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CONSENT AGENDA <br />Indian River County <br />Inter -Office Memorandum <br />Office of Management and Budget <br />TO: <br />Members of the Board <br />of County Commissioners <br />THROUGH: <br />John A. Titkanich, Jr. <br />County Administrator <br />FROM: <br />Kristin Daniels <br />Director, Office of Management & Budget <br />DATE: <br />December 20, 2023 <br />SUBJECT: <br />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 20, 2023 is 8.5%. Staff recommends <br />increasing the current interest rate being charged of 7.5%, to 8.5% to reflect the interest rate that will be <br />charged by the County during the 2024 calendar year. The only exception to this interest rate would be <br />for projects directly affiliated with a bond issue for which the bond covenants dictate a different interest <br />rate. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve the fixed interest rate of 8.5%. Staff <br />further recommends that this rate remain in effect for calendar year 2024 for all County financing with the <br />exception of projects directly affiliated with a bond issue for which the bond covenants dictate a different <br />interest rate. <br />ATTACHMENT <br />County Financing Interest Rate History <br />88 <br />