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l� INTERGOVERNMENTAL COORDINATOR THOMAS INFORMED THE BOARD THAT IF WE START NOW, BASED ON CONSTRUCTION PROJECT REPRESENTATIVE KONTOULAS' ,TIME SCHEDULE, WE SHOULD HAVE THE MONEY AVAILABLE FROM THE BONDS BY 4 THE TIME WE START CONSTRUCTION. WE CAN GO AHEAD AND SELL THE BONDS AND INVEST THE MONEY AND BE UNDER THE ARBITRAGE RULES OF THE I.R.S. WITHOUT HAVING TO PAY FOR INTERIM FINANCING. COMMISSIONER LYONS NOTED THAT THE SUBJECT HEADING IS "FINANCING OF IMPROVEMENTS TO CERTAIN BUILDINGS AND STRUCTURES OF THE INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS." HE POINTED OUT THAT THIS ALSO INCLUDES SOME LEASED PROPERTY,AND HE FELT THIS SHOULD BE SPELLED OUT SO THAT WE DON T GET CUT OUT OF USING THE BOND MONEY FOR THE LEASED PROPERTY, CHAIRMAN WODTKE ASKED FOR AN ESTIMATE ON THE CONSTRUCTION COST, AND MR. KONTOULAS GAVE A FIGURE OF 2.916 MILLION "PLUS," NOTING THAT THERE CANNOT BE A DEFINITE FIGURE UNTIL WE GO TO BIDDING. THE CHAIRMAN FELT THAT THE SCHOOL BOARD IS GOING TO NEED A DEFINITE FIGURE TO PLUG INTO THEIR BUDGET. COORDINATOR THOMAS STATED THAT THE LAST FIGURE HE GAVE THE SCHOOL BOARD WAS BETWEEN $58,000 AND $60,000 FOR 26,000 SQ. FT., WHICH FIGURE WOULD INCLUDE THE COST OF THE BONDS AND THE ENGINEERING. HE NOTED THAT YOUR FINAL COST ACTUALLY CANNOT BE DETERMINED UNTIL THE DAY YOU SELL THE BONDS BECAUSE IT IS BASED ON THE INTEREST RATE YOU ARE ABLE TO GET AT THAT TIME. THE COORDINATOR STATED THAT HE WOULD RECOMMEND A 20 YEAR LOAN AT THE RATE OF $315,000 A YEAR MAINLY BECAUSE THE INTEREST ADDS UP SO ASTRONOMICALLY WHEN YOU EXTEND THE YEARS. HE POINTED OUT THAT WE CANNOT PROCEED ANY FURTHER UNTIL THE SELECTION OF A BOND COMPANY IS DECIDED UPON. COMMISSIONER LOY AGREED THAT IS VERY IMPORTANT, BUT REPORTED THAT THERE IS A BOND COMPANY IN THE STATE OF FLORIDA VERY ANXIOUS TO DO BUSINESS WITH THIS BOARD,AND THEY ARE IN THE PROCESS OF WORKING UP SOME FIGURES TO ANSWER HER QUESTIONS AS TO WHAT SERVICE THEY CAN PROVIDE THAT WE ARE NOT ALREADY RECEIVING FROM THE BOND COMPANY WITH WHOM WE ARE WORKING. SHE FELT THEY SHOULD BE GIVEN THE OPPORTUNITY TO SUPPLY THIS INFORMATION. JUL 18 1979 73 BOOK 41 PAGF 210 4.