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Commissioner Wodtke asked what effect refinancing of the. 180..debt would have, and Mr. Silverman explained that it would have two effects. one would be -the cost of the refinancing, which would be an allowable expense. The second effect would be the lowering of the effective rate or effective cost of that debt. He added that the 18% debt will be paid off in the current fiscal year which ends early in 1985. Chairman Scurlock opened the Public Hearing and asked if anyone wished to be heard in this matter. Attorney Eben Cockley, a resident of the Moorings, stated he was pinch hitting for Attorney Samuel White, who had to leave to keep another engagement He noted that Paragraph 7 of the proposed order presently states that Hutchinson Utilities shall be permitted and the Board of County Commissioners shall grant tariffs in a subsequent rate hearing so that Hutchinson Utilities will be able to meet debt servicing requirements of the long term financing necessary to allow the company to construct a new wastewater treatment facility. The primary objection of the Moorings Property Owners is that they don't want to foreclose the possibility of being able to obtain wastewater treatment through the City of Vero Beach in some fashion, and would like very much to see that language modified. Chairman Scurlock fully agreed and thought the County Attorney might suggest some language. Attorney Brandenburg suggested the following language: "Hutchinson Utilities, Inc. shall be permitted to apply to the Board of County Commissioners for an amended tariff in a subsequent rate hearing and the Board shall approve a tariff which will allow Hutchinson Utilities, Inc. under efficient and economical management to meet debt servicing requirements of long term financing needed to allow the utility to make necessary improvements to its system." 59 MAY 21984 Bou 56 PnE- 855