12/16/1981 - Laserfiche WebLink

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DEC 161981 FM Commissioner Scurlock brought up item 12 D under the County Attorney's matters - Adoption of Resolution regarding renewal of General Obligation Note on Indian River Boulevard and asked about its relationship to the report on the Indian River Boulevard financing. Intergovernmental Coordinator Thomas reported that at the November 18th meeting he reminded the Board that they did authorize the issuance of the tax anticipation note, which will become due on December 17, 1981, and advised them that they could authorize withdrawal of the amount needed from the trust fund in Tallahassee or that the note could be paid out of surplus funds and the Board could reauthorize the immediate reborrowing on an additional tax anticipation note, which is called "rolling it over." The Board at this meeting authorized the Finance Department and County Attorney to proceed with negotiating the tax anticipation note roll-over. He noted that the Board could pay the note off if they wished. Commissioner Scurlock wished to know why we are ultimately pledging ad valorem taxes if the money is going to come from the 5th and 6th cent gas tax money. Mr. Thomas explained that originally there was conversation about whether we.wanted to withdraw the money from the trust fund in Tallahassee or go with bonds. He believed it is a foregone conclusion, since the situation has changed, that the Board does not intend to issue those bonds any time soon, and he, therefore, would recommend that we go ahead and pay the note off. Commissioner Scurlock stated that was his preference, and Finance Director Barton noted that as a part of the Motion authorizing the transfer of the funds, he would need authority to go ahead and pay off the note. Commissioner Scurlock reworded his Motion, seconded by Commissioner Wodtke, to approve the transfer of funds as recommended by the Finance Director in his memo of December 4