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Chairman Scurlock advised that the Board now needs to adopt two Resolutions. Charles Sieck of Rhoads & Sinon, Bond Counsel, informed the _ Board that the first Resolution is the one amending and supplementing Resolution 85-75; it authorizes the projects which are going to be funded out of the bond proceeds and also authorizes the Series 1987 bond issue in an amount not to exceed - 3.8 million. it makes the necessary amendments to the original Resolution dealing with the 185 series, which is also paid for out of sales tax revenues. The second Resolution is the awarding Resolution, which authorizes entering into a contract of purchase whereby Smith Barney buys the bonds from the county under the rate structure set forth in the contract and also the Resolution. Commissioner Eggert requested five minutes -to read the Resolutions. Chairman Scurlock asked Mr. Diamond if Smith Barney came in within the parameters we had set, and Mr. Diamond confirmed that came in within the parameters of the spread they had originally proposed, the maximum being 7.5, and we negotiated down to 7.00. We also negotiated the bond counsel down. Mr. Diamond felt the county ended up with what he felt is a more than fair market rate and stated that he is proud to be associated with the county, which he felt has one of the top Board of Commissioners in the state. Commissioner Bird wished to know if this bond issue totally encumbers the sales tax fund, or could there be additional funding accomplished in the future. Mr. Diamond stated that additional funding could be accom- plished through the County's 1/26 sales tax. All the bonds the county issues on that lean on the entire amount, but you only need just so much to pay your debt service. Chairman Scurlock pointed out that when you issue bonds based on the 1/26 sales tax, it has an impact on the current proposed budget because the revenue pledged for that purpose is 5 JUN 3 0 1987 BOOK 66 F,�u 672