Laserfiche WebLink
ATTORNEY COLLINS INFORMED THE BOARD THAT COORDINATOR <br />THOMAS ORIGINALLY WAS CONSIDERING BORROWING ON A BOND ANTICIPATION <br />NOTE FOR THE AMOUNT OF THE PURCHASE PLUS THE HYDROLOGY EXPENSES, BUT <br />HE FELT THAT MR. THOMAS NOW WILL COME BACK WITH ANOTHER ALTERNATIVE, <br />SUGGESTING THAT THE BOARD HAVE THE SOUTH COUNTY WATER SERVICE FUND <br />BORROW FROM REVENUE SHARING TEMPORARILY TO -BE PAID BACK FROM THE <br />BOND ANTICIPATION NOTES WHEN SOLD. <br />MOTION WAS MADE BY COMMISSIONER LYONS, SECONDED BY COMMIS- <br />SIONER DEESON, TO HAVE THE SOUTH COUNTY WATER SERVICE FUND BORROW <br />FROM REVENUE SHARING AN AMOUNT SUFFICIENT TO COVER THE LAND PURCHASE <br />AND HYDROLOGY EXPENSES; THIS AMOUNT TO BE REPAID TO REVENUE SHARING <br />FROM THE BOND ANTICIPATION NOTES WHEN SOLD. <br />COMMISSIONER WODTKE BROUGHT UP THE QUESTION OF INTEREST <br />RATES, I.E., WHETHER THIS METHOD WOULD PAY BACK INTO THE REVENUE <br />SHARING ACCOUNT THE EQUAL AMOUNT OF INTEREST THAT THAT ACCOUNT WOULD <br />EARN SHOULD WE HAVE INVESTED THOSE FUNDS. HE FELT THAT IT SHOULD. <br />FINANCE OFFICER BARTON CONFIRMED THAT WE DO EARN INTEREST <br />ON THESE FUNDS. <br />CHAIRMAN SIEBERT QUESTIONED WHETHER THE FACT THAT THERE <br />IS INTEREST INVOLVED WOULD JEOPARDIZE IN ANY WAY OUR USING FMHA MONEY <br />FOR THE PURCHASE AT A LATER DATE. -- <br />COMMISSIONER LYONS FELT POSSIBLY WE OUGHT TO FURTHER <br />INVESTIGATE THE POSSIBILITY OF REPAYING THE LOST INTEREST OUT OF THE <br />WATER DISTRICT AND HAVE THE FINANCE DIRECTOR RESEARCH THE MATTER. <br />COMMISSIONER WODTKE STATED THAT HE HAD NO PROBLEM IF WE <br />CAN UTILIZE THE REVENUE SHARING ON A LOAN BASIS TO THIS ENTERPRISE <br />ACCOUNT. HE WAS JUST CONCERNED ABOUT THE INTEREST SITUATION. <br />ATTORNEY COLLINS POINTED OUT THAT IN THE INTERIM FROM THE <br />TEST WELL PROGRAM, THE SALE OF THE BOND ANTICIPATION NOTES WILL <br />PROCEED AND THE REFUNDING WILL OCCUR; S0, HE DID NOT FEEL WE ARE <br />TALKING ABOUT BORROWING FOR A VERY LONG PERIOD OF TIME. <br />DISCUSSION CONTINUED, AND CHAIRMAN SIEBERT CALLED FOR THE <br />QUESTION, WITH THE UNDERSTANDING THAT IF WE CAN PAY INTEREST, WE WILL <br />PAY A REASONABLE AMOUNT. <br />-79- <br />MAY <br />2.11980 660K °4� <br />