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OCT 5 1993 six Pka 891 <br />Vice Chairman Scurlock opened the Public Hearing and <br />asked if anyone wished to be heard on this matter. <br />Mr. Charles E. Fancher, Jr., Vice President of Finance, <br />General Development Utilities explained that the purpose of <br />General Development's request for the issuance of $4,020,000 <br />Variable Rate Demand Utility Revenue Bonds is to finance <br />construction of facilities. <br />Mr. Allen Reynolds, resident of Vero Shores, was afraid <br />that it would be another nail in their coffin if the bonds <br />were issued before the rate increase hearings and before the <br />water agreement was discussed. <br />Commissioner Lyons explained that this just allows <br />General Development to continue their process of getting the <br />bonds, but that the Board still holds the reins and they <br />will have to come back before the Board once more. <br />ON MOTION by Commissioner Bowman, <br />SECONDED by Commissioner Lyons, the Board <br />unanimously closed the Public Hearing. <br />MOTION WAS MADE by Commissioner Lyons, <br />SECONDED by Commissioner Bowman, that the Board <br />adopt Resolution 83-101 providing for issuance of <br />$4,020,000 variable rate demand utility bonds <br />to General Development Utilities; with the <br />understanding that General Development is <br />proceeding on its own and there is still one <br />more step to be taken to assure how this money <br />is to be used. <br />Attorney Brandenburg advised that they would clarify <br />the language in the resolution and file for bond validation. <br />During that time, the matter would be resolved, and if the <br />56 <br />