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r � <br />MAR 121980 soon, 42 PncE907 <br />PHIL LONG, NEWSMAN, ASKED IF THERE IS AN ADDITIONAL LEGAL <br />FEE FOR ISSUANCE OF A NOTE. <br />MR. BLAND STATED THAT THERE WOULD BE SOME DIFFERENCE BETWEEN <br />NOTES AND BONDS, BUT IN TWO YEARS, THE PROSPECTUS WOULD STILL BE <br />VALID AND NOT HAVE TO BE REDONE. SOME ATTORNEYS CHARGE $2.00 PER <br />BOND, ETC. <br />MR. LONG COMMENTED THAT THE SCHOOL BOARD WAS CHARGED AN <br />ADDITIONAL $1.00 PER BOND FOR NOTES -INSTEAD OF BONDS, AND ATTORNEY <br />COLLINS BELIEVED IT WOULD BE THE SAME IN THIS SITUATION. <br />MR. BLAND STATED THAT THEY HAVE TWO PROPOSALS THEY CAN <br />SHOW THE BOARD TODAY. <br />COMMISSIONER WODTKE ASKED IF THE BOARD IS GOING TO BE <br />ASKED TO MAKE A FINAL DECISION TODAY, AND COMMISSIONER LOY FELT WE <br />HAVE TO. <br />COMMISSIONER WODTKE NOTED THAT TWO WEEKS AGO WE HAD A <br />7-112 - 8% PROPOSAL AND NOW WE GET 11% - HOW DO WE CHECK THIS? <br />MR. HOUGH FELT THEIR FUNCTION IS TO CHECK OUT THE MARKET <br />AND WENT ON TO DISCUSS RATINGS, ETC. <br />COORDINATOR THOMAS INFORMED THE BOARD THAT WHEN YOU GO <br />INTO THE ORIGINAL NOTES, BY NATURE OF THE CONSTRUCTION JOB AND BY <br />REASON OF THE IRS RULES, WE ARE PUT IN A VERY FAVORABLE POSITION TO <br />USE THE ARBITRAGE RULES BECAUSE HE FELT THE LOCAL BANKS WILL ASSIST <br />US IN INVESTING THIS MONEY IMMEDIATELY. HE STATED THAT HE WOULD <br />HOPE TO MAKE ABOUT $300,000 JUST ON ARBITRAGE ALONE TO OFFSET <br />INTEREST EXPENSE. <br />WILLIAM KOOLAGE, INTERESTED CITIZEN, ASKED IF YOU CAN <br />HEDGE BY GOING PARTLY BONDS AND PARTLY NOTES, AND MR. HOUGH STATED <br />IT COULD BE DONE BUT THEY ARE NOT PREPARED TO MAKE SUCH A PROPOSAL <br />NOW. <br />CHAIRMAN SIEBERT NOTED YOU COULD ALSO HEDGE BY USING <br />PART CASH, BUT ATTORNEY COLLINS STATED THAT HE WOULD NOT RECOMMEND <br />THAT. <br />COMMISSIONER LYONS COMMENTED THAT IF YOU GO WITH THE BONDS, <br />IF THE MARKET DROPS BY MORE THAN 2%, YOU CAN THEN GO AHEAD AND END <br />