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MAR 14 1994 uGA 56 PAE 40-G <br />in the near future. Their bond counsel is now requesting <br />that the County waive the validation on the industrial <br />development revenue bond. The County Attorney advised that <br />it has always been his position that validation is a more <br />conservative, proper way to go. Without validation, the <br />County is leaving itself open to a law suit in the event <br />something happens to the computer firm, and since the County <br />will not actually be in direct control of all the funds and <br />the use of those funds, he believed that it would be better <br />to require validation. <br />MOTION WAS MADE by Commissioner Lyons, <br />SECONDED by Commissioner Bowman, that the <br />Board accept the County Attorney's <br />recommendation to require validation of the <br />Industrial -Revenue Bonds for HETRA Computer <br />and Communications Industries, Inc. <br />Under discussion, Commissioner Bird asked if granting <br />the waiver of.validation would save HETRA time and money, <br />and Attorney Brandenburg explained that it would save them <br />the 90 -day period in obtaining validation, which would allow <br />them to sell their bonds on the market now. This would take <br />away the uncertainty of what the bond market will be in 90 <br />days from now. There are also some additional costs <br />involved in validation. <br />Chairman Scurlock felt the difficulties being <br />encountered by HETRA in obtaining telephone service would be <br />the main reason for any delay in the project. <br />- Attorney Brandenburg advised that there is nothing to <br />prevent HETRA from obtaining interim financing if they want <br />to move ahead. It will just cost them a little extra, at a <br />non-exempt tax rate. <br />15 <br />