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which was a verbal opinion from our bond counsel that we could draw on the reserves for approximately $180,000 in new money. Another alternative discussed was the refunding of both the junior and senior liens which would present cash in -hand of about $221,000 and future savings of another $200,000 plus, or about $465,000. The Committee's recommen- dation is to draw the $180,000 from escrow and to take no further action at this time. They will watch the market and come back to the Board with a recommendation at a later date. Administrator Wright asked if the Committee agreed to proceed with validation, and Chairman Scurlock reported that there was a difference of opinion on that particular issue; the most conservative approach is to validate. Administrator Wright explained that this was the money that was to be used for the 4th courtroom. The $180,000 in the escrow account is part of the $220,000 cash that we think we can receive by refinancing. He hoped the Board concurred with the recommendation to pull those.monies out of escrow at this time. Actually, the County has an over -funded reserve, and the County's bond counsel has advised that we could pull the monies out and invest them in accounts that can be used to build the 4th courtroom and pay off the debt on the Administration Building. Commissioner Wodtke asked about the status of the 4th courtroom, and Administrator Wright reported that it will be ready to go out for bids in the next few weeks, and that we are still looking at a budget of $300,000. Chairman Scurlock explained that the reason the Finance Advisory Committee chose the option of drawing out the escrow monies instead of going ahead with the refunding is that the difference in the actual cash in hand is minimal, and this still leaves us the option to refund both the junior and senior issues at a future time. 97. MAR 7 1984 Boat 56 Dmc[ 375