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Mr. Brown responded he knew the position that the <br />County was in. By the time the system would be completed, <br />he continued,.FmHA wanted to be assured that there would be <br />a certain number of users. <br />Commissioner Fletcher <br />noted <br />that this <br />loan is to be <br />paid in four years and the <br />first <br />two years <br />is the interest <br />only. He inquired what the total cost of the loan will be <br />in four years. <br />Mr. Brown calculated that at the en& of four years the <br />principal and interest amount would be $20,178,784. This is <br />taking into consideration the 5% loan totaling $8,575,700. <br />The interest would be $12 million, basically. Mr. Brown <br />then continued on page by page and reviewed the items with <br />the Board. He noted a' change on page 5 regarding the <br />fidelity bond coverage. <br />Lengthy discussion followed about the rate structure. <br />Commissioner Bird suggested adding the word "minimum" <br />at line 20 to make the phrase read: "A minimum rate <br />schedule....." <br />Mr. Brown discussed page 6, third paragraph, regarding <br />reimbursement. <br />Attorney Brandenburg pointed out that there was no <br />formal appraisal made on the systems, and the closing has <br />not taken place as of this time. He then suggested that he <br />would like to have more time to peruse the matter and study <br />the budget transfer to enable the. County to close on the <br />Treasure Coast Utility System as early as possible. <br />On Motion by Commissioner Lyons, seconded by <br />Commissioner Bird, the Board unanimously authorized that <br />this item be tabled until the afternoon session to give the <br />Attorney more time to examine the Letter of Conditions and <br />the various papers that need to be executed. <br />APR 211982 29 BOOK 49 FAA29 <br />