11/15/1985 �.a �. 1c4&(IJ
•
E HANNON & '
L'r COMPANY
} October 25, 1985
E
.:,1
i
Board of County Commissioners
r . Monroe County, Florida •
y c/o Frank Shortman •
i-, RR #2 2 • •
i; 1
T Box 472
e . , Summerland Key, Florida 33042
f Re: Monroe County Translator System
=? t ; 1 Dear Frank: '
i The purpose of this letter is to document our discussion today •
'n' F regarding the remaining payments for the translator system leased
! to Monroe County pursuant to a lease purchase agreement dated as
S' of January 21, 1983.
• Vi if
t As a result of changes in market conditions, your outstanding
'
- payment history, and the continued strong value of the translator
• system, we would like to propose the following restructuring of
3 the transaction.
The remaining payments which represent the final lease payment
4i: and the residual value purchase option would be agreed to and
+.K structured as follows:
tit,,. ;
`' July 21, 1986 $286,890.00
,,, July 21, 1987 $263,232.00
' These payments are premised on the restructuring of the deal as a
tax- exempt lease for the remaining twenty month period with an
+,,', assumed interest cost of 8 %. For purposes of this restructuring,
ill �' we have fixed the residual value purchase option price at
t $286,890, which is the price we believe the equipment will be }
• t„ valued at on July 21, 1987 under the current agreement. However,
s;V we have passed the cost savings of approximately $24,000
resulting from the interest co differential between the current
and restructured transactions directly through to you in the form
of savings reflected in the July 21, 1987 payment amount.
r
The actual process of restructuring the transaction from a docu-
mentation standpoint is an easy one as it entails simple modifi-
cations to exisiting documents.
A ,
1
f
-
EDEN HANNON & COMPANY
• 101 North Columbus Stceel / Alexandrin, Virginia 22314
t Telephone: (703) 684-7776
t
Frr.
A..
4
r .
x t: . ., .:; ,r x t rY- 4 N ;: ry a ,t : .•‘1-#- d = + - 1 1
VI � .r s.�,.w�.�.. . ».��� 1 , ,14::, -- + ., �FSr a "a., 3 1F'; :.c "' j.:_ xs ° �. .5:�. �t - v... . .
r #" f + °£_ a-_ �' O';' k,+ '4'I'Iti- * t 4, `b 'C i "� `e ,. 'w1" ` ; 4"`" T - ' 6 i:o +M a..: ♦ ,i , " ,'A*v!' • ::�"it :Vt, t
•'''', d y,. �Q� ;* ' E- PI�.., y y 1, + p < x + �4r a ,p - oi y, 'S ''....r!'"'"% y ai l, , i�,e,.- .!r ,.- .( 41,1
ra .,� c x. �' r$s� � ti ._7 - '�L i�r i.�� �1.. .+.��.Yd�M,•'Y`Z'L: b� -� {.� ��s.�x _t" .l�.iw '� :�^ w'�"h°ro±?Y::'r,. - ts�
;lb
T I
,
', 'r
Board of County Commissioners
October 25-, 1985
lq Page 2
yd
vp{
. :5 ` As we mentioned on
the telephone, we would like to move forward
1) quickly on this matter. Proposed changes in the current tax laws
along with forecasts for an unstable year end municipal
t , marketplace limit our ability to hold this offer open subsequent
to November 22, 1985.
•
Michael Hannon asked me to enclose some a
the firm to display our changes and additional information on
i •. • hearing from you on this matter. Please h call
e i look forward to
,;
•
questions or concerns, f You have any
Sincerely,'
EDEN HANNON & COMPANY
cUj7cz» .
Carl L. Schmitz, Jr.
3 Vice President & Controller
By Federal Express
4 Enclosure -
cc: Mike Hannon
CLS :lfb
•
•
IR
•
mi '
• a . ,T y .661.46.4, ..
rs ��, y
, "'� �F'+, `'Pg p ..•' a,y Cj , �'i. `�. ,r'G i. ci�a >,. , ,c. �' •�' r a .'. 17' .,, M.;; ' '�1; '" ' .', F �
a[ g • .� ,' {,_.�r�d fi. `h R -� tt >M .J ? _ " ' 4 'k y" r • 6 a∎- ( y'
- ' 4ri ' '� i'°A• a" 4 i - .51 °�� 3lT41�� d .tli ,i : — ^r e
v ig '+ _* ' t w+. x
• County Commission
RESOLUTION NO. 320 -1985
A RESOLUTION OF THE BOARD OF COUNTY COMMIS-
SIONERS OF MONROE COUNTY, FLORIDA, APPROVING
THE OCTOBER 25, 1985 OFFER FROM EDEN HANNON
AND COMPANY TO RESTRUCTURE THE FINAL PAYMENTS
FOR THE MONROE COUNTY TRANSLATOR SYSTEM
PURSUANT TO THE LEASE PURCHASE AGREEMENT
DATED JANUARY 21, 1983, SUBJECT TO AN
APPRAISAL OF THE SYSTEM AND APPROVAL OF THE
COUNTY ATTORNEY'S OFFICE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, as follows:
That the Board of County Commissioners of Monroe County,
Florida, hereby approves the October 25, 1985 offer from Eden
Hannon and Company, a copy of the same attached hereto, to
restructure the final payments for the Monroe County Translator
System, pursuant to Lease Purchase Agreement dated January 21,
1983, which will result in a savings to Monroe County of
approximately $24,000, subject to an appraisal of the system and
approval of the County Attorney's Office.
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held
on the 15th day of November, A.D. 1985.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By-
Mayor/Chairman
(SEAL)
Attest.
bANNY L. KOLHAGE, Clerk
/„.4.-C , APPROVPC ,; TO FORM
er
AND GA, ;Ci:IdCY
BY
Attar -- f