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COUNTY FINANCING INTEREST RATES Historical Amounts Compared to Interest Rate Benchmarks Calendar Year County Rate 2016 (Recommended) 5.00% 2015 5.75% 2014 5 75% 2013 5.75% 2012 5.75% 2011 5.75% 2010 5.75% 2009 5.75% 2008 (3) 5.75% 2007 8.25% 2006 7.00% 2005 5.75% 2004 5.75% 2003 5.75% 2002 - Feb. 5 - Dec. 31 (1) 5.75% 2002 - Jan. 1 - Feb. 5 (1) 4.75% 2001 - Jul. - Dec. (2) 6.75% 2001 - Jan. - Jun. (2) 8.50% 2000 8.50% Interest Rate 9.00% 8.00%- 7 00% - 6.00% - 5.00% - 4.00% - 3.00% - 2.00% - 1.00% 0.00% ` 2d) .LO0� .LOQ `LOp6 0�0 �,01� `LP'``L `P`A .L016 Historical Interest Rates r, — r ,— V: If145 n. t pi S 4 ^a4 — . d Calendar Year (1) On February 5, 2002, the Board of Commissioners adopted a minimum interest rate of 5.75%. This rate is equivalent to the interest rate on County utility revenue bonds. This prevents the County from lending at lower rates than our own borrowing costs. After early payoff of Series 2005 Water & Sewer Revenue bonds in 2015, the maximum interest rate on utility bonds is 5.00%, therefore, on December 15, 2015, staff has recommended decreasing the minimum interest rate to 5.0% (2) Due to highly fluctuating interest rates, the County adjusted interest rates every six months, rather than every twelve months for calendar year 2001 (3) On December 18, 2007, the BCC approved setting this at the minimum rate of 5.75% as opposed to the prime rate of 7.25% in light of current economic conditions. Note • The County sets a standard interest rate on all financing at the beginning of each calendar year. This rate is equivalent to the prime rate as published on Bloomberg, with a minimum rate of 5.75% adopted on February 5, 2002. f\budgetljason\misc\interest rate history.xls 12/8/2015