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Mr. Freeman next discussed the Resolution awarding the Bonds, noting that they had some details remaining to be fixed such as the date of the bonds, the maturities, the purchasing price, the bond registrar, etc. This is a housekeeping type resolution, and he was not able to get it to the Board sooner because they did not have all the marketing information. Mr. Freeman informed the Board that M. G. Lewis 6 Co. has offered to buy the bonds at a price of $2,646,251.85 plus any accrued interest; this, of course is a discount price. They fixed the dates, the redemption provisions, maturity schedules etc., which are mostly market matters and have been approved by the County Administrator. Mr. Freeman understood the County wants to use Florida National Bank as the paying agent and bond registrar. OMB Director Baird advised that Florida National was chosen because they were the low bidder. There is an average coupon rate of 7.45. The underwriter spread is 1.8%; we started at 2.25% and worked down to 1.8. Our last issue was a 2.34% spread. Administrator Wright felt Director Baird did an outstanding job in reaching a negotiated price with the underwriter, signifi- cantly better than we have done before, and the Chairman agreed. Director Baird stated that based on the interest rate the first 30 months, the annual cost will be $202,110; the average interest expense will be $245,000 annually; and the first principal payment will be due in 1991. Right now the closing costs are estimated at about $74,427 without the discount. Chairman Scurlock thanked OMB Director Baird and staff for an excellent job, and Commissioner Bird added his congratulations and noted that these rates make the project even more feasible. ON MOTION by Commissioner Bowman, SECONDED by Commissioner Bird, the Board unanimously adopted Resolution 86-20 Awarding $2,720,000 Recreational Revenue Bonds, etc. 54 8001` 04 Fr®� APR 1 1966