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COMMISSIONER LYONS ENTERED THE MEETING AT 10:55_0"CLOCK A.M. <br />DISCUSSION CONTINUED ON INTEREST RATES AS RELATED TO INFLA- <br />TION AND RECESSION, AND INTERGOVERNMENTAL COORDINATOR THOMAS STATED <br />THAT HE HAS CONCLUDED THAT IRRESPECTIVE OF WHETHER THE INTEREST RATE <br />COMES DOWN AT THE DATE WE ISSUE, IT WILL COME DOWN WITHIN A THREE <br />YEAR PERIOD, AND INTERNAL REVENUE WILL ALLOW US TO ISSUE ARBITRAGE <br />BONDS UP TO THREE YEARS. HE NOTED THAT UNLESS THERE IS SOME DRASTIC <br />CHANGE, THEY WILL IN ALL LIKELIHOOD ADVISE ISSUING BOND ANTICIPATION <br />NOTES TO REINVEST AND PICK UP SOME ADDITIONAL INCOME. <br />COMMISSIONER SIEBERT EXPRESSED CONCERN ABOUT PUTTING THIS <br />OUT TO BID WITHOUT A SIGNED DOCUMENT FROM THE SCHOOL BOARD. <br />ATTORNEY COLLINS INFORMED HIM THAT WE HAVE A POSITIVE <br />RESPONSE FROM THE SCHOOL BOARD THAT IS BEING REDUCED TO A FINAL DRAFT. <br />COMMISSIONER LYONS ASKED IF THERE IS ANY WAY TO BID THIS <br />IF THE SCHOOL BOARD DECIDED NOT TO GO ALONG SO THAT WE CAN CUT THEIR <br />PART OFF AND CONTINUE. <br />CHAIRMAN WODTKE DID NOT FEEL THERE IS ANY QUESTION OF <br />WHETHER OR NOT THEY ARE GOING TO TAKE THE SPACE, AND HE BELIEVED WE <br />CAN GET A COMMITMENT FROM THE SCHOOL BOARD AS TO THE BASIC TERMS OF <br />THE LEASE: WHAT WE ARE TRYING TO DO IS GET AWAY FROM GOING TO BID <br />AND HAVING A LOT OF CHANGE ORDERS. HE EXPLAINED THAT WE ARE PRO- <br />POSING TO PUT IN SOME LANGUAGE THAT SAYS THE SCHOOL BOARD UPON SIGN- <br />ING THE LEASE APPROVES THE SPECIFICATIONS AND THAT THEY WILL BE <br />RESPONSIBLE FOR ANY MAJOR MODIFICATIONS AFTER .JANUARY 11TH. <br />COMMISSIONER SIEBERT FELT WHAT HE IS LOOKING FOR IS AN <br />ASSURANCE THAT THE BIDS WILL BE FOR WHATEVER WE ARE GOING TO BUILD, <br />AND REITERATED THAT WE NEED SOMETHING CONCRETE FROM THE SCHOOL BOARD. <br />CHAIRMAN WODTKE INFORMED THE BOARD THAT DR. BURNS AGREED <br />THAT WE NEED TO HAVE A SIGNED DOCUMENT. <br />COMMISSIONER SIEBERT COMMENTED THAT AS TO THE SCHOOL BOARD <br />HAVING A SPECIAL LEASE, WE ARE DEALING WITH ANOTHER LOCAL TAXING <br />AGENCY AND ANYTHING FAVORABLE IS TO THE TAXPAYER'S ADVANTAGE. <br />MR. KOOLAGE FELT THAT THE SCHOOL DISTRICT SHOULD PAY THEIR <br />OWN COSTS SINCE THEY HAVE THEIR OWN MILLAGE, AND THE CHAIRMAN INFORMED <br />DEC 51979 <br />19 <br />'800K . 42 PbcE 197 <br />