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