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JUL 17 1995 Book 61 NAGF 553 Mr. Cartwright expressed his disappointment that they must wait another 60 days to receive an answer about the kitchen facilities. RESOLUTION RE RECREATION BONDS FOR PUBLIC GOLF COURSE Attorney Brandenburg recalled that at the last meeting the Board adopted a resolution authorizing the validation of up to $25 million in capital improvement bonds to provide for the refunding of outstanding bonds that the County has. When that is accomplished, it will free up the jai alai fronton and race track funds as a source of revenue to be pledged elsewhere. He explained that the County has authorized M. G. Lewis 6 Co, to work on a master plan for the County's financing, including the ability to finance a municipal golf course. This resolution is a result of that effort and it authorizes up to, but not exceeding, $4.2 million in recreational revenue bonds, even though we all understand that the golf course is only going to cost between $2.4 million and $2.5 million. A change is needed on Page 6, Item C, of the proposed resolution where it states, "That the estimated cost of such Project as above described, is the sum of $2,600,000." This should be changed to read: " is the sum of not exceeding $4.2 million." The County Attorney explained that the reason for having to validate up to $4.2 million is because there are certain types of bonds that can be issued where the principal and interest payments are deferred until later dates, and this would require the issuance of more bonds than the actual cost of the facility. This validation would give the County maximum flexibility with all possible alternatives open when the time comes to make the actual decision on how to finance the golf course through the issuance of bonds. For instance, in order to obtain $2.5 million in cash to build the golf course with these types of bonds, we may have to actually issue $3.2 million and then sell those at a discount. A major objective of the proposed 62