6/4/1980 - Laserfiche WebLink

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Boas 43 PA4 M, 6 MR. THOMAS NOTED THAT WE ARE NOT UNDER TREMENDOUS PRESSURE FROM OUR ENGINEERS TO MOVE TOMORROW, AND HE WOULD RECOMMEND SMITH BARNEY GIVE THE COMMISSIONERS A FEW WEEKS TO DIGEST THIS INFORMATION AND ALSO TO SEE WHAT THE MARKET DOES. COMMISSIONER WODTKE ASKED IF THE DECISION IS MADE TO CONTINUE ON WITH SMITH BARNEY, WE BORROW 5 MILLION PLUS DOLLARS,AND SMITH BARNEY IS THE PURCHASER, DO THEY TELL US WHAT INTEREST RATES WE HAVE TO PAY AND ALSO WHAT INTEREST RATE`WE EARN OR IS IT OUR CHANCE? MR. DOBBS STATED THAT THEY WOULD GIVE THE COUNTY A GUARANTEED RATE OF REINVESTMENT AT THE TIME THEY MADE A PURCHASE AGREEMENT FOR THE NOTES. COMMISSIONER WODTKE INQUIRED ABOUT ADDITIONAL COSTS, AND MR. LYONS STATED THAT WOULD BE LEGAL FEES, PRINTING COSTS, THE NORMAL TYPE THING. HE DID NOT FEEL THERE REALLY WERE A WHOLE LOT OF ADDITIONAL EXPENDITURES'INVOLVED. MR. DOBBS STATED THAT FOR A BAN ISSUE, THIS IS A PRETTY SMALL ISSUE AND THE COST FOR PRINTING, ETC., WOULD BE MINIMAL. HE DOUBTED THE EXPENSES WOULD RUN $10,000 - MORE LIKELY HALF THAT. MR. LYONS ANTICIPATED THAT THE TOTAL SPREAD AND DISCOUNT WOULD BE SOMEWHERE BETWEEN 6/10 AND 1 POINT, DEPENDING ON THE MARKET. HE FELT IT WOULD SERVE THE COUNTY WELL TO GET INTO THE RESOLUTION STAGE TO AUTHORIZE THE ISSUANCE OF THE BONDS BECAUSE THE SOONER YOU ACT, THE HIGHER THE RATE BECAUSE YOU WOULD HAVE YOUR MONEY INVESTED FOR A LONGER PERIOD OF TIME. MR. THOMAS COMMENTED THAT IF WE WAIT THE 30 DAYS, THE SPREAD MIGHT BE LARGER, BUT IT COULD ALSO BE SMALLER. MR. DOBBS-STATED THAT HE WOULD LIKE TO SEE THE COMMISSION.) ADOPT A RESOLUTION TO MOVE FORWARD ON THE FINANCING, BUT DID NOT FEEL THAT NECESSARILY MEANS YOU HAVE GOT TO ISSUE IN 30 DAYS. THIS DOES NOT HAPPEN OVERNIGHT BECAUSE THERE IS A FAIR AMOUNT OF WORK THAT MUST GO INTO IT, AND WHILE HE DID NOT FEEL IT IS URGENT THAT THE BOARD ACT ON IT INSTANTLY, HE DID FEEL IT DOES NEED TO BE ACTED ON IN A TIMELY MANNER.