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Staff sent out "Requests for Proposals" on refinancing Route 60 Bond <br />Issues. On March 8 1988, the Board of County Commissioners authorized <br />staff to proceed on obtaining refinancing from the lowest bidder, <br />First Union Bank, with a interest rate of 8.47%. Due to the <br />complexity of the Bond Issue we were unable to finalize financing <br />until now. <br />At the present time, the -following principal balances are due on the <br />Bond Issues: <br />Route 60 Water $ 430,000.00 <br />Route 60 Sewer $2,797,675.00 <br />$3,227,675.00 <br />Closing costs will be as follows: <br />First Union Legal Council - $ 7,500.00 <br />Rhoads & Sinon Bond Council - $20,000.00 <br />The following accrued interest up. to June 28, 1988 will have to be <br />paid to Florida National Bank upon closing: <br />Route 60 Water A 8061.76 <br />Route 60 Sewer 161624.01 <br />OMB Director Joe Baird introduced Jim Thornsen of First - <br />Union Bank, who he found to be very competitive in the bidding <br />process. The next lowest interest rate was 8-3/4% from Barnett <br />Bank. <br />Bond Counsel Chuck Sieck advised that the Board needs to <br />adopt two resolutions today, which amend the original resolutions <br />with respect to interest rates, and make several other technical <br />changes felt to be necessary. Attached to each resolution is a <br />copy of Memorandum of Purchase, which is First Union's commitment <br />to purchase the bonds. The resolution approves the Memorandum of <br />Purchase, authorizes the Chairman's signature, and authorizes the <br />bond issue to be issued. The first resolution deals with the <br />State Road 60 water project, which is $430,000 outstanding <br />principal amount, and the second resolution deals with the SR -60 <br />sewer project, which is $2,797,675 outstanding at this time. <br />Chairman Scurlock commended the finance people and Director <br />Baird for a job well done. <br />Jan <br />43 BOOK 7 F,,vc 136 <br />