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Joseph Paladin brought this item forward from a prior meeting (April 22, 2008). <br />He wanted to keep the Maintenance Bond as is, but suggested cleaning up the wording to reflect, <br />"any A rated bond." <br />Attorney Collins did not think this would be the best direction to pursue and <br />explained the reasons why. <br />market. <br />Administrator Baird told how the ratings had dropped, due to the current financial <br />Management and Budget Director Jason Brown discussed the ratings, and suggested <br />adding a number to the letter code. He felt that due to the financial market, the higher ratings <br />would be harder to obtain so he had no objections to relaxing the credit quality down to an A or A-. <br />Due to the conditions in the financial market, Commissioner Wheeler wanted to see <br />Letters of Credit in lieu of Bonds. He felt this would keep the County informed as to whether the <br />developer is or is not under -capitalized when they start to develop. He felt that during hard times is <br />when things should be tightened up, not relaxed. <br />Joseph Paladin rebutted Commissioner Wheeler's comments regarding Bonds. <br />Director Brown suggested using a minimum Bond rating of A -VI. <br />MOTION WAS MADE by Vice Chairman Davis, <br />SECONDED by Commissioner O'Bryan, for discussion, to <br />approve the bond rating to A -VI. <br />April 8, 2008 <br />38 <br />