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Board of County Commissioners Meeting Minutes - Final May 19, 2020 <br />B. Emergency Services <br />C. General Services <br />1. Human Services <br />2. Sandridge Golf Club <br />3. Recreation <br />D. Human Resources <br />E. Office of Management and Budget <br />12. E.1 20-1567 Limited (Land Acquisition) G.O. Refunding Note, Series 2015 Consideration of <br />Early Payoff <br />Recommended Action: Staff recommends that the Board of County Commissioners authorize staff to <br />redeem the remaining Limited (Land Acquisition) G.O. Refunding Note, Series <br />2015 in the principal amount of $7,268,000 on July 1, 2020, and process <br />payments of $3,500 for financial service fees. Staff further recommends that <br />the Board authorize a budget amendment to allocate funding of approximately <br />$1,239,225 for this transaction from General Fund Cash Forward. <br />Attachments: Staff Report <br />Redemption Notice <br />Authorizinq Resolution <br />Management and Budget Director Kristin Daniels gave a PowerPoint <br />Presentation on the Limited Land Acquisition G.O. Refunding Note, Series <br />2015 consideration of early payoff. She stated that the current outstanding <br />balance was $7,268,000, and explained that the benefit of an early payoff would <br />be a net savings of $5,707 for the County. <br />Commissioner O'Bryan received confirmation that the Water and Sewer Bonds <br />were paid for through water and sewer rates and that once the County paid off <br />the G.O. Bonds, there would be no more debt tied to the General Fund. <br />Commissioner Solari thanked Director Daniels. on her accomplishment of <br />decreasing long-term debt. <br />A motion was made by Commissioner O'Bryan, seconded by Commissioner <br />Solari, to approve: 1) Staffs recommendation; and 2) Resolution 2020-042, <br />authorizing the redemption of its Indian River County, Florida Limited General <br />Obligation Refunding Note, Series 2015; authorizing the delivery of a Redemption <br />Notice and any other necessary documentation; and providing for repeal of <br />inconsistent provisions, severability and an effective date. The motion carried <br />by the following vote: <br />Indian River County Florida Page 6 <br />