Laserfiche WebLink
technical changes and don't change the substance of the <br />Resolutions as presented in the backup package. <br />Chairman Scurlock asked if the bond counsel, attorneys, <br />etc., all were satisfied with the language of the proposed reso- <br />utions, and this was confirmed. <br />ON MOTION by Commissioner Bird, SECONDED by Commis- <br />sioner Bowman, the Board unanimously adopted Resolu- <br />tion 86-35 authorizing the issuance of $9,200,000 <br />Water and Sewer Revenue Bonds, Series, 1986. <br />ON MOTION by Commissioner Lyons, SECONDED by Com- <br />missioner Bird, the Board unanimously adopted <br />Resolution 86-36 authorizing the issuance of <br />$9,200,000 Water 8 Sewer Bond Anticipation Notes, <br />Series 1986. <br />SAID RESOLUTIONS ARE ON FILE IN THE OFFICE OF CLERK TO THE <br />BOARD. <br />Attorney Vitunac informed the Board that tomorrow he will <br />file an action in circuit court to validate both of these issues <br />- the permanent financing and the BAN - and if all goes according <br />to form, this should be closed before September 1st. <br />Art Diamond explained that under the present tax law there <br />is a September 1st deadline, either then or when the new tax bill <br />is passed. At that time there will be new restrictions. For <br />example, you will not be able to earn arbitrage or have longer <br />than a three year period for construction. We are trying to <br />avoid those restrictions by getting this done before September <br />1st, and he believed we can on the present schedule. <br />Chairman Scurlock inquired if we are moving ahead in regard <br />to making up the shortfall we have experienced. With land <br />acquisition costs, which we haven't plugged in anywhere, and the <br />55 <br />JUN 18 16 BOOK 4 FA,I)E749 <br />