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I <br />JUS 15 1983 e®axfP.UE 820 <br />Finance Director Barton explained that we would still <br />be committing the Racetrack funds to the exact same amount <br />of time they already are committed, and there is even a <br />possibility we might not have to go to revalidation. As <br />long as these funds are committed, the state cannot give up <br />funding them. Mr. Barton further explained that when we <br />went out for the Junior lien in 1981, because of the <br />coverage requirements, he had to put money in a specific <br />investment instrument to get the interest rates that would <br />help provide sufficient money to cover the principal and <br />interest due every year. Mr. Barton reported that the <br />investments he bought at a little over 80� on the dollar are <br />now worth approximately 125 on the dollar, and he, <br />therefore, would like to get them released while they are <br />still up so that we have some money to use for the other <br />projects. <br />Administrator Wright noted that staff needs authori- <br />zation to proceed with refinancing, and he would like to be <br />able to move as quickly as possible while the market is <br />still favorable. He believed we can have the money in hand <br />by August or early September. <br />ON MOTION by Commissioner Scurlock, SECONDED <br />by Commissioner Lyons, the Board unanimously <br />authorized staff to proceed with the refi- <br />nancing of the 1980 and 1981 Revenue Bond <br />issues as recommended and then come back <br />to the Commission for final authorization <br />for issuance <br />EMERGENCY MEDICAL SERVICES <br />Commissioner Lyons informed the Board that a letter has <br />been received from Dr. Frazier who has been serving as <br />County Medical Director for Emergency Medical Services <br />85 <br />