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D. C. "CARL` HUSKEY OF WILLIAM R. HOUGH & CO. SUBSTITUTED FOR <br />GEORGE BLAND TO DISCUSS THE SANITARY LANDFILL BOND ISSUE. HE STATED THAT <br />THEY HAVE PREPARED A VERY PRELIMINARY FINANCING PLAN EXPRESSING THEIR <br />IDEAS ABOUT THE LANDFILL PROJECT AND THE PURCHASE OR RENTAL OF EQUIPMENT <br />THEREFOR, AND MR. HUSKEY INFORMED THE BOARD THAT THEY NEED, AS SOON AS <br />POSSIBLE, THE ENGINEERS' REPORT WHICH WILL DETAIL THE COST OF THE PROJECT - <br />THE ESTIMATED REVENUES AND OPERATING EXPENSES OF THE LANDFILL SYSTEM OVER <br />THE YEARS. ALL OF THIS WILL BE PUT INTO A FINAL FINANCIAL PLAN FOR THE <br />SELLING OF THE BONDS TO FINANCE THE PROJECT, HE NOTED THAT THE COUNTY <br />HAS BORROWED $600,000 FOR THE LANDFILL SO FAR, AND HE ASSUMED THIS WAS <br />TO BUY THE LAND. <br />CHAIRMAN WODTKE STATED THAT THIS AMOUNT WAS FOR THE PURCHASE OF <br />THE LAND AND ALSO THE INITIAL PREPARATION, AND INFORMED MR. HUSKEY THAT <br />THERE IS AN ITEM ON THE AGENDA TODAY IN REGARD TO BORROWING AN ADDITIONAL <br />$200,000 FOR THIS PURPOSE. <br />PSR HUSKEY THEN DISCUSSED INCLUDING IN THE BOND ISSUE AN AMOUNT <br />FOR A RESERVE FUND, WHICH SHOULD BE APPROXIMATELY THE AMOUNT OF PRINCIPAL <br />AND INTEREST DUE IN ANY FUTURE YEAR. HE ALSO NOTED THAT YOU DO NOT NORM- <br />ALLY ISSUE BONDS WHICH WOULD EXCEED THE LENGTH OF THE LIFE OF THE PROJECT, <br />AND THEY DO NOT YET HAVE THIS INFORMATION. <br />MR. HUSKEY NEXT DISCUSSED THE POSSIBILITY OF SECURING THE BONDS <br />BY PLEDGING RACE TRACK FUNDS WHICH ARE A GUARANTEED AMOUNT EACH. YEAR AND <br />WOULD BE ONE POSSIBLE SOURCE OF REVENUE. MR. HUSKEY FURTHER NOTED THAT A <br />COUNTY MAY PLEDGE ITS GUARANTEED ENTITLEMENT OF REVENUE SHARING FUNDS BE- <br />CAUSE THE STATE HAS GUARANTEED THAT THE COUNTY COULD NEVER RECEIVE LESS <br />THAN THEY RECEIVED IN THE LAST PREVIOUS.YEAR. HE INFORMED THE BOARD A <br />THIRD SOURCE WOULD BE THE PLEDGING OF NON -AD VALOREM TAX REVENUES. MR. <br />HUSKEY STATED IT IS THEIR FEELING THAT THE COUNTY WILL BE RECEIVING ENOUGH <br />REVENUE FROM THE OPERATION OF THE LANDFILL OPERATION TO PAY THE DEBT SERV- <br />ICE SCHEDULE, AND THEY WOULD, THEREFORE, SUGGEST THAT THE COUNTY SAVE THE <br />AVAILABILITY OF THE RACE TRACK AND GUARANTEED ENTITLEMENT FUNDS, WHICH <br />THE COUNTY MAY NEED ONE DAY FOR ANOTHER MAJOR PROJECT, AND MERELY PLEDGE <br />THE NON -AD VALOREM TAX REVENUES, MR. HUSKEY CONTINUED THAT THE BOND COUNSEL <br />IS WORKING ON THE HOME RULE ORDINANCE WHICH WILL HAVE TO BE ENACTED AND <br />E¢ <br />. i <br />19 <br />BOOK fin <br />IPACE 197 <br />61977 <br />