2/27/1985 - Laserfiche WebLink

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matter of interest on the 120 -day period is resolved, that the Board execute the contract today and set a limit of a week to 10 days for acceptance. He believed this would give the seller the opportunity to assure themselves of what the appraisal will be and determine whether they want to sign the contract or not. It also would allow the County to know within 10 days whether to proceed with this building or acquire properties elsewhere on which to build a structure. Chairman Lyons asked if we are in a position to finance this purchase, and Commissioner Scurlock, Chairman of the Finance Advisory Committee, explained that there are a variety of options. One of the problems is that all of these issues are related and it is almost impossible to look at this particular piece of property by itself because we will be looking for secondary pledges of revenues. He believed that it would be 45-60 days before the Finance Advisory Committee would have the package together to bring it before the Board. Chairman Lyons asked if that timeframe would be sufficient. Administrator Wright advised that though it may strip all the reserves, the Board has the ability to pay for the building out of the reserves with the understanding that they will be replaced through a bond issue. In any event, we must receive proceeds from a note within 180 days, before the end of the fiscal year. Commissioner Bird also questioned if the 120 -day timetable is realistic without having to go to the reserves, and Attorney Brandenburg stated that while the timeframe was tight, there wasn't any question in his mind that we could place a bond issue within 120 days -- all we would have to do is identify the source of revenue. He also felt the Finance Advisory Committee's 60 -day timeframe was sufficient. 13 FEB 2 7 1985 BOOK GO wu 1