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Board of Commissioners <br /> Page 2 of 2 <br /> (W July 10, 2013 <br /> Estimated Interest Earnings —General Fund <br /> Investment Interfund Net Interest <br /> Portfolio Loan Interest Earnings <br /> Year Earnings 1.0% 2.5% Gain/ Loss <br /> 2014 $15,650 $39,125 $23,475 <br /> 2015 $9,800 $24,500 $14,700 <br /> 2016 $3,800 $9,500 $5,700 <br /> Totals $29,250 $73,125 $43,875 <br /> In the future, staff may recommend an additional interfund loan to cover the replacement of the <br /> irrigation system on the Dunes course (estimated cost $950,000). This system was installed when the <br /> course originally opened in 1987, and it is now well beyond its life expectancy-of twenty-years. Over the <br /> last few years, maintenance costs for this system have increased substantially. <br /> Staff Recommendation <br /> Staff recommends that the Board of Commissioner authorize staff to begin the process of calling the <br /> remaining Recreational Revenue Refunding Bonds, Series 2003 in the amount of $1,565,000 that <br /> become callable on September 1, 2013. Staff further recommends that the Board authorize an <br /> interfund loan from General Fund reserves in the amount of $1,565,000 at an interest rate of 2.5% per <br /> year. This loan will be repaid by the Golf Course on the same schedule as the current bond issue (see <br /> attached debt service schedule). Staff also recommends that the Board authorize a budget <br /> amendment to allocate funding for this transaction from General Fund Cash Forward. <br /> Attachments <br /> Golf Course Bond Payoff- Estimated Savings from Interfund Loan <br /> Golf Course Bond Payoff- Proposed Debt Service Schedule <br /> APPROVED AGENDA ITEM: <br /> BY: a- <23" U?d <br /> Jos ph A. Baird <br /> County Administrator <br /> FOR: July 16, 2013 <br /> Indian River County Approved Date <br /> Administrator -711,111-3 <br /> County Attorney -23 <br /> Budget '� / 3 <br /> Department <br /> 174 <br />