3/12/1980 - Laserfiche WebLink

Home Browse Search

MAR 12 1980 Nol 42 PAGE 913 COMMISSIONER LYONS REITERATED THAT EVEN THE EXPERTS HAVE GUESSED WRONG SO FAR, AND BASED ON EVERYTHING HE HAS HEARD TODAY, HE FELT THE CONSERVATIVE APPROACH IS TO GO WITH THE BONDS. INTERGOVERNMENTAL COORDINATOR THOMAS INFORMED THE BOARD THAT HE AND FINANCE OFFICER BARTON WERE NOT THAT STRONGLY AGAINST EITHER POSITION. COMMISSIONER WODTKE STATED THAT HE WOULD LEAN TOWARD THE NOTES BECAUSE HE BELIEVED SOMETHING HAS GOT TO OCCUR BETWEEN NOW AND THE END OF THE YEAR. HE ADMITTED THAT TAKING THAT POSITION WOULD PROBABLY BE MUCH MORE OF A GAMBLE THAN GOING WITH THE BONDS, BUT NOTED THAT IF WE WENT WITH THE NOTES, THE FINANCE OFFICER HAS SAID THEY CAN BE INVESTED AT 17% POSSIBLY, WHICH IS NOT (QUITE A 6 POINT SPREAD. HE STATED THAT HE WOULD NOT BE UPSET WHICHEVER WAY WE GO WITH THIS, AND COMMENTED THAT IT ALL IS JUST A MATTER OF HITTING AT THE RIGHT TIME. ATTORNEY COLLINS STATED THAT IF THE BOARD WISHES TO ACT, THE FIRST STEP IS TO DECLARE THAT AN EMERGENCY EXISTS IN RELATION TO THIS PARTICULAR MATTER, AND HAVING MADE THE DECLARATION, THEN GO AHEAD AND PASS AN AMENDMENT TO ORDINANCE 77-19 AND 80-3, SECTION 2. ON MOTION MADE BY COMMISSIONER LYONS, SECONDED BY COMMIS - STONER LOY, THE BOARD UNANIMOUSLY DECLARED THAT AN EMERGENCY EXISTS IN CONNECTION WITH THE FINANCING OF THE COUNTY ADMINISTRATION COMPLEX THAT WOULD REQUIRE AN AMENDMENT TO THE EXISTING HOME RULE ORDINANCE WITHOUT THE NECESSARY NOTICE. ON LOTION BY COMMISSIONER LYONS, SECONDED BY COMMISSIONER DEESON, THE BOARD UNANIMOUSLY ADOPTED EMERGENCY ORDINANCE 80-10 AMENDING ORDINANCE 77-19 AND ORDINANCE 80-3, BOTH AS TO SECTION 2, INCREASING THE "NOT TO EXCEED" INTEREST RATE PER ANNUM FROM 9% TO 9.5% WITH THE UNDERSTANDING THAT ALL THE BALANCE OF SECTION 2*SHALL REMAIN AS EXISTS IN THOSE ORDINANCES.