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Discussion ensued as to interim financing, and Finance <br />Director Barton explained that the acceptance of the Letter of <br />Intent to Meet Conditions from FmHA releases $480,125 in the <br />Municpal Service Fund that has been pledged for interfund loans. <br />These dollars have earned interest as have the other funds in the <br />MSTU, and those investments have been earning from 14.80% to <br />17.05%. One option would be to lend these funds on an interfund <br />basis for the purchase of Treasure Coast and Ixora Park <br />Utilities. These funds will be repaid in accordance with the <br />same Letter of Intent to Meet Conditions as stated above. <br />Another option would be to borrow the money on a short term basis <br />from a commercial bank at a rate between 9% and 12%, thereby <br />retaining the 14.80% and 17.05% interest on MSTU funds referred <br />to above. Mr. Barton, therefore, recommended that the Board <br />pursue the option of borrowing the'.money on a short term basis <br />from a commercial bank rather than making the interfund loan. <br />On Motion by Commissioner. Lyons, seconded by Commissioner <br />Wodtke, the Board by a 4 to 1 vote, Commissioner Fletcher voting <br />in opposition, accepted the recommendation of the Finance <br />Director as to interim financing for the purchase of Ixora and <br />Treasure Coast Utilities. <br />APPEAL BY JOSEPH FEDELE OF DENIAL OF REZONING REQUEST BY THE <br />PLANNING & ZONING COMMISSION <br />The hour of 1:30 o'clock P.M. having passed, the Deputy <br />Clerk read the following Notice with Proof of Publication <br />attached, to -wit: <br />39 <br />APR 211982 Boa 49: PAE439 <br />J <br />