7/23/2015 11:59:19 AM
6/12/2015 1:40:28 PM
Special Call Meeting
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JUN � 0 987 <br />BOOK 68 PAGE 669' <br />SALE OF 3.5 MILLION CAPITAL IMPROVEMENT REV. BONDS, SERIES 1987 <br />Chairman Scurlock announced that we are here today on the <br />3.5, actually 3.8 million, bond issue. Our finance advisor, bond <br />counsel, and underwriters, all are present. The Chairman felt <br />that we have been extremely successful working with Mr. Diamond <br />of M. G. Lewis as our finance advisor; Smith Barney, the under- <br />writer; and bond counsel, Rhoads & Sinon. The Chairman advised <br />that both the Resolutions to be handed out were not done in <br />advance because of the fact that they change right up until <br />today. He then introduced Art Diamond, Finance Advisor. <br />Mr. Diamond expressed his pleasure at being present and <br />advised that despite the fact that this is a fairly straight <br />forward bond issue, there have been some complications. One over <br />which they have had no control has been the market environment, <br />which has been extremely volatile. Over the last two months Wall <br />Street has lost over a billion dollars in the bond market; so, <br />considering the environment, they have come to what he considered <br />a successful conclusion on this bond issue, the amount of which <br />is $3,655,000. <br />Mr. Diamond informed the Board that they spent a long hard <br />day yesterday with the underwriter, Smith Barney, working out the <br />interest rate, and negotiations continued all day until they got <br />to a point acceptable to all. The county gained 15 basis points <br />during the day, which translates into something close to $98,000. <br />While this is a practice normal in the industry, it takes a lot <br />of hard work and cooperation between the county and the <br />underwriter. Mr. Diamond congratulated everyone concerned for <br />being level headed and felt the county got a great deal. He then <br />introduced Peter Zent, Managing Director for Smith Barney in <br />their Tampa office and Gregory Carey, Second Vice President of <br />Smith Barney in their West Palm Beach public finance office. <br />Mr. Zent referred to the following chart showing interest <br />rate comparisons': <br />2 <br />
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