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r <br />r. �.... ♦ e YV 660 <br />` BOQJ� . �� A <br />MR. DOBBS GAVE A PRESENTATION ON THE BACKGROUND OF SMITH <br />BARNEY, HARRIS UPHAM & CO., NOTING THAT THEY ARE NEW YORK STOCK <br />EXCHANGE MEMBERS, THEY ARE BASED IN NEW YORK CITY, AND HAVE BEEN <br />IN BUSINESS 107 YEARS. THEY HAVE CAPITAL OF AROUND 80 MILLION DOLLARS <br />AND HAVE SI OFFICES IN THE UNITED STATES, TEN OF WHICH ARE IN FLORIDA. <br />MR. DOBBS CONTINUED THAT THEY PARTICIPATED IN 1979 IN OVER HALF OF <br />THE MUNICIPAL BOND ISSUES IN THE UNITED STATES AND THEY HAVE DONE <br />THE TAMPA AIRPORT AUTHORITY, THE GREATER ORLANDO AIRPORT AUTHORITY, <br />THE JACKSONVILLE EXPRESSWAY AUTHORITY, ETC. MR. DOBBS STATED THAT <br />HE AND MR. LYONS ARE LOCATED IN THE ATLANTA OFFICE AND JOINED WITH <br />THIS FIRM WHEN THEY MERGED WITH W. DOBBS & CO. THEY HAVE ISSUED TAX <br />FREE BONDS IN CONJUNCTION WITH HUD AND HAVE ACTED AS FINANCIAL ADVISORS <br />TO THE STATE OF FLORIDA. <br />EDWARD LYONS THEN TOOK THE FLOOR AND STATED THAT ONE OF <br />FMHA'S REQUIREMENTS IS THAT THE COUNTY OBTAIN THEIR INTERIM FINANCING. <br />HE NOTED THAT NORMALLY YOU WOULD BE TALKING ABOUT A CONVENTIONAL <br />CONSTRUCTION LOAN, BUT THESE ARE NOT NORMAL TIMES AND CONDITIONS IN <br />THE MARKET HAVE MADE CONVENTIONAL FINANCING IN THE CONSTRUCTION MARKET <br />DIFFICULT, IF NOT IMPOSSIBLE. MR. LYONS WENT ON TO REVIEW THE <br />PRELIMINARY PROPOSAL WHICH SMITH BARNEY SUBMITTED IN LATE MARCH ON <br />THE ISSUANCE OF BOND ANTICIPATION NOTES FOR INTERIM FINANCING, AND <br />REVISED FIGURES REFLECTING FIXED INCOME MARKET RATES, WHICH ARE AS <br />FOLLOWS: <br />