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NOV 51980 <br />Boox 45 PAGE 900 <br />MARKETABILITY OF THE NOTES AND THAT GREATER INCOME WOULD BE ACHIEVED <br />BY THE USE OF THE TRUSTEE THAN WITHOUT ONE. OUR BOND COUNSEL SUB- <br />SEQUENTLY AGREED. THE ATTORNEY CONTINUED THAT WE HAVE BEEN HAVING <br />SOME COMMUNICATION PROBLEMS WITH SMITH BARNEY, AND IT HAS TAKEN A <br />GOOD MANY CONVERSATIONS TO TRY AND PIN THE VARIOUS REPRESENTATIVES <br />DOWN, APPARENTLY THE WAY IT IS GOING TO WORK NOW IS THAT WE ARE <br />GOING TO BID OUT THE CONTRACT FOR THE SOUTH COUNTY FACILITIES IN <br />THREE PHASES, AND WE WILL BE ISSUING THE NOTES ONLY FOR THE LAST <br />STAGE, WHICH IS THE MOST SUBSTANTIAL PORTION. THAT MONEY WILL BE <br />HELD IN ESCROW BEARING A RETURN UP TO THE TIME THE COUNTY ACTUALLY <br />HAS BID THE LAST PHASE AND RECEIVED A TAKE-OUT LETTER FROM FMHA. <br />ATTORNEY COLLINS STATED THAT, AT THIS POINT, HE WOULD LIKE TO SEE <br />THE BOARD RESCIND THE PRIOR MOTION APPROVING THE COMMITMENT FROM <br />SMITH BARNEY, WHICH WAS APPROVED SUBJECT TO THE ATTORNEYS APPROVAL, <br />SO THAT HE CAN CONTINUE TO WORK WITH SMITH BARNEY TO GET EVERYTHING <br />STRAIGHT, AND THAN HAVE THEM COME BACK WITH ANOTHER COMMITMENT. HE <br />STATED THAT HE WAS UNCOMFORTABLE ABOUT HAVING THEIR LETTER OF INTENT <br />APPROVED SUBJECT TO THE TRUSTEE BEING DELETED WHEN IT APPEARS THERE <br />ARE REASONS FOR NOT DOING THIS. <br />ENGINEER ROBBINS COMMENTED THAT ONE OF THE REASONS HE IS <br />GOING TO GAINESVILLE IS TO TALK TO MR. WEATHERS AND MR. HIGHTOWER <br />OF FMHA ABOUT THEIR POSITION ON THE TAKE-OUT LETTER. HE CONTINUED <br />THAT THEY MAY.REQUEST THE FMHA OFFICIALS TO MEET HERE WITH THE <br />COUNTY OFFICIALS SO THAT THE BOARD CAN HEAR EXACTLY WHAT THEIR IN- <br />TENTIONS ARE. HE CONCURRED WITH THE ATTORNEY THAT THIS HAS BEEN <br />SOMEWHAT CONFUSING, AND THEY WOULD VERY MUCH LIKE TO RESOLVE IT AS <br />QUICKLY AS POSSIBLE AND MOVE FORWARD. <br />HEPBURN WALKER BROUGHT UP THE AMENDMENT ON THE NOVEMBER 4TH <br />BALLOT IN REGARD TO THE STATE ISSUING WATER BONDS, AND ATTORNEY <br />COLLINS STATED THAT HE WOULD FIND IT HARD TO BELIEVE THERE WOULD <br />BE ANY ADVANTAGE IN GOING TO THE STATE OVER FMHA. HE NOTED THAT <br />WE ARE TALKING ABOUT BANS, AND THE PROCEEDS FROM THE BANS WILL BE <br />EARNING INCOME FOR THE COUNTY. <br />