Resolution 320-1985
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
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Attest DANNY L. KOLHAGE, Clerk
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EDEN I-IANNON & COMPANY
October .25, 1985
Board of County Commissioners
Monroe County, Florida
c/o Frank Shortman
RR *2
Box 472
Summerland Key, Florida 33042
Re: Monroe County Translator System
Dear Fra.nk:
The purpose of this letter is to document our discussion today
regarding the remaining payments for the translator system leased
to Monroe County pursuant to a lease purchase agreement dated as
of January 21, 1983.
As a resul t of
payment history,
system, we would
the transaction.
changes in market cond i t ions, your ou tstand i ng
and the continued strong value of the translator
like to propose the following restructuring of
The remaining payments which repr~sent the final
and the residual value purchase option would be
structured as follows:
lease payment
ag reed to and
July 21, 1986
July 21, 1987
$286,890.00
$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,
we have fixed the residual value purchase option price at
$286,890, which is the price we believe the equipment will be
valued at on July 21, 1987 under the current agreement. However,
we have passed the cost sav~ngs' of approximately $24,000
resulting from the interest co~t differential between the current
and restructured transactions directly through to you in the form
of savings reflected in the July 21, 1987 payment amount.
,.
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.
,
EDEN HANNON & COMPANY
101 North Columbus St~ecll Alexandritl, Vlrgima 22314
Telephone: (703) 684.7776
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Board UL ~ounty CommissioDers
October 2~, 1985
Page 2
As we mentioned on the telephone, we would like to move forward
quickly on this matter. Proposed changes in the current tax laws
along with forecasts for an unstable year end municipal
marketplace limit our ability to hold this offer open subsequent
to November 22, 1985.
Michael Hannon asked me to enclose some additional information on
the firm to display our changes and growth. We look forward to
hearing from you on this matter. Please call if you have any
questions or concerns.
Sincerely,'
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EDEN HANNON & COMPANY
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Carl L. Schmitz, Jr.
Vice President & Controller
By Federal Express
Enclosure
cc: Mike Hannon
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