6/19/1985 - Laserfiche WebLink

Home Browse Search

JUN 19 1985 BOOK secure source of pledge for bond issues that it does not even require a debt service in most markets. Secondly, the Administrator noted that the financing will be structured in a manner to accommodate the concerns pointed out in Commissioner Bowman's first statement re a deficit position in the first year, which actually is a common occurrence with any type of revenue and construction project, such as the Landfill, for instance. Commissioner Scurlock believed there is still some addi- tional work from M. G. Lewis to put this together; we have to have this building refinanced; the rate structure may have to be jiggled some, etc. He felt we must realize, however, when we give up the pari-mutuel funds, the net cost to the ad valorem tax base is about $25,000 a year. Commissioner Bowman inquired how the Jai Alai funds are spent now in this county. Administrator Wright stated that they are a General Fund revenue which is pledged to the financing of this building and the Courthouse, and Commissioner Scurlock explained how we negotiated with the School District for use of their Jai Alai funds as a pledge in return for providing them space in this building. Commissioner Bowman stated that she did agree there is a great need for this facility, but she wanted to be sure we are doing it the right way. Commissioner Bird noted that when in future years this pledge was deemed unnecessary, the Jai Alai funds could be released. Commissioner Wodtke wished to congratulate Commissioner Bird and his committee for their thorough work and had no doubt in his mind that this facility will attract people to the county. He agreed that the course must remain 100% a public golf course and not let the operation end up in some type of membership, and felt this is assured by the restrictions we have on the land on which we are building the course. Commissioner Wodtke did have some 44 ® M