Laserfiche WebLink
• <br />TO: Members of the Board of County Commissioners <br />DATE: December 14,1999 <br />SUBJECT: CHANGING THE INTEREST RATE ON ALL COUNTY FINANCING <br />(PETITION PAVING, UTIIITY ASSESSMENT PROJECTS, UTnM <br />EWPACT FEE, ETC.) <br />FROM: JosephA. B ' <br />OMB Director <br />DESCRIPTIONS 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 1999 calendar year, the assessment/financing fixed interest rate <br />was set at the prime rate which was 7-3/4 % at the time. The prime interest rate in the Wall Street <br />Journal on Monday, December 13, 1999, was 8-%z % which would mean an increase in the rate <br />from 1999 to 2000 of % % (.75%). The only exception to this interest rate would be if the <br />project was directly affiliated with a bond issue and the requirements dictated a different interest <br />rate. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve the fixed interest rate of <br />8-%s% or 8.5%. <br />ON MOTION by Commissioner Adams, SECONDED BY <br />Commissioner Stanbridge, the Board unanimously approved the <br />fixed interest rate of 8-1/2% or 8.5% on all County financing <br />(petition paving, utility assessment projects, utility impact fees, <br />et cetera), as recommended in the memorandum. <br />7.K. Miscellaneous Budget Amendment 003 <br />The Board reviewed a Memorandum of December 14, 1999: <br />December 21, 1999 <br />25 <br />• <br />