10/23/1985 - Laserfiche WebLink

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0 CT 2 3 1985 Boa 6.2 - PAGE 469 Director Barton announced that he would now turn this matter over to the Underwriters and their attorneys for their formal proposal and presentation of a good faith check. Commissioner Scurlock noted that because of the timing, the Finance Advisory Committee was not involved in these'negotia- tions, but he, Director Barton and Administrator Wright were involved, and he has no problems with the recommendations presented today. Art Diamond of the Firm of M. G. Lewis came before the Board and gave a brief review of the premarketing sale that took place Monday. He reported that they went into the market early Monday primarily because we are getting into the part of the year where you get a large influx of municipal paper. The market was very receptive to the bond issue, which is MBIA insured, and has a triple A rating. The subsequent interest rate as charged and accepted by the marketplace averaged out on a blended yield basis at 8.98% and the long coupons are equivalent to 9.280; the closer in coupons are much lower. Mr. Diamond advised that Mr. Lang has the bond purchase agreement. Discussion ensued re the interest rate, and Director Barton confirmed that on the original issue we had a percentage of 2.48, but now we are below that. He continued to discuss interest rates, explaining that T.I.C. is true interest cost where you work it out over the years, and the T.I.C. on the original issue ended up at 9-1/8; on the new issue it would be about 9.5. County Attorney Charles Vitunac then read the title of the first of the three Resolutions which the Board needs to approve, as follows: A Resolution amending Resolution No. 85-75 adopted on July 10, 1985, and entitled: "A Resolution of Indian River County, FLorida, authorizing the refunding of presently outstanding capital improvement revenue bonds, Series 1980 and 1981 of the county; authorizing the 20