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I c MONDAY, JANUARY 23, 1978 THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, MET IN SPECIAL SESSION AT THE COURTHOUSE, VERO BEACH, FLORIDA, ON MONDAY, .JANUARY 23, 1978, AT 9:00 O'CLOCK A.M. PRESENT WERE WILLIAM C. WODTKE, JR., CHAIRMAN: ALMA LEE Loy, VICE CHAIRMAN: EDWIN S. SCHMUCKER: AND R. DON DEESON. ABSENT WAS WILLARD W. SIEBERT, JR. ALSO PRESENT WERE .TACK G. JENNINGS, COUNTY ADMINISTRATOR:.L. S. "TOMMY" THOMAS, INTERGOVERNMENTAL COORDINATOR: GEORGE G. COLLINS, JR., ATTORNEY TO THE BOARD OF COUNTY COMMISSIONERS: AND VIRGINIA HARGREAVES, DEPUTY CLERK. THE CHAIRMAN CALLED THE MEETING TO ORDER AND ANNOUNCED THAT THIS SPECIAL MEETING IS BEING HELD TO HANDLE A MATTER THAT HAS ARISEN RELATIVE TO THE GIFFORD WATER AND SEWER PROJECT. HE EXPLAINED THAT THE CONTRACT HAS BEEN LET AND A CONSIDERABLE AMOUNT OF WORK HAS BEEN DONE, BUT WE HAVE NOT YET RECEIVED THE EDA MONIES. WE, THEREFORE, NEED TO TALK ABOUT AUTHORIZATION TO BORROW MONEY ON A LOCAL LEVEL FOR A FAIRLY SHORT PERIOD OF TIME. INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT IT MAY BE ONLY TWO TO THREE WEEKS, BUT TO BE SAFE, HE FELT WE SHOULD SAY TWO MONTHS. CHAIRMAN WODTKE POINTED OUT THAT WE HAVE PEENTY OF DOLLARS FOR THE PROJECT, BUT FIRST WE HAVE TO USE THE EDA MONIES, THEN THE LOAN MONEY, AND THEN THE FHA GRANT MONIES. DISCUSSION FOLLOWED ON TAX ANTICIPATION NOTES AS OPPOSED TO BOND ANTICIPATION NOTES. ATTORNEY COLLINS STATED THAT THOSE TWO MEANS ARE AVAILABLE TO THE COUNTY, BUT HE IS GEARED UPON THE BASIS OF A BOND ANTICIPATION NOTE. HE EXPLAINED THAT JUST AS YOU CAN PLEDGE TAX RECEIPTS TO PAY BACK A TAX ANTICIPATION NOTE, IN THIS SITUATION RECEIPTS FROM THE BOND ISSUE CAN BE PLEDGED TO PAY BACK A BOND ANTICIPATION NOTE. HE FURTHER NOTED THAT THE LOAN FROM THE FHA OF $402,500 IS, IN EFFECT, A BOND AND THIS IS WHAT WE WOULD BORROW AGAINST. HE CONTINUED THAT WE ARE GEARED INTO A JAN 2 3 1978. 8COK 3 3 PAuE 5' 2