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� �1 1 <br />600K juli WAGE 9, <br />ON MOTION by Commissioner Eggert, <br />SECONDED by Commissioner Adams, the Board <br />unanimously approved travel for Commissioner <br />Ginn to attend the County Government Law Seminar <br />January 23, 1998 in Orlando, Florida. <br />ZE. COUNTYFI1yANCI1VGINTERESTRATE ftaTIONPAV17VG, UTILITY <br />ASSESSMENT PROJECTS. UTILITYIMPACT FEES, E <br />The Board reviewed a Memorandum of January 6, 1998: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: January 6, 1998 <br />SUBJECT: CHANGING TRE INTEREST RATE ON ALL COUNTY FINANCING <br />(PETITION PAVING, UTIIXrY ASSESSMENT PROJECTS, UTII.ITY <br />IMPACT FEE, ETC.) - CONSENT AGENDA <br />FROM: Joseph A. Bard <br />OMB Director <br />DESCRIPTION AND CONDITIONS <br />Fixed interest rates charged by the County for financing utility assessments, utility impact fees, <br />petition paving assessments, and any other financing is scheduled to be set on an annual basis in <br />January of each year. For the 1997 calendar year, the assessment/financing fixed interest rate was <br />set at the prime rate which was 8'/a% at the time. The prime interest rate in the Wall Street Journal <br />on Tuesday, January 6, 1997, is 8'/z %which would mean an increase in the rate from 1997 to 1998 <br />of/.%. The only exception to this interest nate would be if the project was directly affiliated with a <br />bond issue and the requirements dictated a different interest rate. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve the fixed interest rate of 81/2 %. <br />ON MOTION by Commissioner Eggert, <br />SECONDED by Commissioner Adams, the Board <br />unanimously approved a fixed interest rate of 81/2% <br />for the 1998 calendar year for financing utility <br />assessments, utility impact fees, petition paving <br />assessments and any other financing, as <br />recommended by staff. <br />JANUARY 13, 1998 <br />-10- <br />0 0 <br />