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nox 45 PAGE 323 <br />Bond counsel and underwriters counsel have advised against <br />issuing BANs inclusive of that $450,000.00. Further, we <br />cannot allow release of any of the BANS proceeds for con- <br />struction drawdown or for engineers' fees until such time <br />as contract three (3) is let and the FmHA take out letter <br />is in hand. It will, therefore, be necessary for the county <br />to provide separately for the requisite funds ($454,000.00) <br />to meet drawdowns on contracts one (1) and two (2) during <br />the period from first scheduled draw (March 1, 1981) through <br />receipt of the FmHA takeout letter (August 31, 1981). Funds <br />for payment of engineers' fees will also be released from <br />escrowed BANs proceeds at the time of receipt of the FmHA <br />take out letter. <br />We, therefore, propose to issue BANs in the amount of <br />$4,921,000.00 with net BANs proceeds escrowed and invested <br />until receipt by the Trustee of the FmHA take out letter. <br />We are presently preparing the form of a Note Purchase Agree- <br />ment which we will provide to Bond Counsel so that he can <br />prepare the BANs resolution. <br />Since el <br />ll r' <br />Edward G. Lyons, Jr.' <br />EGLJr/nb <br />ATTORNEY COLLINS STATED THAT HE DID NOT BELIEVE THAT SMITH <br />BARNEY'S PROPOSAL PROVIDES AN ATTRACTIVE PACKAGE TO THE COUNTY NOR <br />DOES IT MEET OUR NEEDS FOR THE INITIAL FUNDING FOR PHASES #1 AND #2. <br />THE ATTORNEY STATED THAT AT A MEETING WITH THE ADMINISTRATOR, THEY <br />CONCLUDED HE WOULD WRITE SMITH BARNEY AND TELL THEM NOT TO INCUR ANY <br />ADDITIONAL COSTS BEFORE THIS PROPOSAL COMES TO THE BOARD. THEY THEN <br />MET WITH MR. BLAND OF HOUGH & COMPANY, WITH WHICH FIRM THE COUNTY HAS <br />DONE A GREAT DEAL OF FINANCIAL BUSINESS, AND ASKED THEM IF THERE WAS <br />SOME OTHER WAY OF STRUCTURING THE PACKAGE SO WE COULD GET ALL THE <br />MONEY UP FRONT INSTEAD OF HAVING TO FINANCE PHASES #1 AND #2 <br />INDEPENDENTLY AS SET OUT IN SMITH BARNEY'S PROPOSAL. ATTORNEY COLLINS <br />STATED THAT HE AND THE INTERGOVERNMENTAL COORDINATOR WOULD LIKE TO <br />RECOMMEND THAT THE COMMISSIONERS CONSIDER HIRING HOUGH & COMPANY TO <br />REVIEW THE SMITH BARNEY PROPOSAL AND TELL US WHETHER OR NOT THERE IS <br />ANOTHER WAY OF DOING THIS THAT WILL MEET THE CRITERIA THIS BOARD HAS <br />SET FORTH. IF THE BOARD CONCURS WITH THIS RECOMMENDATION, HE AND <br />COORDINATOR THOMAS WILL CONTACT HOUGH & COMPANY AND ASK THEM TO COME <br />UP WITH A PROPOSAL TO BE BROUGHT BACK TO THE BOARD AND INDICATIONS ARE <br />