Boards & Commissions Supporting Documents - 05/12/2009 - Board of TrusteesJ
IMP,
AGENDA ITEM
Regular Board of Trustees Meeting
of
May 12, 2009
SUBJECT: Debt Service Payment -2003 Installment Contract Certificates
FROM: Sharon Dangles, Acting Finance Director
BUDGET SOURCE/BUDGET IMPACT: Program 821 -Food & Beverage Operations
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RECOMMENDED MOTION: I move that the Village President and Board of Trustees
approve payment of $6,400.00 to Bank of New York Mellon (as paying agent) for interest
due on the 2003 Installment Contract Certificates.
Background/History:
Attached is an invoice from Bank of New York Mellon (as paying agent) for the June 1, 2009
interest payment on the 2003 Installment Contract Certificates. These certificates were issued in
2003 at rates ranging from 1.50% to 3.20% in order to refinance the principal remaining on the
installment contract certificates that were originally issued for the expansion of the Bath &
Tennis Clubhouse. The current balance outstanding on this issue is $425,000, with the final
payment being scheduled in 2012.
Recommendation:
The amount of interest has been verified with the amortization schedule. Thus, I recommend
approval of this payment.
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AGENDA ITEM
Regular Board of Trustees Meeting
of
May 12, 2009
SUBJECT: Debt Service Payment -2001 Installment Contract Certificates
FROM: Sharon Dangles, Acting Finance Director
BUDGET SOURCE/BUDGET IMPACT: Program 281- Installment Contract Debt Service
RECOMMENDED MOTION: I move that the Village President and Board of Trustees
approve payment of $52,287.50 to Bank of New York Mellon (as paying agent) for interest
due on the 2001 Installment Contract Certificates.
BackLrround /History:
Attached is an invoice from JPMorgan Chase (as paying agent) for the June 1, 2006 interest
payment on the 2001 Installment Contract Certificates. The total amount of certificates
originally issued was $4.0 million at rates ranging from 4.625% to 4.70% and was used to
finance approximately 40% of the Municipal Complex Project. The current principal balance
remaining is $2,225,000, with the final payment being scheduled in 2015.
Recommendation:
The amount of interest has been verified with the amortization schedule. Thus, I recommend
approval of this payment.
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Last printed 4/24/2009 2 45 PM