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INTERGOVERNMENTAL COORDINATOR THOMAS DISCUSSED FINANCING FOR <br />THE GIFFORD WATER SYSTEM, NOTING THAT WE HAD TO USE INTERIM FINANCING <br />OF $402,500 BEFORE WE COULD USE THE GRANT. THE ATTORNEY PREPARED BONDS <br />IN THAT AMOUNT; WE HAVE NOW USED UP THE $402,500 AND THE ATTORNEY IS <br />IN THE PROCESS OF CLOSING OUT THE BOND ISSUE. MR. THOMAS CONTINUED THAT, <br />IN THE MEANTIME, WE EMPLOYED CHAPMAN CONSTRUCTION TO EXPAND THE GIFFORD <br />WATER SYSTEM AND HAVE A PROBLEM IN THAT WE WILL NOT RECEIVE GRANT MONEY <br />UNTIL THE BONDS ARE CLOSED. MR. THOMAS INFORMED THE BOARD THAT WE HAVE <br />A COMMITMENT FOR $235,000 FOR A SECOND EXPANSION, AND IN VIEW OF THE <br />FACT THAT MONEY IS NEEDED TO PAY CHAPMAN CONSTRUCTION, HE IS RECOM- <br />MENDING THAT THE BOARD GIVE THE CHAIRMAN AND ATTORNEY COLLINS APPROVAL <br />TO BORROW THE $235,000 IN INTERIM FINANCING FOR WHICH WE WILL BE PAID <br />BACK FROM THE GRANT MONEY. BECAUSE OF THE CHANGE IN INTEREST RATES, HE <br />STATED THAT HE WOULD RECOMMEND CONSIDERING BORROWING THE MONEY FROM <br />OUR FEDERAL REVENUE SHARING FUNDS. HE DID NOT EXPECT IT TO BE MORE THAN <br />A 30-60 DAY LOAN. <br />ATTORNEY COLLINS ASKED HOW MUCH HE WISHED TO BORROW AT THIS <br />TIME, AND INTERGOVERNMENTAL COORDINATOR THOMAS -STATED THAT HE WOULD <br />LIKE TO HAVE AUTHORIZATION TO BORROW $50,000 AND APPROVAL TO BORROW <br />$235,000, IF WE NEED IT. <br />THE INTERGOVERNMENTAL COORDINATOR WAS CALLED FROM THE MEETING <br />TO TALK WITH FMHA ON THE PHONE, AND THE CHAIRMAN STATED THAT ACTION ON <br />HIS RECOMMENDATION WOULD BE DELAYED UNTIL MR. THOMAS RETURNED TO THE <br />MEETING. <br />ATTORNEY JOSEPH CIANFRONE CAME BEFORE THE BOARD REPRESENTING <br />B. F. CHAMBERLAIN, WHO IS APPLYING FOR RELEASE OF EASEMENTS IN PARADISE <br />PARK, KNIT 2. ATTORNEY CIANFRONE NOTED THAT AT THE PREVIOUS MEETING <br />THE BOARD HAD DISCUSSED THE PROBLEM OF DRAINAGE, AND A PLAN NOW HAS BEEN <br />DRAWN BY ENGINEER DANA HOWARD, WHICH CALLS FOR A RELEASE OF EASEMENTS <br />TO PUT A COMMERCIAL STRUCTURE IN THE CENTER OF THE PROPERTY AND A 5' <br />EASEMENT ALONG THE BACK LINE. ATTORNEY CIANFRONE NOTED THAT THIS <br />PROPERTY IS SUBJECT TO A CONTRACT OF SALE, AND AS PART OF THE DEAL, THE <br />SELLER IS SUPPOSED TO SECURE THE RELEASE OF EASEMENT SO THE BUYER CAN <br />4 <br />J U L 51979 'BOOK 41 PAGE 71 <br />