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BOOK 99 PAGE 611 <br />To eliminate or help minimize any tax burden, it is <br />recommended that the Board of Commissioners support the <br />Florida Main Street program<administered by the Division <br />of Historical Resources, Bureau of Historic Preservation, <br />Department of State), with its emphasis on organization <br />and designs for the promotion and economic restructioning <br />assists in the preservation of the historic downtown <br />commercial district. The Downtown Vero Beach Association <br />with the full support of Vero Beach City Manager, Mr. <br />Taylor, is coordinating this effort <br />It is also recommended that the Indian River County <br />His Society and the Downtown Vero Beach Association <br />be asked to assist in seeking public and private <br />donations, and renters for the "Old" Courthouse. <br />Assistance is requested in meeting the requirements of <br />Agenda ITEM 1S. ADJOURNMENT. <br />_.S-i,,ncer ly, <br />nthony Masi <br />AUCTION AGREEMENT IS ON FILE IN THE OFFICE <br />OF THE CLERK TO THE BOARD <br />DEFEASE BONDS - SERIES 1985 AND 1988 <br />The Board reviewed a Memorandum of October 31, 1996: <br />TO: Board of County Commissioners <br />DATE: October 31, 1996 <br />SUBJECT: DEFEASE THE $8,240,000 SOLID WASTE BONDS SERIES 1988 AND <br />THE $9,855,000 REFUND AND IMPROVEMENT BONDS, SERIES 1985 <br />FROM: Joseph A Baird _ <br />OMB Budget Director <br />DESCRIPTION AND CONDITIONS <br />Staff would like permission to proceed with defeasing the $8,240,000 Solid Waste Disposal System <br />Revenue bonds and the $9,855,000 Refund and Improvement Bonds, Series 1985. <br />The $9,855,000 Refund and Improvement Bond, Series 1985, has an 8.9% average interest rate, <br />$3,325,000 principle balance and a debt service payment for the 1996/97 fiscal year of $560,006. <br />Currently the County is earning approximately 5.3% on its investments; therefore, it makes economic <br />sense to pay off the debt with existing funds. <br />The $8,240,000 Solid Waste Disposal Bond Issue, Series 1988 has 6.96% average interest rate, <br />$4,440,000 in principal balance, and an annual payment for the 1996/97 fiscal year of $937,640.00. <br />Over two years ago staff looked at refinancing the Solid Waste bonds when interest rates were at <br />their lowest point, but we were unable to do so because these bonds mature in the year 2002 and <br />there was not sufficient time to capture issuance cost and have a present value savings. The Bond <br />94 <br />November 5, 1996 <br />