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grinder pumps will be in the interests of the county in the long <br />run. He believed Mr. Pinto has been very open with the residents <br />and is to be commended, but he felt that in the future this could <br />be a gray area, and he would like to have something stated on the <br />record about what other—systems were looked at to reach the <br />conclusion that over the long term these pumps are the ideal as <br />compared to a gravity system. <br />Director Pinto explained that the county will bond this out <br />on a 10 year bond payment, and it will be financed over a ten <br />year period. After the project is done, we come in for the final <br />assessment which cannot exceed the $3,200, and at that point, the <br />residents have 90 days to choose the option of whether they want <br />to pay it over the 10 year payment plan or in cash. On this <br />project we probably will bill it out from the Utility Office on a <br />monthly basis to make it easier for the people living there. The <br />interest rate will be 1% over whatever the bonds are sold for. <br />Attorney Vitunac believed that probably will be something <br />less than 8%, and Financial Advisor Art Diamond later reported <br />that today the rate is between 7 and 7/%, but that, of course, <br />varies. <br />Mr. Close asked if the bonds will be sold in three different <br />chunks, and Director Pinto stated that they will be sold as one <br />package; our Bond Counsel just wanted to break this down into <br />three units to identify it better. In regard to the design of <br />the project and the use of a mechanical pump for each home, which <br />appears to be heavy in maintenance, he advised that he has had <br />personal experience with these in rather large facilities in <br />Florida with General Development Corp. and has also talked with <br />people at 11 other locations throughout the United States where <br />they have massive installations. One of the largest of these <br />where they are using the exact same pump is in Illinois. They <br />have had good experience with it and found the operational cost <br />to be reasonable. Mr. Pinto explained that when you do an <br />analysis over a long term period comparing the cost of their <br />3 5 <br />NOV 11988 BOOK 75 ME 35 <br />