7/18/1979 - Laserfiche WebLink

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J U L 181979 eooK 41 PAcE 241 COMMISSIONER LOY ASKED IF THE BOARD HAD ANY REAL OBJECTION TO THE RECOMMENDATION TO USE THE RACE TRACK FUNDS AS COLLATERAL, AND THERE WERE NO OBJECTIONS. IT WAS NOTED THAT IN THE EVENT THE STATE SHOULD DISCONTINUE THE DISTRIBUTION OF THE RACE TRACK FUNDS, THE STATE WOULD BE REQUIRED TO PAY PRINCIPAL AND INTEREST OF ANY OUTSTANDING BONDS SECURED BY A PLEDGE OF THESE FUNDS. COORDINATOR THOMAS FELT IT MIGHT BE WELL TO HAVE SOME INDICA- TION, POSSIBLY IN RESOLUTION FORM, THAT THE BOARD DOES WISH TO USE THE RACE TRACK FUNDS AS COLLATERAL IN ORDER TO "GRANDFATHER" THEMSELVES IN ON THIS SITUATION. HE NOTED THAT ANY NON AD VALOREM SOURCE CAN BE USED TO PAY THE BONDS. COMMISSIONER LOY ASKED THE BOARDS OPINION ON TRYING TO HOLD THE BONDS TO A 20 YEAR TERM AS OPPOSED TO 25 OR 30 YEARS, IF WE CAN MEET THE SCHOOL BOARDS REQUIREMENTS. SHE NOTED THAT THE SAVINGS IN INTEREST ON THE 20 YEAR TERM IS A CONSIDERABLE AMOUNT OF MONEY. MR. KONTOULAS WAS OF THE OPINION THAT A 20 YEAR TERM WOULD MAKE THE PAYMENTS SO HIGH THAT THE COUNTY MIGHT END UP HAVING TO SUBSI- DIZE THE SCHOOL BOARD. DISCUSSION FOLLOWED ON THE POSSIBILITY OF HAVING TO GO TO A 25 YEAR TERM, AND COMMISSIONER DEESON FELT THAT COMMISSIONER SIEBERT HAD BROUGHT UP AN INTERESTING POINT EARLIER IN REGARD TO THE AFFECT OF INFLATION AND RECESSION ON THE RATE ON THE BONDS AND THE POSSIBLE ADVANTAGE OF A LONGER TERM. MR. KONTOULAS REVIEWED HOW HE BROKE DOWN COSTS TO ARRIVE AT THE $25.00 PER SQ. FT. FIGURE QUOTED TO THE SCHOOL BOARD, NOTING THAT THE ARCHITECT'S FEE IS BASED ON THE WHOLE PROJECT. CHAIRMAN WODTKE STATED THAT HE WOULD MEET WITH MR. KONTOULAS TO GO OVER THESE FIGURES SO HE CAN CLARIFY THIS WHEN HE TALKS TO THE SCHOOL BOARD. NO DECISION WAS REACHED AS TO LENGTH OF TERM AT THIS TIME, AND IT WAS GENERALLY AGREED THAT THE INTERGOVERNMENTAL COORDINATOR SHOULD CONTINUE TO GATHER FIGURES BASED ON EITHER A 20-25 OR 30 YEAR TERM FOR FURTHER CONSIDERATION.