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i <br />Keith Denton of M. G. Lewis stated their firm is totally <br />committed to justifying the recommendation of the the Finance <br />Advisory Committee. He explained that the basis of their <br />proposal was not only to achieve the County's immediate financial <br />needs, but to stand back and strategically look at the County's <br />debt environment in order that it may be structured so as to <br />provide the County the flexibility to deal with growth impact as <br />it occurs instead of financing in a crisis situation. <br />MOTION WAS MADE by -Commissioner Scurlock, SECONDED by <br />Commissioner Bird, that the Board authorize the <br />services of M. G. Lewis as outlined by the County <br />Administrator. <br />Administrator Wright explained that staff will now sit down <br />and negotiate with this firm to draft a bond issue to fund the <br />items discussed. He assumed it would be a negotiated sale to M. <br />G. Lewis versus a public sale or a bid situation as was the case <br />with Arch Roberts & Co. on the beach acquisition bonds. The <br />County Administrator advised that the staff/consultant <br />negotiation will cover how to structure the money, how to repay <br />it, the length of time for payment, etc. Basically, what they <br />will do is negotiate a loan and bring it back to the Board for <br />approval. <br />Chairman Lyons asked if we could use this firm also, if <br />needed, to obtain advice -re investment of County funds on a <br />continuing basis, and Administrator Wright believed this firm has <br />that ability, without any question. <br />Chairman Lyons believed that while we have a very capable <br />bond counsel now, that could always change, and it would be nice <br />to know that we have a backup. <br />Commissioner Wodtke advised that there could be some drastic <br />changes which could affect the tax exempt issue on municipal <br />bonds. The Treasurer's proposal is that there will be no <br />43 <br />MAY 1 aoo� F�i F®8 <br />