7/10/1985 - Laserfiche WebLink

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This was confirmed, and Attorney Brandenburg explained that this just frees up the jai alai money to be used as a secondary pledge on the golf course. Commissioner Wodtke referred to the purposes for which the 25 million dollars could be used and wished to be sure the wording is broad enough to cover any kind of need we might have; i.e., in case we wanted to build any recreational facilities or develop beach facilities. Attorney Brandenburg stated that the wording can be expanded to include recreational facilities of the county without any difficulty. Commissioner Wodtke believed we are only talking about the 1/24 sales tax and that was confirmed. He continued that on the top of Page 25 re the Construction Fund, the wording states "such expenditures or disbursements shall have been approved in writing by the County Administrator or his designee." He assumed there would be authorization from the County Commission first. Administrator Wright agreed and noted that this just enables him to pay the bills after a project is approved. Commissioner Wodtke next questioned the statement on Page 29 at the bottom which says "..if the moneys in the Reserve Account .... exceed the Maximum Debt Service Requirement on all then outstanding Bonds, such excess may be withdrawn and released to the Issuer." Attorney Brandenburg explained that the 1/2� sales tax will produce revenue substantially in excess of what will be required to pay off the bonds, particularly if the County does not issue up to the entire amount authorized. Commissioner Wodtke asked if this allows arbitrage, and Attorney Brandenburg stated that you are never allowed to arbitrage , but this allows us to make the maximum amount of interest possible under the Internal Revenue Service rules. Commissioner Wodtke then asked whether we now will be raising just enough money to refund the 80' and 81" bond series, 49 J U L 10 1985 �� t�r.1 , J