5/7/1980 - Laserfiche WebLink

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I MAY 71980 POOK 43 PAGE438 JOHN A. DARLSON, STUART ATTORNEY, APPROACHED THE BOARD AND STATED THAT HE REPRESENTED OSLO SQUARE ASSOCIATES. HE STATED THAT HIS CLIENT HAS REQUESTED THAT THE COMMISSIONERS PLACE HIS ADVANCED PAYMENT OF $30,000 IN SOME TYPE OF INTEREST-BEARING ACCOUNT. ATTORNEY DARLSON COMMENTED THAT IT WILL TAKE 12 TO 15 MONTHS OF CONSTRUCTION TIME FOR THE SHOPPING CENTER, AND DURING THAT TIME HIS CLIENT WOULD LIKE THE MONEY TO BE WORKING FOR HIM IF POSSIBLE. HE - REPORTED THEY DID SOMETHING SIMILAR TO THIS IN STUART LAST FALL, AND TREASURY BILLS WERE PURCHASED IN THIS CASE. ATTORNEY DARLSON SUGGESTED THAT PERHAPS THE MONEY BE PUT IN 12 MONTH CERTIFICATES OF DEPOSIT RATHER THAN IN A PASSBOOK ACCOUNT. THE SIGNALIZATION WOULD BE THE LAST THING THAT WOULD BE DONE IN THE CONSTRUCTION PROJECT AND AT THAT TIME THE BOARD WOULD RELEASE THE FUNDS. INTERGOVERNMENTAL COORDINATOR THOMAS AGREED THAT CERTIFICATES OF DEPOSIT MIGHT BE MORE ADVANTAGEOUS OVER A BOND, AND THE COUNTY WOULD BE TRUSTEE FOR THE FUNDS. ATTORNEY COLLINS RECOMMENDATION WAS THAT THE COUNTY ACCEPT THE $30,000, BUY CDS WITH THE MONEY, HOLD THE FUNDS AND ALLOW THE INTEREST TO BENEFIT IT, AND THAT THE BOARD HAVE AN AGREEMENT THAT IF THE TRAFFIC LIGHT COSTS MORE THAN $30,000, OSLO SQUARE ASSOCIATES WILL BE RESPONSIBLE FOR ANY ADDITIONAL COST. HE ADVISED THAT ATTORNEY DARLSON WAS IN AGREEMENT WITH THIS. ADMINISTRATOR JENNINGS WAS IN CONCURRENCE WITH ATTORNEY COLLINS BUT HIS MAIN INTEREST WAS TO HAVE THE COUNTY ASSURED OF THE TOTAL COST OF INSTALLING THE LIGHT. ATTORNEY DARLSON AGREED; IF IT TURNS OUT THAT THE SIGNALIZA- TION COSTS MORE THAN $30,000, HIS CLIENT WOULD SEE THAT IT IS PAID FOR AND BEAR THE COST, COMMISSIONER WODTKE ASKED THE ADMINISTRATOR IF HE HAS LOOKED AT THE DESIGN OF THE SIGNAL. ADMINISTRATOR .JENNINGS REPORTED THAT THE SIGNAL INSTALLED WILL BE AN APPROVED SIGNAL BY THE DOT, WHATEVER THEIR STANDARDS ARE. 22