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that the notes bear a coupon of 84% and they will purchase <br />from the County at 98% of par with a 1985 maturity. He <br />believed that what they are proposing represents essentially <br />the best that is available in the market, and explained that <br />the 2% discount they are proposing is higher than the 14% <br />they proposed for the 5 million issue they purchased in 1981 <br />because this is not a totally secured situation and the <br />buyer is looking at a market risk; also market conditions <br />have changed some. <br />Discussion continued in regard to negotiating the 2%, <br />and Administrator Wright informed the Board that Mr. <br />Livingood has learned that the securities he can provide for <br />the County will generate essentially an additional $2,000 <br />more than Mr. Barton's proposal. The Administrator agreed <br />that if we buy the securities from Mr. Livingood, he gets a <br />fee while if Mr. Barton handles this, there is no fee, but <br />if we buy the securities through Mr. Livingood, he might be <br />willing to accept a lower discount. He asked Mr. Livingood <br />if the securities amount he stated would mature in 1985 <br />included his fee <br />Mr. Livingood confirmed that it includes the fee. He <br />stated that their investment proposal would meet all the <br />requirements of the financing, i.e., pay the interest <br />through May 1, 1984; pay all the construction draws, <br />reimburse the County $881,500; pay issuance expenses and <br />discounts; and produce on September 1, 1984, not one million <br />dollars, but $1,063,955. After further negotiations, Mr. <br />Livingood agreed that if his firm provides the securities, <br />he would agree to a 1-3/4% discount and they would guarantee <br />to meet all the financing requirements and produce <br />$1,063,955 on September 1, 1984. <br />ON MOTION by Commissioner Wodtke, SECONDED <br />by Commissioner Bird, Commissioners Fletcher <br />M <br />soot <br />FAIU 473 <br />