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_I <br />JUN 2 51900 = BOOK 43 PAGE $69 <br />COMMISSIONER LYONS COMMENTED THAT HE DID NOT FULLY UNDER- <br />STAND THE SITUATION AND FELT, UNTIL THE BOARD GETS MORE DATA, HE <br />WAS NOT IN A POSITION TO DISCUSS THE PROBLEM, <br />ADMINISTRATOR JENNINGS NOTED THAT HE CANNOT RESPOND TO <br />THIS TODAY, BUT WILL BE GLAD TO FOLLOW THROUGH AND SEE THAT THE <br />DEPARTMENTS INVOLVED GIVE HIM A FULL REPORT. <br />VICE CHAIRMAN LOY DIRECTED THE COUNTY ADMINISTRATOR TO <br />HAVE THE ZONING DEPARTMENT RESEARCH THIS MATTER, CHECK THE ACTUAL <br />WORDING OF THE CODE, AND PREPARE A REPORT TO BE BROUGHT BACK TO <br />THE BOARD SO THAT THIS MATTER CAN BE STRAIGHTENED OUT. <br />VICE CHAIRMAN Loy STATED THAT SHE HAD REQUESTED FINANCE <br />OFFICER BARTON TO PREPARE SOME BACKGROUND INFORMATION ON THE POSSI- <br />BILITY OF EARNING INTEREST ON DEPOSITS PUT UP FOR PERFORMANCE <br />BONDS FOR MINING PERMITS, SUBDIVISION COMPLETION, ETC, <br />MR. BARTON STATED THAT THE POSITION HIS OFFICE HAS TAKEN <br />SINCE HE HAS BEEN WITH THE COUNTY, WITH THE CONCURRENCE OF THE <br />COUNTY ATTORNEY, WAS THAT IN THE ABSENCE OF AN AGREEMENT BETWEEN <br />THE COMMISSIONERS AND THE PERSON PLACING THE DEPOSIT, THEY WERE <br />NOT PAID INTEREST. IF THERE WAS AN AGREEMENT OUTLINING WHAT IN- <br />TEREST RATE WAS TO BE PAID, AND THE BOARD ACCEPTED IT, IT WAS PAID. <br />HE NOTED THAT ADMINISTRATIVELY IT COSTS US MONEY TO COVER THE TIME <br />SPENT HANDLING THE PAPERWORK ON THESE CASH DEPOSITS AND DISBURSING <br />THEM IF THEY ARE -ONLY FOR A SHORT PERIOD OF TIME. <br />COMMISSIONER LYONS ASKED IF WE ARE LEGALLY IN A POSITION <br />TO ACCEPT AN IRREVOCABLE LETTER OF CREDIT. HE NOTED THAT YOU DON'T <br />HAVE TO KEEP BOOKS ON A LETTER OF CREDIT. <br />COMMISSIONER DEESON FELT THAT YOU PROBABLY WOULD HAVE TO <br />HAVE SOME FOLLOW-UP ON AN IRREVOCABLE LETTER OF CREDIT. HE, HOWEVER, <br />STATED HE CERTAINLY WOULD BE IN FAVOR OF CONSIDERING THIS TYPE OF <br />PROCEDURE, PROVIDED OUR ATTORNEY ADVISES THAT WE CAN DO IT. <br />ADMINISTRATOR JENNINGS EXPLAINED TO THE BOARD THAT WHEN <br />MR. VICKERS BROUGHT THE MATTER OF INTEREST PAYMENT TO HIS ATTENTION, <br />HE ADVISED MR, VICKERS THAT THE COUNTY WOULD PAY INTEREST AT WHAT- <br />EVER RATE THEY COLLECTED ON THE DEPOSIT. HE WAS NOT COGNIZANT OF <br />THE POLICY JUST OUTLINED BY FINANCE OFFICER BARTON, AND WHEN HE <br />