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JUL 1®1985 <br />BOOK <br />G- <br />Pr1GE 46 <br />and Attorney Brandenburg <br />explained that the Board will <br />have <br />to <br />set the initial authorization of how much money they want to deal <br />with - it could be just to refund the current outstanding bonds, <br />but in all likelihood, the Administrator will come to the Board <br />with a package and recommend refunding the outstanding bonds and <br />also producing sufficient funds to pay for the Title 8 Trust <br />Building, excess renovations costs of the Fourth Courtroom, etc. <br />The Board will receive a list of various projects to consider and <br />will have the -opportunity to add and delete items from that list. <br />Commissioner Wodtke expressed the hope that even if we have <br />authorization to spend 25 million, we do not feel it is easy <br />money, and Attorney Brandenburg noted that the Board would see <br />the effect on the budget. <br />Intergovernmental Relations Director Thomas felt the <br />greatest advantage of this is the parity aspect for future <br />issues; this sets it up so it is definitely available. <br />MOTION WAS MADE by Commissioner Bowman, SECONDED by <br />Commissioner Bird, to adopt Resolution 85-75 author- <br />izing the refunding of presently outstanding capital <br />improvement revenue bonds, series 1980 and 1981 and <br />providing for issuance of not exceeding $25,000,000 <br />refunding and improvement revenue bonds, series 1985. <br />Discussed followed in regard to adding language including <br />recreational facilities, but Vice Chairman Scurlock was not in <br />favor of this addition. <br />Administrator Wright recommended that the Board add this <br />language because if the Board does decide to develop beachfront <br />property, this simply would be the pledge or security for the <br />bonds, not what you would use to pay off the bonds. How you <br />actually pay back would be a decision the Board would make before <br />issuing the bonds. <br />50 <br />