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F. Arbitrage Rebate The Board reviewed Memorandum of October 12, 1994: TO: Board of County Commissioners DATE: October 12, 1994 SUBJECT: Arbitrage Rebate FROM: Edwin M. Fry, Jr, Finance Director I t Background Information The arbitrage rebate for the General Obligations Bonds, Series 1989 in the amount of $166,442 is due to the United States Treasury Department. This amount is based upon calculations performed by Coopers & Lybrand, LLP in accordance with the County's contract with Coopers for arbitrage rebate calculation services. Arbitrage is defined as the interest earnings in excess of the interest earnings that would be received if the bond proceeds were invested at the same interest rate as that paid on the bonds that were issued. The Treasury Department has issued extensive regulations regarding the calculation of the arbitrage rebate and when the rebate is due. According to the regulations, the County must remit the arbitrage rebate every five (5) years from the date of issuance of each bond issue or within 180 days of the final debt service payment on each bond issue. The final debt service payment on the General Obligation Bonds, Series 1989 was July 1, 1994. Coopers & Lybrand, LLP has prepared the Arbitrage Rebate reporting form. This form requires the signature of an officer. Since the Chairman of the.Board of County Commissioners signed the reporting documents required by the Treasury Department when the Bonds were issued, it will be necessary for the Chairman to sign the Rebate reporting form. Requested Action Request the Board of County Commissioners to authorize the Chairman of the Board to sign the Arbitrage Rebate form. ON MOTION by Commissioner Bird, SECONDED by Commissioner Eggert, the Board unanimously approved execution of the Arbitrage Rebate Reporting Form as prepared by Coopers & Lyband, LLP, pursuant to recommendations by staff. REPORTING FORM IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD OCTOBER 18, 1994 7 Boos 93 PAU