6/6/1984 - Laserfiche WebLink

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JUN A 4 B0a 57 FAGE36 LETTER OF INTENT - FmHA (IXORA/TREASURE COAST) 2.75M ISSUE Attorney Brandenburg explained the history of the situation relating to the purchase of the Treasure Coast and Ixora systems, the need to expand our customer base towards the SR 60 area, the combining of two revenue bond issues, the complications that arose with the marketing of the notes, and the need to get all the required paperwork to FmHA before the call date of July lst to avoid having to refinance the interim note, which would cost the County $150,000. He noted that one further complication is that in order to get the lA commitment letter from FmHA, the construction contracts must be let before the assessments are out for the water line along SR 60. We do, however, have an agreement with the developers about the assessments and will put provisions in the construction contract to take care of any contingencies that may occur. The immediate concern is to get all the paperwork to the FmHA, and, therefore, the Board needs to execute the amended Letter of Intent to Meet Conditions and other related items. Administrator Wright.informed the Board that the bids on Ixora and Treasure Coast came in slightly under budget. Commissioner Wodtke noted that the letter from FmHA says the County will furnish evidence that 8,369 water users have agreed to connect. Attorney Brandenburg explained how this came about was that the FmHA looked at the county preliminary engineering report of the area, saw all the homes in the area where the county is going to expand and went under the assumption of a mandatory hook-up policy. The Attorney believed the point is that the project was determined to be financially feasible with just Treasure Coast and Ixora and none of the additional connections out SR 60, and FmHA really doesn't care what that number was; they recognize that realistically we will not be able to hook up 100% of those homes, and that 69 M