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DEC <br />gK52 <br />P��uE <br />The Board discussed, at length, item 2-C concerning <br />compensation. <br />Commissioner Bird was concerned that the item regarding <br />compensation might be a duplication. <br />Attorney Brandenburg explained that the intent was to <br />have Hough & Co. assist the County when requested to do so <br />by the County. <br />Discussion ensued regarding the bond underwriter and <br />bond counsel, and whether it was necessary to have a third <br />party involved at an expense of $10,000. <br />Administrator Wright commented that what the Board was <br />doing was buying a second opinion. He pointed out that the <br />Board had a complicated issue coming up, and it would have <br />to decide if it wanted to have another expert. <br />Community Services Director Thomas explained that Hough <br />& Co. would try to find the best sale, with a number of <br />firms, and advise the Board. He continued that when you <br />negotiate with a firm, you go on the reputation of their <br />best performance - you negotiate the best purchase and <br />resale of that bond. <br />Attorney Brandenburg stated that at some point i- the. <br />possibility is that they would advise you one way so that <br />they could make more money. What the Board would be doing <br />with this contract is separating the underwriting function. <br />He continued that Hough & Co. would do only the financing <br />plans and work-up, if the Board so directs. <br />The Chairman commented the Board indicated that it <br />wanted Hough & Co. to look out for the best interest of the <br />County, and for Hough & Co. not to participate in the sale <br />of bonds. <br />Lengthy discussion ensued regarding refunding and <br />refinancing. <br />� � r <br />