4/1/1981 - Laserfiche WebLink

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MR. LEEDY STATED THEY HAVE NOT UPDATED THEIR RESUME FOR 1980. HE EXPLAINED THERE WAS A LOT OF REFUNDING DONE IN THE MUNICIPAL BOND MARKET IN 1977 AND 1978, AND AFTER THAT THE ACTIVITY FELL OFF SOMEWHAT. MR. LEEDY REPORTED THAT HIS FAMILY HAS BEEN IN THE FLORIDA MUNICIPAL BOND BUSINESS SINCE 1924; HIS GRANDFATHER STARTED THE CORPORATION OF LEEDY, WHEELER & ALLEMAN, AND HIS FATHER WORKED THERE BEFORE STARTING THE LEEDY CORPORATION. CHAIRMAN LYONS WISHED TO BE SURE THAT WE ARE ASKING FOR SUFFICIENT MONEY THIS TIME. MR. THOMAS REPORTED THAT THE ORIGINAL FIGURES THEY WORKED UP SHOWED A NEED FOR $655,000, BUT THEY HAVE DONE FURTHER RESEARCH AND IN ADDITION, THE INTEREST RATES HAVE COME DOWN SOME; S0, THEY NOW COULD SUGGEST THE BOARD MIGHT CONSIDER A FIGURE OF $725,000. HE NOTED THAT WE COULD USE EITHER FIGURE BECAUSE BEFORE GOING TO VALIDA- TION, THEY COME BACK TO THE BOARD. MR. THOMAS BROUGHT UP ANOTHER FEATURE TO BE CONSIDERED, WHICH IS THAT IT WOULD BE ADVISABLE TO COMMIT THE TOTAL BALANCE OF THE RACETRACK FUNDS SO THAT IF THE STATE CHANGES THE REGULATIONS OR TRIES TO TAKE THE MONEY, THEY HAVE TO TAKE lY,Lailifolly FINANCE DIRECTOR BARTON ADVISED THE BOARD THAT THIS DOES NOT AFFECT THE AD VALOREM MONIES, BECAUSE THE RACETRACK MONIES WERE NOT THERE FOR ANY OTHER PURPOSE. COMMISSIONER FLETCHER INQUIRED ABOUT THE LENGTH OF TIME FOR WHICH THESE FUNDS ARE COMMITTED, AND MR. THOMAS INFORMED HIM IT r. WOULD BE FOR 30 YEARS. HE NOTED THAT JUNIOR BONDS ARE LIKE A SECOND MORTGAGE; BUT WE STILL HAVE TO GO TO VALIDATION, PUBLIC NOTICE, ETC., THE SAME AS IF THIS WERE AN INITIAL BOND ISSUE.s COMMISSIONER WODTKE INQUIRED ABOUT THE RATING ON THE JUNIOR BONDS AS OPPOSED TO OUR FIRST ISSUE, AND MR. }-EEDY EXPLAINED THAT THE FIRST ISSUE, WHICH WAS INSURED, WAS RATED AAA, THE JUNIOR BONDS WILL BE SECOND LIEN AND WILL NOT QUALIFY FOR INSURANCE; HE FELT THEY WOULD BE RATED BBB.