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~~.. <br />~ <br />IlVIPACTS TO COUNTY DEPARTMENTS AND/OR EXTERNAL ENTITIES: <br />County departments will have a reduced amount of charges from Business Services - Facilities <br />Management due to the early retirement of the above principal debt. ~ <br />OPTIONS FOR CONSIDERATION: Option 1: Payoff later years of the Certificates of <br />Participation versus the earlier years allows for savings in the later years which must be <br />considered against today's value of those savings. <br />Option 2: Invoice the Trustee holding the funds for Courthouse Square Project. This will <br />provide more funds held with the Treasurer and can be used to arbitrage any future principal <br />debt payments. <br />RECOMI~~NDATION: Based upon current market conditions and most recent market <br />information and correspondence, our recommendation is to "Call" $2.3 million of the <br />following series of principal payments from the funds held in Trust. <br />June 1, 2002 $ 600,000 <br />June 1, 2003 625,000 <br />June 1, 2004 650,000 <br />June 1, 2005 425,000 (partial redemption) ~~I ~~ 51 <br />The remaining funds held with the Treasurer should be used to pay the June 1, 2001 principal <br />payment of $580,000 and project costs incurred but not yet paid. <br />DEPARTMENT HEAD SIGNATURE: ~- <br />List Attachments: <br />