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Office of the <br />INDIAN RIVER COUNTY <br />ADMINISTRATOR <br />Joseph A. Baird, County Administrator <br />Michael C. Zito, Assistant County Administrator <br />MEMORANDUM <br />TO: Members of the Board of County Commissioners <br />FROM: Joseph A. Baird <br />County Administrato <br />Jason E. Brown <br />Director, Office of Manage ' d Budget <br />DATE: March 31, 2015 <br />SUBJECT: Partial Refunding in the Amount of $20,369,000 of the Limited (Land <br />Acquisition) General Obligation Bonds Series 2006 <br />Background <br />On November 2, 2004, the voters of Indian River County approved a referendum authorizing a <br />$50 million bond issue for the purchase of environmental, agricultural and historic properties. <br />On May 23, 2006, the Board of County Commissioners approved and adopted the Award and <br />Sale (Resolution #2006-067) for the Indian River County, Florida, Limited General Obligation <br />Bonds — Series 2006 in an aggregate principal amount not to exceed $50,000,000. This bond <br />issue reaches final maturity on July 1, 2021, and the bonds are callable beginning on July 1, <br />2016. <br />On February 17, 2015, the Board of County Commissioners approved the issuance of a request <br />for proposals for a bank loan to refund a portion of the Limited (Land Acquisition) General <br />Obligation Bonds. It was estimated the request for proposals would provide a lower borrowing <br />cost of 1.84% than the bond issue at 1.94%. <br />Analysis <br />As contemplated, the County would refund approximately $20,000,000 in bonds outstanding. <br />Based upon the recent market rates, it was estimated that the net present value (NPV) savings <br />181 <br />