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MR. BLAND THEN PASSED OUT COPIES OF THEIR PROPOSAL WHICH SHOWS A <br />5.30% INTEREST RATE. HE FELT THIS IS ON AN "A" SCALE, WHICH IS WHAT THEY <br />WILL SHOOT FOR. MR. BLAND STATED THAT THEY ARE OFFERING TO PAY $1,778,700: <br />FOR THE BONDS AND PRESENTED A GOOD FAITH CHECK IN THE AMOUNT OF $17,787.00 <br />WHICH IS TO BE HELD IN ESCROW UNTIL CLOSING. HE THEN, WENT OVER THEIR PRO— <br />POSAL IN DETAIL, NOTING THAT THEY HAVE MADE THE BONDS CALLABLE TWO YEARS <br />EARLIER THAN PREVIOUSLY PLANNED. HE ALSO NOTED THAT INSTEAD OF A GENERAL <br />NON—AD VALOREM TYPE BOND, THEY HAVE PIN—POINTED A PARTICULAR SEGMENT, THE <br />GUARANTEED ENTITLEMENT FUNDS (ACTUALLY $205,000). HE NOTED THAT THE SYSTEM <br />IS TO BE A SELF—SUPPORTING TYPE SYSTEM, BUT IF SOMETHING HAPPENS TO THE <br />REVENUE, THEN YOU FALL BACK ON THE GUARANTEED ENTITLEMENT FUNDS. <br />INTERGOVERNMENTAL COORDINATOR THOMAS INFORMED THE BOARD THAT WE <br />HAVE ROUGHLY BETWEEN 1.5 AND 1.6 MILLION IN NON—AD VALOREM TAX FUNDS <br />AT THE PRESENT TIME, WHICH INCLUDES THE $205,000 GUARANTEED ENTITLEMENT <br />REFERRED TO. THIS STILL LEAVES US WITH A LITTLE OVER 1.3 MILLION OF <br />SIMILAR FUNDS THAT THESE BONDS DO NOT HAVE A LIEN ON SO IF WE NEED TO ISSUE <br />ADDITIONAL BONDS FOR ANY REASON, WE STILL HAVE THAT MUCH ANNUAL DEBT SER— <br />VICE MONIES AVAILABLE. HE STATED HE FEELS THIS IS A MUCH BETTER ARRANGE— <br />MENT THAN PLEDGING ALL THE NON—AD VALOREM TAX FUNDS AS ORIGINALLY PLANNED, <br />ESPECIALLY AS WE MIGHT HAVE TO ISSUE MORE BONDS IN A RELATIVELY SHORT TIME. <br />MR. THOMAS STATED THAT HE HAS WORKED WITH PAIR. BLAND OFF AND ON FOR OVER <br />4 YEARS AND HAS THE GREATEST CONFIDENCE IPJ HIM AND MR. SCHNEIDER. THE <br />INTERGOVERNMENTAL COORDINATOR INFORMED THE BOARD THAT HE AND ATTORNEY <br />COLLINS ARE COMPETELY SATISFIED WITH THE PRESENTATION AND WOULD LIKE TO <br />RECOMMEND THAT THE RUAA-b ACCEPT THE PROPOSAL OF WILLIAM R. HOUGH & CO. <br />COMMISSIONER SIEBERT NOTED THAT PARAGRAPH 6 ON PAGE 3 OF THE <br />PROPOSAL REFERS TO "CITY" INSTEAD OF "COUNTY," AND SHOULD BE CORRECTED, <br />COMMISSIONER LOY ASKED IF THE MONIES WHICH WE MUST SET ASIDE <br />IN SPECIAL ACCOUNTS CAN BE INVESTED, AND IF FOR SOME REASON THE COUNTY <br />WISHED TO CALL IN THE BONDS, THIS CAN BE DONE AND THEY DO NOT HAVE TO BE <br />EXTENDED FOR THE ENTIRE LIFE OF THE BONDS. <br />MR. BLAND STATED THAT THE MONIES CAN BE INVESTED AND THE BONDS <br />CAN BE CALLED IN, BUT NOT BEFORE S&EPTEMBER,1985. HE ALSO EXPLAINED A <br />PROCEDURE BY WHICH A NEW BOND ISSUE COULD BE SWAPPED FOR THIS ISSUE. <br />25 <br />. sou 31 PAs=102 <br />