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VILLAGE COUNCIL MEETING:
VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
Meeting Date:
June 12, 2008 Meeting Type: Regular Ordinance
Consent Agenda: No Resolution #: 27-08
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Approving the paying off of the balance of the IBR Bond in its entirety.
3. BUDGET /FINANCIAL IMPACT:
Account #: 101-000-571.700 Amount of this item: $134,850
Current Budgeted Amount Available:
125,000 Amount Remaining after item:
N/A
Budget Transfer Required: No Appropriate Fund Balance: Yes
4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
A request to appropriate fund balance in an amount to allow the paying off the IBR Refunding Bond
Series 1994 in its entirety. The remaining bonds become due July 1, 2009. Wachovia Bank, N.A. has
advised the Village that there are no prepayment penalties and the Village expects a savings on
interest payments of approximately $8,295 by paying off the bonds early. IBR Fund #101 has sufficient
cash funds to make this payment.
5.
APPROVALS:
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Dept. Head: U~
Attorney: (for legal sufficiency)
Village Manager:
SUBMIT FOR COUNCIL DISCUSSION:
APPROVE ITEM:
Finance Director: ~~
Yes ^ No ^
DENY ITEM: ^
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MEMORANDUM
FINANCE DEPARTMENT
DATE: JUNE 2, 2008
TO: MICHAEL R COUZZO, VILLAGE MANAGER
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: RESOLUTION # 27-08 PAYING DOWN THE BALANCE OF THE 1994 IBR
BOND
Please add to the agenda June, 12 2008 Regular Meeting of the Village Council resolution # 27-08 asking
the Council to approve paying off the balance of the Improvement Revenue funding Bond Series 1994.
6/3/084:45 PM
RESOLUTION NO. 27-08
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
PALM BEACH COUNTY, FLORIDA, APPROVING PAYING OFF THE BALANCE
OF THE IMPROVEMENT REVENUE REFUNDING BOND SERIES 1994 AND
INCREASING THE 2007-2008 BUDGET IN THE IBR FUND #101 BY
APPROPRIATING ADDITIONAL FUND BALANCE AND INCREASING DEBT
SERVICE IN AN AMOUNT EQUAL TO THE ADDITIONAL LOAN PAYMENT,
Whereas, There is one year remaining on the Improvement Revenue Refunding
Bond Series 1994.; and
Whereas, Paying off the balance of the IBR Bond Series 1994 will result in a savings
of approximately $8,295; and
Whereas, Wachovia Bank, N.A. has determined that as of June 2, 2008 there are no
pre-payment penalties to pay off the balance of the loan in its entirety; and
Whereas, the IBR Fund #101 has sufficient existing funds to pay off the balance of
the debt;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1 Resolution No. 27-08 authorizing the Village Manager to proceed on
behalf of the Village, is hereby approved .
Section 2 This Resolution shall become effective immediately upon passage.
The foregoing Resolution was offered by _
moved its adoption. The motion was seconded by
upon being put to a vote, the vote was as follows:
who
and
For Adoption Against Adoption
Mayor Patricia Watkins
Vice-Mayor Calvin Turnquest
Council Member Vince Arena
Council Member Jim Humpage
Council Member Tom Paterno
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The Mayor thereupon declared the Resolution duly passed and adopted this 13th day of
December, 2007.
ATTEST:
Lori McWilliams, CMC
Village Clerk
MAYOR OF TEQUESTA
Patricia Watkins
2