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ATTORNEY COLLINS REPORTED ON THE STATUS OF THE PURCHASE <br />OF MID -FLORIDA UTILITIES, NOTING THAT THEY HAD A MEETING WITH REPRESENTA- <br />TIVES FROM THE CORPORATION LAST FRIDAY TO FINALIZE THE DETAILS OF THE <br />CONTRACT. THE MEETING WAS SUCCESSFULLY CONCLUDED, AND DOCUMENTS ARE <br />EFFECTIVELY SIGNED AS OF THIS TIME. THE CLOSING IS PLANNED FOR <br />DECEMBER 15TH. <br />CHAIRMAN WODTKE STATED THAT FOR ALL INTENTS AND PURPOSES THE <br />CONTRACT HAS BEEN SIGNED BY THE COUNTY AND MID -FLORIDA AS OF DECEMBER <br />1ST. THE PURCHASE PRICE IS $225,000, AND THE INTERGOVERNMENTAL <br />COORDINATOR HAS BEEN WORKING ON SOME INTERIM FINANCING. <br />COORDINATOR THOMAS REPORTED THAT HE AND FINANCE OFFICER BARTON <br />TALKED WITH LOCAL BANKS, AND THE BEST RATE LOCALLY WAS 7-1/2%. HE <br />CONTINUED THAT THEY HAVE ARRANGED FOR A TAX ANTICIPATION NOTE WITH <br />HOUGH & CO. AT 6.4% FOR -ONE YEAR. THIS RELATES TO THE RATE ON OUR <br />LAST LOAN, WHICH WAS 6%. MR. THOMAS FURTHER STATED THAT ATTORNEY COLLINS <br />IS REVIEWING THE DOCUMENTS FROM HOUGH & CO., WHICH WERE PREPARED BY <br />THE BOND ATTORNEY AS REQUIRED BY FARMERS HOME ADMINISTRATION. <br />ATTORNEY COLLINS MENTIONED THAT THE COMMISSION HAS DEALT WITH <br />TAX ANTICIPATION NOTES IN THE PAST, AND BASICALLY WE ARE COMMITTING TO <br />NEXT YEARS BUDGET SUFFICIENT FUNDS TO PAY OFF THIS NOTE. HE EXPLAINED <br />THAT THE FAVORABLE INTEREST RATE IS PARTIALLY ATTRIBUTABLE TO THE FACT <br />THAT THE NOTES ARE NOT PREPAYABLE AND WILL BE DUE 32-18-79. HE AND <br />MR. THOMAS FELT THE TIMING WILL COINCIDE WITH THE BOND REVENUES THAT <br />WOULD BE ANTICIPATED FROM THE SYSTEM, AND IF IT DOES NOT, THEY HAVE THE <br />OPTION OF JUST EXECUTING NEW TAX ANTICIPATION NOTES FOR ANOTHER YEAR <br />AND PAYING THIS OFF. THE ATTORNEY FELT IT IS WORTH THE REDUCTION IN <br />INTEREST RATES TO GO AHEAD AND COMMIT FOR ONE YEAR. HE WENT ON TO SAY <br />THAT'HE HAS REVIEWED THE FORM AND THE COMMISSION HAS APPROVED THIS TYPE <br />BEFORE. HE NOTED THAT THE AMOUNT OF THE.NOTE IS $235,000 SINCE SOME <br />EXPENSES ARE GOING TO BE INVOLVED. <br />COMMISSIONER LYONS WONDERED IF THERE IS SUFFICIENT OPERATING <br />CAPITAL IN THE SYSTEM AND WHETHER $10,000 EXTRA IS SUFFICIENT. <br />ATTORNEY COLLINS SAID THAT IT PROBABLY IS NOT ENOUGH, BUT <br />THEY WANTED TO TIE THE BORROWING INTO THE PURCHASE AS MUCH AS POSSIBLE. <br />BG m 38 ca, 1 <br />