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Agenda 03/23/2010 Item #16J 2 Agenda Item No. 16J2 March 23, 2010 Page 1 of? EXECUTIVE SUMMARY To approve a yield reduction payment in the amount of $3,332.52, related to the Series 2005 Capital Improvement and Refunding Revenue Bonds. OBJECTIVE: To obtain approval for a yield reduction payment related to the Series 2005 Capital Improvement and Refunding Revenue Bonds. CONSIDERATIONS: Pursuant to Resolution 96-158 the Office of the Clerk of the Circuit Court is responsible for monitoring the calculation of arbitrage. The Clerk's Office administers an arbitrage services contract with the firm Bond Resource Partners, LP. During their review for interim arbitrage calculation purposes, Bond Resource Partners, LP calculated a yield reduction payment due of $3,332.52 relating to the Series 2005 Capital Improvement and Refunding Revenue Bonds. The proposed payment is an excess of interest earned after the temporary period of three years on invested tax. exempt debt proceeds. However, all earnings up to the bond yield are kept by Collier County. Arbitrage is calculated every year on all qualifying tax-exempt bond issues, however, it is only the portion owed by the issuer as of the fifth annual calculation, or final maturity that is subject to rebate. This payment is due April 1,2010. FISCAL IMPACT: A budget amendment transferring Reserve for Contingencies in the amount of $2,300.00 from the Governmental Facilities Impact Fee Fund (390) to the Series 2005 Capital Improvement and Refunding Revenue Bonds Debt Service Fund (216) is necessary to make this payment. RECOMMENDATION: That the Board of County Commissioners approve the yield reduction payment as outlined above and the necessary budget amendments. Prepared by: Derek M. Johnssen, General Accounting Manager Finance and Accounting Department, Clerk of Courts Item Number: Item Summary: Meeting Date: Agenda Item No. 16J2 March 23, 2010 Page 2 of? COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS 16J2 To approve a yield reduction payment in the amount of $3,332.52, related to the Series 2005 Capital Improvement and Refunding Revenue Bonds. 3/23/2010 9:00:00 AM Date Prepared By Derek Johnssen Clerk of Courts General Account Manager Finance 3/11/20103:51 :52 PM Date Approved By Crystal Kinzel Clerk of Courts Director of Finance Finance 3/11/20104:07 PM Date Approved By OM B Coordinator County Manager's Office Office of Management & Budget 3/11/20104:27 PM Date Approved By Jeff Klatzkow County Attorney 3/12/20101:50 PM Date Approved By Susan Usher Office of Management & Budget Management/Budget Analyst, Senior Office of Management & Budget 3/15/20109:09 PM Date Approved By Mark Isackson Office of Management & Budget Management/Budget Analyst, Senior Office of Management & Budget 3/16/20109:43 AM Fo,", 8038. T Re ortin Issuer's name Collier County, Florida Number and street (or P.O. box no. If maJlls not del'JY8I'8d to street address) 3301 East Tamlami Trail Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate ~ Under Section. 143(g1l3l and 148(1) and Ssction. 103(c)(6)lD) and 103A(Q(4) 01 tho Internal Revenue Code 011954 Author. Chack box ~ Amanded Ratum ~ 0 2 Issue". employer IdltfttttlcllUon number 59 : 6000558 OMS No. 1545-1219 (Rev. January 2005) Dep.artmentof the Treasury Internal Revenue Service Room/suite 4 Report number 701 6 Date of issue Cfty, town, or post office, state, and ZIP code Naples, Florida 33962 Name of Issue Collier County, Florida Capital Improvement & Refunding Revenue Bonds, i Name and title of officer or legal representative whom the IRS may call for more Information February 2,2005 8 CUSIP number 194632 LU7 10 Telephone number of officer or legal representative o 24 mos 174,132,314.55 ents 12 Computation date to which this payment relates (MMDDYYYY) January 31, 2010 13 Arbitrage rebate payment (see instructions) 0 check box If less than 100% of rebate amount. . . 14 Yield reduction payment (see Instructions) D check box If less than 100% of yield reduction amount 15 Rebate pa ent from Qualified Zone Academ Bond (QZAB) defeasance escrow (see Instructions Penal in Lieu of Arbitra e Rebate $3,332.52 16 20 Does failure to pay timely qualify for waiver of penalty (see instructions) 21 Penalty for failure to pay on time (see Instructions) 22 Interest on under ment (see Instructions). . . . . . . . . Total Pa ent 23 Total sot. Add lines 13. 14. 15, 17. 19, 21, and 22. Enter total here Miscellaneous Ve.D 3,332.52 24 25 26 27 Unspent proceeds as of this computation date . . . . . . . . . . . . . Proceeds useclto redeem bonds. . . . . .... . .. . . . . . . Gross proceeds used for qualified administrative costs for GICs and defeasance escrows Fees paid for a qualified guarantee 0.00 0.00 0.00 897 000.00 Yes No ,/ ,/ 28 29 Is the issue a variable rate Issue? Did the Issuer enter into a hedge? 30 Name of provider T enn of hedge Were gross proceeds invested In a GIC? Name of provider Term of GIC Were any gross proceeds invested beyond an available temporary period? . . . . . . . . . . . . . . Calculations for fllin of this fonn prepared b : D Issuer bZI Preparer: BondResource Partners LP Under penalties of perjury, I declare that I have examined this return, and accompanying schedules and statements, and to the best of my knowledge and belief. they are true, correct, and complete. 29 31 32 30 31 ,f ,/ ~ Signature of Issuer's authorized representative For Paperwork Reduction Act Notice, see the separate Insb'uctlons. Sign Here ~ Date Type or print name and title Cat No. 11545Y Form 8038- T (Rev. 1-2005) Agenda Item No. 16J2 March 23, 2010 Page 4 of7 BUDGET AMENDMENT REQUEST For BudgetIFinance Use Only BA#... JEll.... BAR#.... A.P ,H. Date 216 Fund Number Fund Description Date Prepared: 3/10/20 I 0 Approved by BCC on: Attach Executive Summary Item No.: Fund Center Title: Funded Prog. Title: Expense Budget Detail Redemption ofLT debt Fd Cll' No.: 939010 Fd Prg No.: (onlv one Fund CenterlFunded P fOm'll.m should be entered into this section. If amendment is for Funded Prolmltn, must enter Fund Center info Fund Funded Commit Commitment Item Increase Current Revised Center Prol!ram Item Description (Decrease) Budl!et Budl!et 939010 873900 Arbitrage Rebate 2,300 0 2,300 Payment Net Change to Budget 2,300 Expense Budget Detail Fund Center Title: Funded Prog. Title: Fd Cll' No.: Fd Prg No.: (onlv one Fund CenterlFunded Pr omun should be entered into this section. If amendment is for FWlded ProQT3.m, must enter Fund Center info) Fund Funded Commit Commitment Item Increase Current Revised Center Prol!ram Item Description (Decrease) Budl!et Budl!et Net Change to Budget Expense Budget Detail Fund Center Title: Funded Prog. Title: Fd Cll' No.: Fd Prg No.: (onlv one Fund CenterlFunded Pr02nUIl should be entered into this section. If amendment is for Funded Pro1ll"am. must enter Fund Center info Fund Funded Commit Commitment Item Increase Current Revised Center Prol!ram Item Description (Decrease) Budl!et Budl!et Net Change to Budget Agenda Item No. 16J2 March 23, 2010 Page 5 of 7 Revenue Budget Detail Fund Center Title: Funded Prog. Title: Transfers FdCtrNo.: 929010 Fd Prg No.: (onlv one Fund Center/Funded Proeram should be entered into this section. If amendment is for Funded ProlZnlm. must enter Fund Center info Fund Funded I Commit Commitment Item Increase Current Revised Center Pro2ram Item Description (Decrease) Bud2et Bud2et 929010 481390 Transfer from 390 2,300 3,808,000 3,810,300 Net Change to Budget 2,300 EXPLANATION Why are funds needed? Payment of arbitrage rebate for the Courthouse Annex and the EOC bldg. Where are funds available? Transfer in from fund 390, General Governmental Facilities impact fee fund. REVIEW PROCESS DATE I Cost Center Director: Division Administrator: Bud2et Department: A2ency Mana2er: Finance Department: Clerk of Board Admin.: Input by: B.A. No.: Agenda Item No. 16J2 March 23, 2010 Page 6 of 7 BUDGET AMENDMENT REQUEST For BudgetJFinance Use Only BA#... JE#... BAR#... AP.H. Date... 390 Fund Number Govemmen aClltJeS mpact Fee Fund Fund Description Date Prepared: 3/10/2010 Approved by BCC on: Attach Executive Summary Item No.: Expense Budget Detail Fund Center Title: Funded Prog. Title: Reserves Reserves/Transfers Fd Ctr No.: 919010 Fd Prg No.: 99390 (onlv one Fund CenterlFunded Pro2Tam should be entered into this section. If amendment is fOT Funded Pro2l1lIn. must enter Fund Center info) Fund Funded Commit Commitment Item Increase Current Revised Center Prol!ram Item Descriotion (Decrease) Budl!et Budl!et 919010 99390 991000 Reserve for (2,300) 150,586.82 148,286.82 contin2:encies Net Change to Budget (2,300) Expense Budget Detail Fund Center Title: Funded Prog Title' Transfers Reserves/Transfers FdCtrNo.: 929010 Fd Prg No.: 99390 (onlv one Fwd CenterlFunded Program should be entered into this section. If amendment is for Funded Program, must enter FWld Center info Fund Funded Commit Commitment Item Increase Current Revised Center Prol!ram Item Descriotion I (Decrease) Budl!et Budl!et 929010 99390 912160 Transfer to 216 2,300 3,808,000 3,810,300 Net Change to Budget 2,300 Expense Budget Detail Fund Center Title: Funded Prog. Title: Fd Ctr No.: Fd Prg No.: (onlv one Fund CenterlFunded Program should be entered into this section. If amendment is for Funded Program, must enter Fund Center info Fund Funded Commit Commitment Item Increase Current Revised Center Prol!ram Item Descriotion (Decrease) Budl!et Budl!et Net Change to Budget Agenda Item No. 16J2 March 23, 2010 Page 7 of 7 Revenue Budget Detail Fund Center Title: Funded Prog. Title: Fd Ctr No.: Fd Prg No.: (only one Fund CenterlFunded Proi!TalIl should be entered into this section. If amendment is for Funded Proe:ram.. must enter Fund Center info Fund Funded I Commit Commitment Item Increase Current Revised Center Program Item Description (Decrease) Budget Budget Net Change to Budget EXPLANA nON Why are funds needed? For the payment of arbitrage rebate for the Courthouse Annex and the EOC bldg Where are funds available? Reserves REVIEW PROCESS DATE I Cost Center Director: Division Administrator: Budget Department: Aeency Manaeer: Finance Department: Clerk of Board Admin.: Input bv: B.A. No.: