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?N <br />CONSENT AGENDA <br />Indian River County <br />Inter -Office Memorandum <br />Office of Management and Budget <br />TO: Members of the Board <br />of County Commissioners <br />FROM: Kristin Daniels <br />Director, Office of Management & Budget <br />DATE: December 7, 2021 <br />SUBJECT: Interest Rate Change on All County Financing <br />(Petition Paving, Utility Assessment Projects, <br />Utility Impact Fees, etc.) <br />DESCRIPTIONS AND CONDITIONS <br />Each year the Board of County Commissioners adjusts the fixed interest rates charged by the County for <br />financing utility assessments, utility impact fees, petition paving assessments and any other financing. <br />County policy has been to set this rate equivalent to the prime interest rate. <br />The prime interest rate listed on Bloomberg on December 7, 2021 is 3.25%. Staff recommends <br />maintaining the current interest rate of 3.25% charged by the County, since no rate change has occurred <br />since last year. The only exception to this interest rate would be for projects directly affiliated with a bond <br />issue for which the bond covenants dictate a different interest rate. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve the fixed interest rate of 3.25%. <br />Staff further recommends that this rate remain in effect for calendar year 2022 for all County financing <br />with the exception of projects directly affiliated with a bond issue for which the bond covenants dictate a <br />different interest rate. <br />ATTACHMENT <br />County Financing Interest Rate History <br />37 <br />