget
Agenda Item No. 1 O
January 26, 2010
Page 2 of 3
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number: 10F
Item Summary: Recommendation to approve FY2010 budgeted Commercial Paper Loan prepayments in the
amount of $6,154,000. (Mark Isackson, Corporate Financial Planning and Management
Services, County Manager's Office)
Meeting Date: 1/2612010 9:00:00 AM
Approved By
OMB Coordinator
Date
County Manager's Office
Office of Management & Budget
111412010 1:50 PM
Approved By
Susan Usher
Management/Budget Analyst, Senior
Date
Office of Management &
Budget
Office of Management & Budget
1/1412010 3:28 PM
Approved By
Jeff Klatzkow
County Attorney
Date
1/14/20104:41 PM
Approved By
Mark Isackson
Management/Budget Analyst, Senior
Date
Office of Management &
Budget
Office of Management & Budget
111612010 10:16 AM
CLERK OF THE 0.
Dwight E. Brock COLLIER COUNTY
Clerk of Courts 3301 TAMIAMI I
P.O. BOX 4
NAPLES, FLORID
January 7, 2010
Elizabeth Newberry
Florida Association of Counties
P.O. Box 549
Tallahassee, Florida 32302
VIA EMAIL: enewberry @fl- counties.com
Dear Elizabeth:
COURT
Agenda Item No. 1 OF
January 26, 2010
Page 3 of 3
Clerk of Courts
Accountant
Auditor
Custodian of County Funds
Please accept this memorandum as notice for preliminarily scheduling a principal paydown of
$6,154,000.00 for February 9, 2010 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
$ 235,000.00
December 4, 2012
A -35 -1
171,000.00
December 4, 2012
A -36 -1
451,000.00
December 4, 2012
A -37 -1
532,000.00
December 4, 2012
A -38 -1
1,848,000.00
December 4, 2012
A -39 -1
399,000.00
December 4, 2012
A -40 -1
88,000.00
December 4, 2012
A -41 -1
1,028,000.00
December 4, 2012
A -42 -1
265,000.00
December 4, 2012
A -43 -1
313,000.00
December 4, 2012
A -44 -1
176,000.00
December 4, 2012
A -45 -1
648.000.00
December 4, 2012
Total
$6,154,000.00
The Collier County Board of County Commissioners' adopted FY -2010 budget was predicated on
making this prepayment and final approval is scheduled for January 26, 2010. Should you have
any questions, please feel free to contact me, Derek M. Johnssen, at (239) 774 -8350, direct.
1. Johnsen John Yonko�lty , . , ,..-
Accounting Manager OMP Director, Copier County
cc: Crystal K. Kinzel, Director of Finance and Accounting
Phone (239) 252 -2646 Fax (239) 252 -2755
Website: www.collierelerk.com Email: collierclerk @collierclerk.com