Laserfiche WebLink
4 <br />CHAIRMAN WODTKE ASKED THAT ATTORNEY COLLINS READ TO THOSE PRESENT <br />THE TEXT OF THE PROPOSED ORDINANCE, <br />ATTORNEY COLLINS STATED THAT THE BOND ATTORNEY HAS PREPARED AN <br />ORDINANCE WHICH WILL GIVE THE COMMISSIONERS HOME RULE POWERS TO MOVE AHEAD <br />WITH THE BOND ISSUE, AND THAT HE -PREPARED THIS ORDINANCE ACCORDING TO THE <br />LAWS OF THE STATE OF FLORIDA AND THE REnUIREMENTS HE FEELS ARE NECESSARY. <br />ATTORNEY COLLINS FURTHER STATED THAT HE AND INTERGOVERNMENTAL COORDINATOR <br />THOMAS BOTH HAD REVIEWED THE PROPOSED ORDINANCE AND RECOMMEND ITS PASSAGE, <br />HE NOTED THAT WITHOUT THE PASSAGE OF SUCH AN ORDINANCE, WE COULD NOT PRO- <br />CEED WITH THE SALE OF THE BONDS, ATTORNEY COLLINS THEN READ TO THOSE <br />PRESENT THE TEXT OF THE PROPOSED ORDINANCE. <br />X <br />COORDINATOR THOMAS CALLED ATTENTION TO THE LAST PORTION OF SEC- <br />TION Z OF THE PROPOSED ORDINANCE, AS FOLLOWS: "THE BONDS SHALL BE SOLD A" <br />PUBLIC SALE OR PRIVATE SALE AT SUCH PRICE OR PRICES AS THE BOARD SHALL <br />DETERMINE TO BE IN THE BEST INTEREST, PROVIDED THAT THE PRICE SHALL BE NOT <br />LESS THAN NINETY-FIVE PER CENTUM (95%) OF THE PAR VALUE OF THE BONDS SOLD, <br />HE COMMENTED THAT THE REAL PROTECTION THIS GIVES IS THAT YOU CAN'T "HANKY- <br />PANKY" AND SELL THEM FOR LESS THAN THEY ARE WORTH, WHICH IS A VERY GOOD <br />SAFEGUARD, <br />CHAIRMAN WODTKE ASK IF THIS ORDINANCE WOULD ENCOMPASS THE LAND- <br />FILL AND ALSO OTHER CAPITAL PROJECTS THE COUNTY MIGHT UNDERTAKE, <br />+ ATTORNEY COLLINS STATED THAT THIS IS.A BASIC ORDINANCE THAT <br />WOULD GIVE THE COMMISSIONERS THE AUTHORITY TO SELL BONDS OF THIS TYPE. <br />CHAIRMAN WODTKE ASKED IF THERE WAS A MAXIMUM AMOUNT THAT WE COUL; <br />OBLIGATE THE COUNTY FOR AS FAR AS THE BONDS ARE CONCERNED. <br />ATTORNEY COLLINS STATED THAT THESE TYPE OF BONDS ARE SECURED BY <br />VARIOUS NON -AD VALOREM INCOMES OF THE COUNTY SO THAT YOU COULD ONLY BORROW <br />WITHIN THE BOUNDS OF THESE NON -AD VALOREM INCOMES. <br />COORDINATOR THOMAS ALSO COMMENTED THAT THESE ARE CONSIDERED AS <br />*' SECURED BONDS, NORMALLY THE LENDERS REQUIRE A RATIO OF Z OR 3 TO 1 SECUR- <br />ITY FOR THESE TYPE BONDS. THEREFORE, THE MARKET ITSELF REGULATES THE MAXI- <br />MUM AMOUNT THAT CAN BE SOLD, THOSE BONDS THAT ARE NOT SECURED BY THIS <br />COUNTY INCOME MUST BE PUT TO GENERAL REFERENDUM, MR. THOMAS FURTHER COM- <br />MENTED THAT THE ORDINANCE IS SELF-REGULATING IN A SENSE, IT HAS A BUILT -I' <br />PROTECTION FOR THE PUBLIC, BUT GIVES THE BOARD CERTAIN LEEWAY FOR ACTION <br />IN EMERGENCY SITUATIONS, <br />3 <br />1 <br />AUG 3 1977 soon 30 PAcc278 <br />