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JUN 2 51990 mox 43 PAGE87 <br />s <br />COMMISSIONER LYONS ASKED WHETHER IT WOULD BE EASIER <br />ADMINISTRATIVELY IF MR. VICKERS GAVE A LETTER OF CREDIT RATHER <br />THAN PAYING HIM INTEREST ON A CASH BOND. <br />FINANCE OFFICER BART014 COMMENTED THAT THERE IS NO PROBLEM <br />WITH PAYING INTEREST ON A CASH BOND, BUT WE WOULD HAVE TO HAVE SOME <br />AGREEMENT DIRECTING WHAT IS TO BE DONE. <br />MR. VICKERS SUGGESTED THAT A CERTIFICATE OF DEPOSIT HELD <br />BY HIM AND ASSIGNED TO THE COUNTY WOULD ACCOMPLISH THE PURPOSE WE <br />ARE AFTER. HE POINTED OUT THAT HE HAD TO BORROW THE $10,000 CASH <br />AT 8-1l4% AND NOW THE COUNTY IS ACCRUING INCOME FROM THAT MONEY. <br />ATTORNEY COLLINS BELIEVED THE CERTIFICATE OF DEPOSIT WOULD <br />BE FINE, BUT WAS OF THE OPINION IT SHOULD BE HELD BY THE COUNTY <br />RATHER THAN MR, VICKERS, WITH THE INTEREST BEING PASSED ALONG TO THE <br />DEPOSITOR. HE DID NOT FEEL IT IS IN THE BEST INTEREST OF THE COUNTY <br />TO SET A UNIFORM POLICY AND NOTED THAT WE DO HAVE A POLICY THAT THE <br />INTEREST ACCRUES TO THE COUNTY UNLESS THERE IS AN AGREEMENT TO THE <br />CONTRARY. <br />COMMISSIONER LYONS NOTED THAT IF MR, VICKERS WANTS TO GET <br />A CERTIFICATE OF DEPOSIT FOR $10,000 AND MAKE ARRANGEMENTS SO HE <br />CAN T CASH IT UNLESS THE COUNTY IS A PARTY, THAT WOULD FULFILL THE <br />OBLIGATION. <br />COMMISSIONER WODTKE SAW NO PROBLEM IN MAKING SOME ARRANGE- <br />MENTS FOR INTEREST TO BE PAID IN A SITUATION SUCH AS THIS WHERE THE <br />DOLLARS WILL BE ON DEPOSIT FOR SOME LENGTH OF TIME, BUT HE DID NOT <br />WANT THE FINANCE DEPARTMENT TO HAVE TO GET INTO ALL THIS PAPERWORK <br />ON A 30-60-90 DAY TYPE OF THING. HE FELT THERE WOULD BE NO PROBLEM <br />IN MAKING A DECISION AS TO WHAT CAN BE DONE ON A CASE TO CASE BASIS. <br />COMMISSIONER DEESON SUGGESTED THAT WE LOOK AT THE PASSBOOK <br />POSSIBILITY OR A SELF -RENEWING CERTIFICATE, WHICH WOULD BE LESS <br />ADMINISTRATIVE WORK. HE FELT WE NEED THE ATTORNEY TO TELL US HOW <br />WE CAN ACCOMPLISH THIS, AND HE AGREED THAT THE COUNTY NEEDS TO KEEP <br />CONTROL OF THE DEPOSIT. ` <br />ATTORNEY COLLINS FELT THERE ARE A NUMBER OF WAYS THIS CAN <br />BE HANDLED. HE BELIEVED A SELF -RENEWING CERTIFICATE OF DEPOSIT <br />WOULD BE FINE, IF THAT WERE SATISFACTORY TO MR. VICKERS. <br />MR. VICKERS STATED THAT WOULD BE SATISFACTORY. <br />W <br />LL <br />L <br />