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Chairman Lyons asked the County Attorney how we maintain our <br />financial position, and Attorney Brandenburg stated that the <br />Commission could just require the church to replace the Letter of <br />Credit prior to expiration in an amount 200 over the estimate of <br />the Public Works Director for completion of the job. <br />Com. Bowman inquired about the 4" flow well on this property <br />and whether it has a valve. Rev. Tipton stated that it does, and <br />it is turned off. <br />Discussion followed as to a time frame to be allowed for the <br />new Letter of Credit, and it was felt ninety days should be <br />sufficient. <br />ON MOTION by Commissioner Scurlock, SECONDED by <br />Commissioner, Commissioner Wodtke having left the <br />meeting, the Board unanimously (4-0) authorized <br />extension of the Irrevocable Letter of Credit from <br />the Central Assembly of God for a period of ninety <br />(90) days, provided that prior to June 10th the <br />Church obtains an estimate approved by the Public <br />Works Director of the amount of work remaining to <br />be completed on their site and provides the County <br />with a performance bond for 1200 of that amount; with <br />the further stipulation that if a new Letter of Credit <br />is not presented before the expiration date, staff has <br />authorization to call down the existing Letter of Credit. <br />INVESTMENT BANKING AGREEMENT WITH M. G. LEWIS & CO. <br />Attorney, Brandenburg recommended that the Board authorize <br />the execution of the Investment Banking Agreement with M. G. <br />Lewis & Co, regarding bond work for funding of additional space <br />for County facilities, a county golf course, and Phase 2 of the <br />landfill complex. <br />106 <br />JUN 5 1985 BOOK -1 1 ' <br />