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"101PACE 5 ij <br />ON MOTION by Commissioner Adams, SECONDED by <br />Commissioner Macht, the Board (4-0, Commissioner Tippin <br />being absent) unanimously approved the proposed special <br />credit requirements for Habitat for Humanity assisted SHIP <br />loans and waived the local housing assistance plan credit <br />requirements for CDBG assisted applicants only, pursuant to <br />staffs recommendations. - <br />11.E. SOLID WASTE $89240,000 BONDS, SERIES 1988 - PAYOFF <br />(CLERK'S NOTE: SEE ALSO "SOLID WASTE DISPOSAL DISTRICT MINUTES" <br />The Board reviewed a Memorandum of May 14, 1997: <br />TO: <br />Members of the Board <br />of County Commissioners <br />DATE: <br />May 14, 1997 <br />SUBJECT: <br />PAY-OFF $8,240,000 SOLID WASTE BONDS, SERIES 1988 <br />FROM: <br />Joseph A. Baird <br />Office of Management and Budget, Directo . <br />DESCRIPTION AND CONDITIONS <br />In the meeting of November 5, 1996, the Board of County Commissioners approved paying off the <br />Solid Waste $8,240,000 Bonds, Series 1988. <br />58,240.000 Solid Waste Disposal Bond Issue, Series 1988 <br />The $8,240,000 Solid Waste Disposal Bond Issue, Series 1988 has 6.960/6 average interest rate, <br />$3,820,000 in principal balance (after June 1, 1996 payment), and an anmiai payment for the 1997/98 <br />fiscal year of $920,175.00. Over three years ago staff looked at refinancing the Solid Waste bonds <br />when interest rates were at their lowest point, but we were unable to do so because these bonds <br />mature in the year 2002 and there was not sufficient time to capture issuance cost and have a present <br />value savings. The Solid Waste Disposal District has sufficient cash to pay-off the bonds and I feel <br />this would be in the best interest of the County. We have firture capital needs, but those could be <br />accomplished by utilizing remaimng cash in the Solid Waste Disposal District or mterfund borrowing <br />and if absolutely necessary a firture bond issue. By paying off the bond issue we will reduce the <br />1997/98 debts of $920,175.00 and will also reduce the budget. This will assist in offsetting <br />an increase in the Solid Waste assessment. <br />The chart below shows the Sources and Uses of the fiords. <br />USES: <br />Principal Amount $3,820,000.00 <br />Premium (1.01%) $38,200.00 <br />Estimated Interest thru July 1, 1997 $23,000.00 <br />Estimated Defeasance Cost $15,000.00 <br />TOTAL USES $3,896,200.00 <br />MAY 20, 1997 <br />78 <br />