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ON MOTION by Commissioner Bird, SECONDED by <br />Commissioner Fletcher, the Board unanimously <br />closed the public hearing. <br />The Board reviewed the minor changes in the draft of <br />the franchise resolution. <br />Commissioner Bird inquired if the Attorney, based on <br />the comments just heard, would recommend any additions or <br />changes to the resolution prior to the Board passing it in <br />final form. <br />Attorney Brandenburg commented that he would ask <br />Attorney Henderson the point brought out by Attorney O'Haire <br />regarding the parent companies guaranteeing performance <br />under the franchise. <br />Attorney Henderson responded that this procedure would <br />take review by two or three Boards of Directors. He added <br />that they were forming a corporation mainly because the <br />elements of the venture dictate it; they were spending in <br />excess of $3 million for the plant, which will be" <br />maintained, and he had difficulty realizing where the County <br />would seek enforcement of the performance guarantee. <br />Attorney Brandenburg agreed, and stated he would <br />recommend the franchise resolution as it was written. <br />Attorney Henderson commented that the funding for the <br />franchise would be secured by letters of credit, and <br />maintenance would be assured by the repair and replacement <br />fund. He continued that the letters of credit flow from the <br />developers; they are securing those commitments to each <br />other. <br />Robert Reider, Reef Road, asked if Florida Land Company <br />had purchased the property in question, or were they holding <br />an option? <br />JUL 7 19823s ° 0 mr,155 <br />