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for the benefit of the person who put up the bond and they are <br />getting the interest direct. In this scenario, it was negotiated <br />to be zero interest. There is a question about insurance of the <br />account because of its size, and Mr. Barton felt they will have <br />to collateralize the amount over the insured part of the account. <br />We must have full coverage of the amount deposited because we are <br />receiving this and depositing it in our name. <br />MOTION WAS MADE by Commissioner Scurlock, SECONDED <br />by Commissioner Bird, to approve the substitution of <br />security by Harbor Federal Savings & Loan for comple- <br />tion of Seagrove West improvements, per the irrevocable <br />letter of Credit from Sun Bank for $503,191.24, with <br />the contingency that the County Attorney work out the <br />proper insurance coverage. <br />Attorney Brandenburg commented that under this arrangement <br />we probably have more protection than on other cases approved in <br />the past re irrevocable letters of credit since they are not <br />insured. <br />Commissioner Wodtke still did not feel this is a good thing <br />to get into and that it will bring up problems down the line. <br />Chairman Lyons asked what kind of time frame we are looking <br />at for completion of the required improvements, and it was felt <br />it may be a year. <br />THE CHAIRMAN CALLED FOR THE QUESTION. <br />It was voted on and carried 4-1 with Commissioner <br />Wodtke voting in opposition. <br />(CASH DEPOSIT AND TRUST AGREEMENT ON FILE IN CLERK'S <br />OFFICE) <br />W. <br />� <br />MAR 2 0 19.-6 BOOK <br />