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12. E. HUMAN SERVICES - NONE 12. F. LEISURE SERVICES - NONE 12. G. OFFICE OFMANAGEMENTAND BUDGET 12. G. 1 . LAND ACQUISITION G. O. BONDS, SERIES 2001 , CONSIDERATION OF IF EARLYPAYOFF Management and Budget Director Jason Brown recalled that in 1992 , the Board approved the referendum that authorized the issuance of $ 26 million in General Obligation (G . O . ) Bonds for the acquisition of environmentally sensitive properties throughout the County. He said this was broken into two bond issues for administrative purposes — the first was in 1995 for $ 15 million; the second was issued in 2001 for the remaining $ 11 million, allowed by a voter referendum, with a final maturity of July 2016 , and at a true interest cost of 3 . 98 % . He disclosed that the $4 ,430 , 000 of the original $ 11 million remain outstanding, and callable on July 1 , 2012 , with a 1 % redemption fee . He said that of the $ 4 ,430 , 000 still outstanding, $ 810 , 000 will reach IF maturity on July 1 , 2012, which has already been budgeted for this year, and after making this payment, the balance will total $ 3 , 620 , 000 . Director Brown thereafter explained staff' s analysis pertaining to the payoff of the remaining bonds during this fiscal year and proposed a concept whereby the $ 3 , 620 , 000 outstanding balance (carrying an interest rate of about 4 . 2 % per year) could be paid off early from the General Fund Reserves , and save the County approximately $247 ,259 . He requested the Board authorize staff to move forward with the process of calling the remaining Land Acquisition G . O . Bonds , in the amount of $ 3 , 620 , 000 , on July 1 , 2012 , and authorize a budget amendment to allocate funding from the General Fund Cash Forward , Commissioner Solari commended staff for a job well done , and revealed why this process would be a significant savings for the County and the taxpayers . February 14 2012 12 8 ! 4 Z PG O b