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JAN 19 1983 ON MOTION by Commissioner Scurlock, SECONDED by Commissioner -Fletcher, the Board unanimously approved the staff recommendation as in memo of January 4, 1983, above. AUTHORIZATION OF PREPARATION OF DOCUMENTS FOR ISSUANCE OF BEACH BONDS MOTION WAS MADE by Commissioner Lyons, SECONDED by Commissioner Scurlock, to authorize William R. Hough & Co. to commence preparation of the docu- ments required for Issuance of $5,000,000 Beach Bonds. Commissioner Scurlock reported that at the Finance Advisory Committee meeting, they asked Hough & Co. to run through their computer all impacts of the various payback periods, 5 - 10 - 20 years, etc., re impact on the taxpayer. The advantages of moving ahead quickly to get the bond proceeds invested and working for us was emphasized. It was further noted that we do not pay Hough & Co. until we get the money from the bonds and also that the law requires that 85% of this money be expended within a three year period. Attorney Brandenburg commented that the only thing you have to have at time of closing is a vehicle to support the reasonable expectation that you will spend all the money within the three year period, and the Administrator emphasized that this money is not tied to the Save our Coast Program. Commissioner Wodtke stated that in his mind it was tied to that program, but other Board.members disagreed and felt that is only one of the options we have in regard to purchasing beachfront property. Commissioner Wodtke asked if this goes on ad valorem or whether it is outside the millage cap, and Mr. Thomas confirmed that it is outside the cap.