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TO: Members of the Board <br />County Commissioners <br />FROM: Joseph A Baird <br />�* <br />OMB Director <br />BUDGET AMENDMENT: 020 <br />DATE: March 19, 1997 <br />Entry <br />Number <br />Funds/Department/Account Name <br />Account Number <br />Increase <br />Decrease <br />1. <br />EXPENSE <br />GENERAL FUND/Reserve for Contingency <br />001-199-581-099.91 <br />$45,859 <br />$0 <br />GENERAL FUND/EMS/Other <br />Contractual Services <br />001-208-525-033.49 <br />$0 <br />$45,859 <br />APPLICATION FOR DERELICT VESSEL REMOVAL GRANT <br />ON MOTION by Commissioner Ginn, SECONDED by <br />Commissioner Adams, the Board unanimously (4-0, <br />Commissioner Macht being absent) approved submission <br />of the application for derelict vessel removal grant <br />as requested by Emergency Services Director Doug <br />Wright during discussion of the previous item. <br />COPY OF GRANT APPLICATION IS ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />$9,855,000 REFUND AND IMPROVEMENTS BONDS, SERIES 1985, <br />DEFEASANCE PROPOSAL <br />The Board reviewed a Memorandum of March 19, 1997: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: March 19, 1997 <br />SUBJECT: DEFEASE THE $9,855,000 REFUNDING AND IMPROVEMENT BONDS, <br />SERIES 1985 <br />FROM: Joseph A Baird <br />Office of <br />and Budget Director <br />DESCRIPTION AND CONDITIONS <br />In the meeting of November 5, 1996, the Board of County Commissioners approved defeasing the <br />$9,55,000 Refunding and Improvement Bonds, Series 1985. The $9,855,000 Refund and <br />Improvement Bond, Series 1985 has an 8.9% average interest rate, $3,325,000 principle balance and <br />a debt service payment for the 1996/97 fiscal year of $560,006. The County is currently earning <br />approximately 5% on its investments; therefore, it makes economic sense to pay off the debt with <br />existing funds. <br />37 <br />March 25, 1997 BOOK 1"U.j <br />