Agenda 07/28/2009 Item #16J 8EXECUTIVE SUMMARY
Recommendation that the Board approves a partial prepayment of the Naples Park
Area Stormwater Improvement Assessment Bond, Series 1997 in the amount of
$185,000 and the requisite budget amendment.
OBJECTIVE: To obtain approval for a partial prepayment on the Naples Park Area
Stormwater Improvement Assessment Bond, Series 1997 in the amount of $185,000 and
the requisite budget amendment.
CONSIDERATIONS: On August 26, 1997, the Collier County Board of County
Commissioners approved the issuance of the $1,870,000 Naples Park Area Stormwater
Improvement Assessment Bonds, Series 1997. The proceeds of the bonds were used to
finance the cost of storinwater drainage improvements (the Project) in the area known as
the Naples Park Assessment District. The bonds are a limited, special obligation of
Collier County and are payable solely from and secured by a lien upon and pledge of
stornlwater assessments levied against properties benefitted by the Project. Sufficient
assessment proceeds have accumulated in the debt service fund to allow an extraordinary
redemption in the amount of 5185.000. The interest rate on the bonds is 6.45% and the
savings realized will be $35,798 over the life of the bond. if approved, the prepayment
will take place on September 1, 2009. The Finance Committee recommended this
prepayment unanimously at its May 13, 2009 meeting.
FISCAL IMPACT: The principal reduction request is for $185,000 and results in
interest savings of $35,798 over the life of the bond. Funds are available in the Naples
Park Area Stonnwater Assessment Bond Fund (Fund 226) however, a budget amendment
decreasing Reserves for Debt Service will be necessary.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the
County Attorney's Office, is not quasi - judicial and requires no ex parte disclosure,
requires only a majority vote for approval, and is otherwise legally sufficient for Board
action. —SRT
GROWTH MANAGEMENT IMPACT: There is no growth management impact.
RECOMMENDATION: That the Board of County Commissioners approves a partial
prepayment on the Naples Park Area Stormwater Improvement Assessment Bonds and
the associated budget amendment, as outlined above.
Prengreri by llerek T\/T ohnssen general Accounting N/1- 1ago -r
L J .� .. ova
Finance and Accounting Department, Clerk of Courts
PL we I of I
;D
COLLIER COUNTY
Item Number: 1G.'2
Item Summary: FeCor1r-) 1;_-ari-1[) nie Board a.-proves a p Irtia pr,-, -1vYrrEnt of the Naptes Park Area
Stomiw_-�fai Bon,-A, Se 'r s in the amount of $1 and the
r,rquis;te arn, 1c_,qE fit.
Meeting Date: 7/28120;: 0 0 :7C A "A
Prepared By
Derek Johnssen
Clerk of Courts Fina,,,ce 7.i17UOS 1:44:15 P10
Approved By
Crystal Kinzel Dre,;to Crate
Clerk of Courts I- in"a ni C e. 7, ", 4 !2 0 C, S 4: 9 P W,
Approved By
Leo E. Ochs, Jr. DePL'ty Date
Board of Count;r rity N' ,Z�nacf."
Commissioners cou - s T"r4 ),U 6:31 PKA
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