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INTERGOVERNMENTAL COORDINATOR THOMAS DISCUSSED THE PURCHASE OF THE 42 ACRES OF LAND FOR THIS PROJECT. HE WANTED TO CLEAR, UP A MISUNDERSTANDING REGARDING A STATEMENT MADE THAT THE BIDS CAME IN OVER OR UNDER BUDGET - IT SHOULD BE THAT THEY CAME IN OVER OR UNDER CONSTRUCTION ESTIMATES." LENGTHY DISCUSSION ENSUED REGARDING THE INTERIM FINANCING. MR. ROBBINS REITERATED THAT THERE WAS $500,000 WORTH OF SECURITIES PLACED AS COLLATERAL TO SECURE THE $450,000 LOAN. AS SOON AS THE COUNTY RECEIVES THE TAKE-OUT LETTER FROM FMHA GUARANTEEING THAT THEY WILL PURCHASE THE WATER REVENUE BONDS OF $5.8 MILLION, THE $450,000 WOULD BE REPAID BY USE OF THAT PERMANENT LOAN AND THAT THEN FREES THE COLLATERAL USED TO SECURE THE LOAN. HE THEN REFERRED TO OPTION 3 IN HIS LETTER WHICH WOULD TAKE THAT COLLATERAL AND USE IT AGAIN TO SECURE THE COST SHORTFALL. MR. ROBBINS ADVISED THAT HE HAS BEEN IN CONTACT WITH THE FMHA REGARDING ALL OF THIS. COMMISSIONER FLETCHER INQUIRED ABOUT ACCEPTING THE BIDS BEFORE RECEIVING THE TAKE-OUT LETTER. MR. ROBBINS EXPLAINED THAT THE.FMHA REQUIRED THAT THE BIDS BE RECEIVED ON ALL THREE CONTRACTS AT THE SAME TIME; THEY ALSO REQUIRE THAT THE CONTRACT DOCUMENTS BE IN FULL FORM BEFORE FMHA REVIEWS THEM. ALSO, HE COMMENTED, THE CONTRACTOR HAS TO BE AWARDED, AND HIS PERFORMANCE BOND MUST BE PRESENTED TO FMHA, ALL OF THE VARIOUS DOCUMENTS MUST BE DELIVERED TO FMHA - THEY REVIEW THEM, AND THEN ISSUE THE TAKE-OUT LETTER. MR. ROBBINS COMMENTED HE HAD SOME INDICATION THAT THIS WOULD TAKE PLACE ON SEPTEMBER 8, 1981. HE EMPHASIZED THAT THE CONTRACT IS NOT ENFORCEABLE UNTIL IT IS APPROVED BY FMHA, MORE DISCUSSION FOLLOWED REGARDING THE FINANCING, AND THE BOARD ASSURED INTERGOVERNMENTAL COORDINATOR THOMAS AND FINANCE DIRECTOR BARTON THAT ALL OF THEIR EFFORTS WERE APPRECIATED BY THE ATTORNEY COLLINS AGREED THAT THE PROCESS IN PUTTING THIS PACKAGE TOGETHER IS RATHER DIFFICULT, BUT FELT THAT EVERYTHING WAS ON COURSE. AUG 191991 A -00K 47 PAGE 218 15 {