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requires an engineer to build a bridge. Another primary <br />factor is actually taking the bonds to market, knowing where <br />to go, and the contacts to get the best interest rate. He <br />believed we could save a good deal of money if we had such <br />a fiscal advisor and believed this could be contracted on an <br />annual retainer basis. <br />Mr. Schuler inquired if there is not competition in <br />this field, and Chairman Scurlock agreed that there <br />definitely is. He noted that he has been faced with totally <br />new concepts and sees the need for a third party, who is not <br />interested in selling us something, to give us some advice <br />as this is a very complex situation. <br />MOTION WAS MADE by Commissioner Lyons, <br />SECONDED by Commissioner Bird, to authorize <br />the Finance Advisory Committee to interview <br />fiscal advisors with the thought that some <br />arrangement can be made for funding advice <br />in the area of bond issues. <br />Commissioner Fletcher stated that he could understand <br />the complexity of trying to figure out the bonding lingo, <br />but questioned if we need to buy a consultant just to decode <br />some of the creative language. <br />Chairman Scurlock explained that is not the problem. <br />The problem is that we have firms trying to sell us on <br />various types of very complex bond issues, and he questioned <br />that we have the day-to-day knowledge to know that what we <br />are being told is the fact. <br />Community Services Director Thomas explained that when <br />you hire an advisor, he will not be eligible to take part in <br />the purchase or exchange of bonds, etc., He mentioned the <br />Leedy Corporation which operates on a fee basis as an <br />advisor, and they do not sell or bid on the bonds. <br />49 <br />JUL 14 1982 <br />U -0K 50 PAGE 94 <br />