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ON MOTION by Commissioner O'Bryan, SECONDED by <br />Commissioner Flescher, the Board unanimously approved <br />Application for Payment No. 5 — Final as final payment to <br />Contractor, Derrico Construction Corp., in the amount of <br />$21,644.10, as recommended in the memorandum of <br />December 5, 2007. <br />7. W. INTEREST RATE CHANGE ON ALL COUNTY FINANCING (PETITION <br />PAVING, UTILITY ASSESSMENT PROJECTS, UTILITY IMPACT FEES, <br />ETC.) <br />Commissioner Wheeler inquired if this was an annual floating rate, with adjusters on <br />an annual basis, and whether this applies to current applications. Administrator Baird said this <br />would apply to everyone who asked for a loan in the calendar year 2008. <br />Commissioner O'Bryan favored a minimum 5 %% interest rate to give individuals a <br />break. Administrator Baird did not have a problem as long as they did not go below 5.4%. Vice <br />Chairman Davis was in favor of that proposal. <br />ON MOTION by Vice Chairman Davis, SECONDED by <br />Commissioner Flescher, the Board unanimously approved <br />the fixed interest rate of 5.75%, which rate shall remain in <br />effect for calendar year 2008 for all County financing with <br />the exception of projects directly affiliated with a Bond <br />issue for which the Bond covenants dictate a different <br />interest rate, all as recommended in the memorandum of <br />December 12, 2007. <br />12 <br />December 18, 2007 <br />