Laserfiche WebLink
was talking about an adjustable rate loan triggered by the prime <br />interest rate. <br />In the following discussion, it was noted that it will be <br />necessary to pick either a specific bank to set the rate or the <br />Wall Street Journal, and Commissioners Eggert and Bowman agreed <br />the Motion would call for prime plus 2% adjustable by the Wall <br />Street Journal. <br />OMB Director Baird informed the Board that he will have to <br />transfer funds from Board Contingency at this time to purchase <br />the property; so, it will need to be added to the Motion that the <br />funds be transferred from General Fund Contingency. <br />Commissioners Eggert and Bowman agreed to the above <br />addition, and the Motion was reworded as follows: <br />MOTION WAS MADE by Commissioner Eggert, SECONDED by <br />Commissioner Bowman, to take over the property from <br />the Housing Authority for $83,000 (or estoppel amount <br />set by the DCA) at 2% above prime for two years; <br />contingent on the county securing the land with free <br />and secure title; prime to be determined from the Wall <br />Street Journal; and the necessary funds to be trans- <br />ferred from General Fund Contingency. <br />Chairman Scurlock asked if there is no private institution <br />that will handle this loan, and Attorney Collins stated that he <br />will go out into the market again, but first needed to be assured <br />of the Commission's support. He did not believe they can get a <br />competitive loan in the open market. <br />Commissioner Wheeler noted that philosophically he is <br />opposed to this, but he will support the Motion because hopefully <br />this will put the Housing Authority in a position in the next two <br />years where they will be self-sufficient, and the county will no <br />longer be supplying funds for their administrative costs to the <br />tune of $70-80,000 per year. <br />23 BOOK P"E13 7 <br />ALAR 2 11937 <br />