8/17/1983 - Laserfiche WebLink

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� AUG 17 193 _ r. B(30R P,�. PACa ��"� Attorney Brandenburg explained on Page 28 of the resolution, under ANNUAL AUDIT, that to be consistent with Florida statutes, the first sentence should read, "The County shall also, at least once a year, within 180 days after the close of the Fiscal Year..." Commissioner Scurlock reported that the Financial Advisory Committee had discussed and considered this particular item and made an affirmative recommendation to the County Commission. Attorney Brandenburg introduced Mr. Steve Poe, Vice President of the William R. Hough & Co., St. Petersburg, whose firm has a computer set up which will calculate the maximum amount that this flow source of revenue will be able to support in bonds, thus maximizing the County's ability to obtain funds for the fourth courtroom without pledging any other sources of revenue. Mr. Poe addressed the Board and could not say at this time what the interest rate would be, and explained that right now they were in the adoption stage of the resolution and there was a lot of work to be done, such as validation, before they could bring these bonds to market. He estimated that the average coupon would be 9-3/8% compared to the 13.80 on the 1981 Series E bonds and 9.2% on the 1980 Series D bonds. Attorney Brandenburg asked if it would be likely that the interest.rate would go over 9-1/2o and Mr. Poe felt that interest rates are coming down slowly and had reached their peak two or three weeks ago, but could not honestly give an interest rate right now on a 30 -year bond issue. However, he felt 9-1/4% to 9-3/8% would be a pretty good guess. Attorney Brandenburg advised that the Ordinance states that the maximum interest rate was set at 9-1/2% and advised the Board that if they adopt the resolution today, the County will not be able to sell the bonds unless they come 60