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TO:Board of County Commissioners DATE: August 10, 1983 FILE: <br />SUBJ ECT:Administration Building & Courthouse <br />Bond Issues Refunding <br />FROM. Jeffrey K. Barton,REFERENCES: <br />Director, Office 06D <br />Management & Budget <br />The following reason are the justification for the refunding of the 1980 & 1981 <br />Revenue Bonds (Race Track Issue) <br />A. Eliminate the Bond Covenant which restricts type of Investments for <br />sinking fund. ( at present is different from what Florida Statutes allows) <br />B. Needs for additional cash to do additional facilities construction <br />( complete 4th courtroom and settle old construction litigation) <br />C. Even out debt service for life of the Bond Issue <br />Because of these reasons the Finance Advisory Committee also has recommended that <br />the refunding be done. <br />Attorney Brandenburg explained the effect of passing <br />the resolution will be to pay off outstanding obligations of <br />the County in respect to the courthouse project, to <br />refinance those obligations and to include within the scope <br />of the project the additional courtroom facilities. This, <br />in effect, will accomplish two things: 1) It will eliminate <br />some of the outdated requirements for the investment of <br />funds which have been relaxed.by State law since the <br />original bonds were issued, and 2) There were some <br />investments that were tied in at the time of the original <br />issue that now have increased substantially in price so that <br />it will allow the County to obtain the benefit of the <br />increase in those investments to devote towards the <br />establishment of. the much needed fourth courtroom. <br />59 <br />_...._AU G 111983 <br />