Resolution 1996-231MAY 14 1996
RESOLUTION NO. 96- 231
RESOLUTION AUTHORIZING A PRINCIPAL REDUCTION ON
TAX EXEMPT COMMERCIAL PAPER REVENUE NOTE, DRAW
NO. A-1-2 IN THE AMOUNT OF $2,283,000.00.
WHEREAS, the Board of County Commissioners of Collier County,
Florida, adopted Resolution No. 94-296 on April 26, 1994,
approving the Commercial Paper Revenue Note, Draw No. A-1-2, in
the amount not to exceed $12,150,000.00; and
WHEREAS, the Board of County Commissioners in the FY 1995-96
budget appropriate $2,000,000.00 as principal reduction on the tax
exempt commercial paper program loan; and
WHEREAS, interest in the amount of $283,000 has accumulated
in Fund No. 299 which is available to further reduce the principal
on the tax exempt commercial paper revenue note loan; and
WHEREAS, the Board of County Commissioners deem it to be in
the best interest of the County to reduce the principal on the tax
exempt commercial paper revenue note, Draw No. A-1-2, in the total
amount of $2,283,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
1) The County hereby approves and authorizes a reduction in
the outstanding principal amount on the tax exempt commercial
paper revenue note, Draw No. A-1-2, in the total amount of
$2,283,000.00 from Fund No. 299.
2) The County Finance Director is hereby authorized to
contact the Florida Local Government Finance Commission to make
the appropriate arrangements for the reduction in the principal
amount in accordance with the terms and provisions of the Loan
Agreement.
This Resolution adopted this day of May, 1996, after
mot on,,,,second and majority vote.
ATTEST: BOARD OF COUNTY COMMISSIONERS
'DWIGHT E•.y.BROCK, CLERK COLLIER COUNTY, FLORIDA
" HY:
HN C. NORRIS, CHAIRMAN
'A roved aq'to form and
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BOOK OOO Pas[ G2
David We
County Attorney