9/24/1980 (2) - Laserfiche WebLink

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DISCUSSION ENSUED IN REGARD TO INTERIM FINANCING FOR THE DISTRICT, AND MR. MASON NOTED THAT IT IS THE RECOMMENDATION IN THE MINUTES OF THE ADVISORY BOARD THAT THE BOARD ALLOW THE ISSUANCE OF ONE AND ONE-HALF MILLION DOLLARS OF TAX ANTICIPATION NOTES TO BE USED FOR INITIAL OPERATING EXPENSES AND FOR CONSTRUCTION OF NEW FIRE STATIONS. ATTORNEY COLLINS REPORTED THAT THEY HAVE BEEN COORDINATING WITH BOND COUNSEL IN JACKSONVILLE, AND IT PROBABLY IS GOING TO BE OCTOBER 10TH OR SO BEFORE THEY CAN GET THE NECESSARY DOCUMENTATION. THERE ARE TWO PROBLEMS - ONE IS THE FUNDING OF THE DISTRICT FROM OCTOBER IST UNTIL THE NOTES ARE SOLD, AND THE SECOND THAT HAS ARISEN IS THAT APPARENTLY THE NOTES ARE TAX FREE AS TO CAPITAL CONSTRUCTION, BUT THEY ARE NOT TAX FREE AS OPERATING FUNDS; S0, THERE WILL BE TWO DIFFERENT RATES. MR. MASON INFORMED THE BOARD THAT HE HAS GONE AHEAD AND ISSUED THE ORDER FOR INSURANCE AND HAS REQUESTED THE AGENTS TO GIVE HIM A SPLIT ON THE COSTS. AS FAR AS CONFIRMATION ON THE INSURANCE AND PUTTING UP THE DEPOSIT MONEY, THE CITY OF VERO BEACH HAS DONE THIS. THE OTHER PROBLEM IS THE PAYROLL PERIOD ENDING OCTOBER 4TH, AND THE CITY WILL PAY THIS AND THEN WILL BE REIMBURSED FOR THE THREE DAYS. CHAIRMAN SIEBERT STATED THAT IS ALL RIGHT WITH HIM. HE BELIEVED WE WILL HAVE TO GO BEFORE THE COUNTY COMMISSION AND ASK THEM FOR THE MONEY AS JUST DISCUSSED. ON MOTION BY COMMISSIONER LYONS, SECONDED BY COMMISSIONER Loy, COMMISSIONER DEESON BEING ABSENT, THE BOARD AUTHORIZED THE ISSUANCE OF UP TO ONE AND ONE-HALF MILLION DOLLARS OF TAX ANTICIPA- TION NOTES FOR THE SOUTH INDIAN RIVER COUNTY FIRE DISTRICT AS SOON AS POSSIBLE. DISCUSSION AROSE ABOUT THE VARIOUS RECOMMENDATIONS MADE BY THE ADVISORY COMMITTEE AND CHAIRMAN SIEBERT ASKED IF THEY HAVE TO BE APPROVED INDIVIDUALLY OR CAN ALL BE APPROVED AT ONE TIME. 63 SEP 24190 BOOK 44 PAGE643