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DEC 2 1991 Bax 48 fAcE253 <br />Administrator Nelson advised that currently they have 58 <br />out of 255 available taps, and have until February 17th to come -up <br />with the.escrow money. He suggested that the Finance Officer could <br />put this money into an interest bearing account as it might cause <br />more people to put up their money. <br />Commissioner Scurlock agreed that this may be the vehicle <br />needed to encourage the people; also the people could be notified <br />of a time prior to the February 17th deadline so that the Board could <br />analyze their options - a little flexibility was needed. <br />Attorney Collins affirmed that he would like to see a <br />30 day reduction and have the Board move ahead with this matter. <br />Developer Henry Muller came before the Board and commented <br />that he wanted to see water available in January, if possible. He <br />explained that a letter of credit was as good as cash and it could <br />also have an expiration date. The reason for having a letter of <br />credit was that the money could remain in their own interest bearing <br />account until needed by the County. Mr. Muller then discussed <br />interest rates. <br />Lengthy discussion followed, and it was determined to cut <br />the days down from 120 to 90 days for coming up with the escrow funds. <br />Mr. Muller noted there might be a shortfall of cash and <br />the balance might have to be financed. He felt the Board needed to <br />find a mechanism to close the gap for the taps they do not have and <br />might consider interim financing. Mr. Muller requested the Board <br />consider a letter of credit -from Mr. Wheelwright and from his own <br />project, Ocean Ridge. <br />Attorney Collins explained that once the escrowed amount <br />was reached, the County would be in control of the situation, and <br />that he saw no problem with the County entering into an agreement <br />of accepting a letter of credit at this time. <br />Discussion ensued. <br />lot <br />