11/4/1981 - Laserfiche WebLink

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B©a 48 PAGE .7? - Attorney ?. Attorney Collins noted that Finance Officer Barton has reviewed the changes re investment collateral, and a Resolution has been prepared to accomplish this. Finance Officer Barton reported that he intends to maintain one CD from the original issue since the bank would not honor the request to withdraw. He asked the bank about changing the name so it would not have anything on it having to do with the 1980 bond issue, but they want a Resolution by the Board authorizing a change on the certificate. He explained that this Certificate of Deposit is the property of a specific fund; he is selling it from one fund to another; so, he needs the name change on the certificate to reflect the proper ownership. Motion was made by Commissioner Scurlock, seconded by Commissioner Bird, to adopt Resolution 81-88, as discussed, subject to correction of typographical error in the 5th line correcting "by" to "be." Commissioner Fletcher wished to know if the amount of this bond issue is sufficient to ensure completion of the project. Intergovernmental Coordinator Thomas informed the Board that we have $561,000 proceeds from this source, and over the 1979-80-81 fiscal years, the Finance Officer, through good investment policies and the medium of arbitrage, has picked up about $426,000 additional; so, we have roughly $950,000 to complete the cost overruns of the administrative complex or any additional projects we need to address with respect to furnishings, etc. It is very liberal as to what the funds can be used for in conjunction with the move to that building. If the funds are considerably more than needed, there is nothing to preclude making an advance payment on the bonds. The Chairman called for the question. It was voted on and carried 4 to 1 with Commissioner Fletcher voting in