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ON MOTION by Commissioner Wheeler, SECONDED by <br />Commissioner Davis, the Board unanimously adopted <br />Resolution 2005-211 declaring default by Showcase <br />Designer Homes, L.C. in its obligation to post alternate <br />security to guarantee completion of required improvements <br />to Ansley Park Planned Development, and authorizing staff <br />to make site draft against Bank of America irrevocable <br />standby Letter of Credit No. 3060849. <br /> <br />7.I. INTEREST RATE CHANGE ON ALL COUNTY <br />FINANCING – FROM 5.75% TO 7% (PETITION PAVING, <br />UTILITY ASSESSMENT PROJECTS, UTILITY IMPACT <br />FEES, ETC.) <br /> <br />ON MOTION by Commissioner Neuberger, SECONDED <br />by Commissioner Davis, the Board unanimously approved <br />the fixed interest rate of 7.0% for the calendar year 2006 for <br />all County Financing with the exception of projects directly <br />affiliated with a bond issue for which the bond covenants <br />dictate a different interest rate, as recommended in the <br />memorandum of December 6, 2005. <br /> <br />AMENDMENT IS ON FILE IN THE <br />OFFICE OF THE CLERK TO THE BOARD <br /> <br />7.J. COUNTY EMPLOYEE VACATION ACCRUAL CAP <br />POLICY AND COMPENSATION CONSIDERATIONS <br />December 13, 2005 10 <br /> <br />