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7.I. BudgetAmendment 002- $11,000,00OLandAcautsition reation Bo fI The Board reviewed a Memorandum of December 4, 2001: TO: Members of the Board of County Commissioners THROUGH: Joseph A. Baird Assistant County Administrator FROM: Jason E. Brown Budget Manager DATE: December 4, 2001 SUBJECT: Land Acquisition $11,000,000 Bond Issuance Summary and Budget Amendment 002 Description and Conditions On November 3, 1992, the voters of Indian River County approved a referendum authorizing the issuance of $26 million in Genera! Obligation Bonds for the purpose of acquiring environmentally sensitive lands within the County. In 1995, the Board of Commissioners approved Resolution No. 95-63 authorizing the issuance of $15 million of General Obligation Bonds out of the total $26 million approved. By fiscal year 2001, nearly all funds from this original issue had been expended. On October 23, 2001, the Board of Commissioners approved a resolution authorizing the issuance of the remaining $11 million authorized by the voter referendum. In accordance with the resolution, these bonds were offered to the market on a competitive bid basis on November 13, 2001. William R. Hough & Co. was awarded the bid based on the lowest True Interest Cost. This bid resulted in a True Interest Cost of 3.982715% on the total bond issue. Provided herein is a summary of the bond issue including a sources and uses of funds statement along with the necessary budget amendment. Sources and Uses of Funds: Sources of Funds Par Amount of Bonds $11,000,000.00 Original Issue Discount (28,750.95) Accrued Interest from 11/1/01 to 11/29/01 31,030.81 Total Sources $11,002,279.86 Uses of Funds Total Underwriter's Discount (0.324%) $357640.00 Costs of Issuance 80,320.00 Gross Bond Insurance Premium (FSA) 257410.00 Deposit to Debt Service Fund 31,030.81 Deposit to Land Acquisition Fund 10,8291879.05 Total Uses $11,0027279.86 December 11, 2001 25