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alternative. The utility will be meeting on Friday _ <br />afternoon to consider this issue, but this Commission does <br />not have another meeting between now and next Tuesday when <br />the material must be into the FHA in order to give us the <br />1-A commitment letter by July 1, 1984. <br />Commissioner Bird preferred the letter of credit <br />because we could get the money back instantly if there is a <br />default, as compared to the second alternative where the <br />developers sign individual contracts and possibly could lead <br />to litigation to receive payment. <br />Attorney Brandenburg confirmed that was the obvious <br />disadvantage, and it had to be weighed against the desire of <br />these developers to have this project built and their <br />trustworthiness with the County. He advised that the <br />contract is written so that in the event any of the <br />participants did not come up with their share to the County, <br />it would be the obligation of West Utilities, Inc. itself, <br />to come up with that participant's share. <br />Commissioner Wodtke also preferred the letter of <br />credit, and asked when the money would become available. <br />Attorney Brandenburg stated he has scheduled the validation <br />for the assessment for July 30 at 3:00 p.m. and there is a <br />30 -day appeal period. By September 1, we ought to be able <br />to close on the bonds with Florida National Bank. The <br />letter of credit would be needed for approximately 60-90 <br />days. <br />Administrator Wright felt we needed an alternative on <br />this matter. <br />ON MOTION by Commissioner Wodtke, <br />SECONDED by Commissioner Lyons, the Board <br />unanimously (4-0) authorized the County <br />Administrator, County Attorney and staff to <br />obtain the necessary security to close with <br />49 <br />JUN 2 0 1994 soox 57 <br />L- <br />