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SMITH J AW,,iL` , 11ARRIS U!l 1A.A4 C'_. <br />1`1CORPORAT'f D <br />�^ ,•'700 PEACHTREE HARRIS le"'%i:R <br />n C3. l= 233 PEACHTREPSTREET P <br />~ �• ATLANTA, GEORGIA 30013 <br />(rr1' (404! 588-3000 <br />November 5, 1980 <br />Mr. L. S. Thomas <br />Indian River County Courthouse <br />2415 14th Avenue <br />Vero Beach, Florida 32960 <br />RE: $5,825,000 (approximately) Indian River County, Florida <br />South Water System Bond Anticipation Notes <br />Dear Tommy: <br />Indian River County intends to let three separate contracts <br />for construction of the above referenced project. They <br />would be: <br />1) the transmission line contract; <br />2) the reverse osmosis equipment contract; and <br />3) the reverse osmosis support facilities contract. <br />The•county had originally planned to let the entire project <br />as one contract, but found it necessary to revise their <br />plans in order to meet other demands. Contract three (3) <br />above is not scheduled to be awarded until August 31, 1981. <br />Due to inflation, the long time period between bid letting <br />on contract one (1) and scheduled construction begin date <br />on contract three (3), and because the engineers cannot <br />design the reverse osmosis support facilities until the <br />'reverse osmosis equipment has been selected, the county <br />is currently unable to secure bids on contract three (3), <br />as a separate contract. <br />Per conversations on Thursday and Friday, October 30th and <br />31st with Bill Weathers of the FmHA state office in Gainesville, <br />the FmHA will not issue its permanent take out letter providing <br />for its purchase of the bonds for this project until bids <br />have been let on the third phase of the project, i.e. the <br />reverse osmosis support facilities. <br />Our original intent had been to issue Bond Anticipation <br />Notes (BANs) in the full amount of the proposed bonds <br />($5,825,840.00), escrow the net BAIis proceeds and require <br />the trustee to invest the funds in U.S. govern'iient guaranteed <br />m or collateralized securities until receipt by the trustee <br />of a take out committment letter from the FmHA. The FmHA <br />would thereby commit to purchase the bonds, subject to certain <br />conditions. <br />In June 1980, the county borrowed $450,000 from First Citrus <br />Bank for the following purposes: <br />1) to acquire a 40 acre site for the reverse osmosis <br />plant; and <br />2) to finance a test well drilling program. <br />NOV x.91980 <br />77 <br />