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L <br />JUL i bg 1992 13©rIK 6b Fr��o <br />This ordinance was advertised in the Vero Beach Press - <br />Journal on the 22 day of June , 1992, for a public hearing to <br />be held on the 14 day of July , 1992, at which time it was <br />moved for adoption by Commissioner Bowman <br />was seconded by Commissioner <br />the following vote: <br />Scurlock <br />Chairman Carolyn K. Eggert <br />Vice Chairman Margaret C. Bowman <br />Commissioner Don C. Scurlock, Jr. <br />Commissioner Richard N. Bird <br />Commissioner Gary C. Wheeler <br />and the motion <br />, and, adopted by <br />Aye <br />Aye <br />Aye <br />Absent <br />Resigned <br />BOARD OF COUNTY COMMISSIONERS <br />INDIAN RIVER COUNTY, FLORIDA <br />By <br />z X4 - <br />Carolyn K; Eggert <br />Chairman <br />REFINANCING $9,855,000 REFUNDING AND IMPROVEMENT REVENUE BOND <br />SERIES 1985 <br />The Board reviewed the following memo dated 7/8/92: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: July 8, 1992 <br />SUBJECT. REFINANCING $9,85SP0 REFUNDING AND DMOVEMENT <br />BOND - SERIES 1985 <br />FROM. Joseph A. Baird <br />• OMB Director <br />Indian River County has a $9,855,000 bond issue with a term of 20 years and an average <br />interest rate of approximately 9%. Presently there is $8,275,000 in principal remaining and <br />14 more annual payments. The Financial Advisory Committee in the past has <br />recommended looldng into refinancing this bond issue; however, due to the Treasury <br />regulations this was not feasible. Recently the regulations have been changed which could <br />potentially give the county the ability to refinance this bond issue without a substantial <br />transfer of proceeds penalty. This coupled with the current low interest 'rates, <br />(approximately 6.25% on a 20 year bond rated AAA), it is in the best interest of the county <br />to attempt to refinance the bond issue. <br />48 <br />