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On the afternoon of Tuesday, May 21, 1996 the market dropped to where the underwriters could <br />issue the bonds within the approved parameters. A bond issue sale was authorized and Indian River <br />County issued bonds at a true interest cost of 5.752%. <br />The interest rate achieved is within 60 basis points of the lowest interest rate in the market place in _ <br />the past 25 years. The lowest rates were achieved on October 17, 1993 with a 30 year Term Bond <br />rate of 5.18%. Interest rates in the past 2 years on average have exceeded 7.00%. <br />ON MOTION by Commissioner Macht, SECONDED by <br />Commissioner Bird, the Board unanimously approved <br />the bond issue at a true interest cost of 5.7520, <br />pursuant to staff's recommendations. <br />WATER EXPANSION PLAN, PHASE IV - FINAL PAYMENT REQUEST - <br />I MLEY-HORN & ASSOCIATES <br />The Board reviewed a Memorandum of May 24, 1996: <br />DATE: MAY 24, 1996 <br />TO: JAMES E. CHANDLER <br />COUNTY ADMINISTRATOR <br />FROM: TERRANCE G. PINW4 <br />DIRECTOR OF LITY 2RVICES <br />PREPARED ROBERT O. WISEMEN, P.E. <br />AND STAFFED ENVIRONMENTAL ENGINEER <br />BY: DEPARTMENT OF UTILITY SERVICES <br />SUBJECT: ENGINEERING SERVICES WITH KINKY -HORN AND ASSOCIATES <br />WATER EXPANSION PLAN - PHASE IV <br />FINAL PAYMENT REQUEST <br />INDIAN RIVER COUNTY PROJECT NO. UW -93 -32 -DS <br />BACKGROUND <br />On August 24, 1993, the Indian River County Board of County <br />Commissioners approved an engineering services agreement with H. F. <br />Lenz of Vero Beach for Phase IV of the Water Expansion Plan in the <br />amount of $190,000.00. The agreement was assigned to Kimley-Horn <br />and Associates when H. F. Lenz was purchased by Kimley-Horn and <br />Associates. (See attached agenda item approved by the Board on <br />December 12, 1995.) <br />ANALYSIS <br />The service for the Water Expansion Phase IV Project has been <br />completely satisfied. The engineer has been paid to date in the <br />amount of $183,200.00, leaving a balance of $6,800.00, including <br />retainage. The engineer submitted a final payment request in the <br />amount of $6,800.00. <br />RECOMMENDATION <br />The staff of the Department of Utility Services recommends the <br />Board of County Commissioners approve the final payment request in <br />the amount of $6,800.00 to Kimley-Horn and Associates for services <br />rendered. <br />JUNE 49 199637 aUOK� PAGc eoe) <br />