4/20/1977 - Laserfiche WebLink

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s CHAIRMAN WODTKE ASKED IF ALL THIS IS ACCEPTABLE TO THE BANK. ANGELO SANCHEZ, EXECUTIVE VICE PRESIDENT OF FIRST CITRUS BANK OF INDIAN RIVER COUNTY, ANSWERED THAT THEY WOULD LIKE TO BE AWARE OF THE TOTAL AMOUNT, BUT A SERIES OF NOTES, ETC., WILL BE ACCEPTABLE. CHAIRMAN WODTKL ASKED IF THE BANK WOULD BE WILLING TO GO UP TO AN AMOUNT OF $1,200,000. MR. SANCHEZ STATED THAT IF THE MAXIMUM FIGURE IS $1,200,000, HIS BANK WOULD BE WILLING TO GO THAT HIGH AT THE 4.65% INTEREST RATE QUOTED PREVIOUSLY. COMMISSIONER LOY NOTED THAT TAKING INTO CONSIDERATION THE COST OF THE LAND, THE NEW EQUIPMENT NEEDED, THE INITIAL'. OPERATING EXPENSE TO GET UNDER WAY, IT APPEARS THAT WE WOULD BE TALKING ABOUT AT LEAST $800,000 AS FAR AS THE NOTE IS CONCERNED. ADMINISTRATOR JENNINGS STATED THAT THE FIGURES RECEIVED FROM POST, BUCKLEY SCHUH & JERNIGAN TIE RIGHT IN WITH THE FIGURES DISCUSSED AT THE WORKSHOP MEETING - AN OVERALL FIGURE OF $1,200,000. CHAIRMAN WODTKE POINTED OUT THAT THIS FIGURE INCLUDES CAPITAL, EQuir__mEvi, LuJI ur LAND, AND OPERATION MONEY FOR ONE YEAR, BUT DOES NOT TAKE INTO ACCOUNT ANY REVENUE FROM THE OPERATION OF THE LANDFILL. AFTER FURTHER DISCUSSION, IT WAS GENERALLY AGREED THAT $800,000 MIGHT BE A SHORT AMOUNT, ON MOTION BY COMMISSIONER LOY, SECONDED BY COMMISSIONER SIEBERT, -THE BOARD UNANIMOUSLY AUTHORIZED THE BORROWING OF FUNDS IN A FORM ACCEPT- ABLE TO THE ATTORNEY IN AN AMOUNT NOT TO EXCEED $850,000 AT AN INTEREST RATE OF 4.65% FOR A PERIOD OF LESS THAN ONE YEAR FOR THE PURPOSES OF LAND- FILL ACQUISITION AND IINITIAL START-UP. COMMISSIONER LOY REQUESTED THAT THE BOARD AND THE CLERK OF CIR- CUIT COURT BE PROVIDED WITH THE LEGAL OPINION TO WHICH ATTORNEY KELLY PRE- VIOUSLY ALLUDED, AND ATTORNEY KELLY STATED THIS WILL BE DONE, AFTER FURTHER DISCUSSION, IT WAS AGREED TO DEFER ANY FURTHER ACTION WITH REGARD TO THE FINANCING OF THE LANDFILL UNTIL THE MORNING OF THE NEXT REGULAR MEETING ON MAY 4TH. 13 itq P ,' ,ii 1977 R '.