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171 <br />ON MOTION by Commissioner Scurlock, SECONDED <br />by Commissioner Lyons, the Board unanimously <br />rejected the $2,200 offer of settlement made by <br />Mr. Salter. <br />SALE OF BEACH BONDS_ <br />Administrator Wright explained to the Board the need to <br />adopt a Resolution fixing the form and details of coupon <br />bonds for acquisition of beach property, setting a date for <br />the sale of the bonds, and authorizing publication of notice <br />of sale. He noted that we do not know our rating yet and <br />will not for a week, but he would like the Board to consider <br />having these bonds sold on April 20th at 11:00 A.M. by <br />public bid. <br />Chairman Bird questioned what happens if the bonds are <br />sold and we don't use the money in a long period of time. <br />Attorney Brandenburg noted that we have to use it <br />within three years, possibly this could be expanded to five <br />years. It is required that you have a reasonable <br />expectation of using the money in that time, and the only <br />thing we are authorized to do with these funds is acquiree <br />beachfront property. <br />140TION was made by Commissioner Scurlock, <br />SECONDED by Commissioner Lyons, to adopt <br />Resolution 83-27 fixing the form and de- <br />tails of beachfront acquisition bonds and <br />setting the date of sale at April 20, 1983, <br />at 11:00 A.M., and authorized publication <br />of notice of sale. <br />Administrator Wright stressed the need to take action <br />on this today due to the advertising time frame for the New <br />York papers. <br />