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DISCUSSION AND AUTHORIZATION TO PUBLISH RESCINDING COUNTY <br />ORDINANCES #77-19, #80-3, #80-10 <br />OMB Director Barton recalled that the possibility of <br />rescinding these three ordinances was discussed at the last <br />meeting, and that the Board authorized the County Attorney <br />to proceed. The County Attorney wished the Board to review <br />the matter before it is advertised for a public hearing. <br />Commissioner Lyons asked if rescinding these ordinances <br />will track state statute on interest on bond issues, or will <br />we again have a limit. Chairman Scurlock answered that it <br />tracks the state statute, but we will have a limit in that <br />it is tied to the average bond index. <br />Attorney Brandenburg explained that the three old <br />ordinances included in today's backup material established a <br />cap of 9.5%. The proposed new ordinance, which for -some <br />reason was not included in today's backup material, is <br />worded so that the County can issue bonds up to a maximum <br />rate allowable by law. He noted that the recommendation of <br />the Finance Advisory Committee was to rescind the three <br />ordinances and adopt the new ordinance. A public hearing <br />will be advertised for February15, 1984. <br />MOTION WAS MADE by Commissioner Lyons, <br />SECONDED by Commissioner Bowman, that the <br />Board authorize the County Attorney to proceed <br />with preparations necessary to rescind <br />Ordinances 77-19, 80-3, and 80-10, and to <br />advertise for a Public Hearing for Feb. 15, 1984. <br />Under discussion, Attorney Brandenburg assured <br />Commissioner Wodtke that all we are doing today is <br />authorizing a Public Hearing to consider rescinding the <br />three ordinances. <br />10 nn In <br />JAN 25 1984 5 PAS. <br />