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BOARD OF COUNTY COMMISSIONERS 1840 25th Street, Vero Beach, Florida 32960 Telephone: (305) 567-8000 June 15, 1983 Suncom Telephone: (305) 424-1012 TO: Board of County Commissioners - Indian River County FROM: Finance Advisory Committee SUBJECT: Refund 1980 and 1981 Revenue Bond Issues At the June 13, 1983, meeting of the Finance Advisory Committee an analyzation of possible refunding the two bond issues used for the construction and renovation of the administration build- ing and courthouse was undertaken. The original amounts of these issues are: 1980 Revenue Bonds - $4,350,000 average coupon 1981 Revenue Bonds - 725,000 average coupon The refunding could be accomplished with no additional cost or years to maturity for Indian River County; but a bond covenant requiring the debt service reserve account to have certain in- vestments in that account would be eliminated. Then the invest- ments could be sold for a profit to the county of approximately $341,000 cash in hand which could be used for the additional courtrooms required in Indian River County. It was the recommendation of the Finance Advisory Committee that the Board of County Commissioners proceed with the refunding of the 1980 and 1981 Revenue Bond Issues (Race Track Funds are pledged $446,500 annually). Commissioner Scurlock noted that the committee talked about looking at our existing issues with the idea of possibly eliminating some bond covenants to address the new courtroom. He reported that they also did consider two other options - one on present value was $1,000 difference and the third option was a $7,000 present value differentia- tion. When they looked at the overall additional interest costs on the three issues, they came up with this recommen- dation as being the most advantageous. If additional monies should be required, it was felt we could look at some other sources within the county. im 5.3 ear 19