12/23/1982 - Laserfiche WebLink

Home Browse Search

52 it is everyone's reasonable expectation that the Guide lA Letter will be received in 1984, but a purchaser is looking at today in terms of security. Mr. Livingood informed the Board that they have an engineering report that projects future net revenues of the system through 1987, and they have set up an escrow agreement whereby the County is free to draw down on funds received from sale of -the notes up to the amount necessary to assure that in 1984 there is one million remaining in the constructions funds. As soon as the FmHA Guide lA Letter is received, the one million in escrow will be released and can be used to complete phase 3 of the construction. Commissioner Wodtke asked if we could borrow against that escrow, and Mr. Livingood did not believe so. He noted that the one million is essentially the cost of Phase 3 of the project, and the county will not be incurring costs for that phase until after receipt of that letter. Commissioner Bird asked if we are under commitment to that one million dollar expansion, and Administrator Wright stated that philosophically he believed the Board is committed to expanding to handle the needs of the South County and the decision will have to be made early next year which way we want to go - whether we want to expand the lines and then use the impact fees to expand the plant, or expand the plant, etc. Discussion ensued about expanding the customer base and as to any commercial activity in the area that could be tied into the system. The possibility of the City transferring some allocation from where we are relieving them in the south was brought up, and the Chairman noted that City Manager Little indicated they might consider a transfer of that allocation to the Hospital area. Mr. Livingood then discussed the purchase proposal made by Arch W. Roberts & Co. stating that they are proposing 7