Below is a fact sheet concerning the initiative
SOUTHEAST
FLEET CONSOLIDATION PROGRAM
HISTORY
- · Congress authorized $23.5 million loan program
- · 2012 NMFS conducted referendum on plan to repay a 13.1 loan to remove 64 permits
- · 215 out of 269 permit holders voted to approve plan (190 required for approval)
- · $10.4 million loan authority remaining
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STATUS
§ Interest rate on this loan is 4.57%
over 40 years
§
Assessment 2012 - 3%; 2013 – 1.5%; 2014 – 1.5%;
2015 – 1.0%; 2016 – 1.0%
§ Assessment collected as of 11/07/2016
= 5.8 million
§ Remaining principal 9.3 million
§ On year 18 of a 40 year amortization
schedule
OTHER BIDS
- · January 2013 11 bids range $265,000 - $450,000; average $355,773 All rejected by SRA Board
- · May 2014 9 bids range $325,000 - $450,000; average bid $388,222 All rejected by SRA Board
- · June 2016 29 bids range $219,000 - $447,000; average $291,965 22 accepted by SRA Board
CURRENT REFERENDUM
- · 22 bids range $219,000 - $300,000; average $262,863; total loan amount 5.8 million
- · NMFS approved plan in October, published notice in Federal Register on November 7th
- · NMFS will conduct referendum Dec 13, 2016 – January 13, 2017
- · 158 yes votes are required to approve (majority of 315 permit holders)
- · If approved $4.6 million loan authority will remain
- · Plan assumes a 40 year loan term at estimated 5% interest rate; yearly payment of $344,600
- · Combined yearly loan payment estimated at $880,400
- · Projected $2.3 million generated by 3% assessment is nearly three times the required amount needed to pay back the loan
- · NMFS has informed the SRA that in the event this referendum is not approved, it is highly unlikely NMFS would agree to conduct a referendum for an alternative Plan in the foreseeable future
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