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11/1/1988
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11/1/1988
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
11/01/1988
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ON MOTION by Commissioner Bird, SECONDED by Commis- <br />sioner Bowman, the Board unanimously authorized <br />the County Attorney to reschedule Mr. Blankenship's <br />hearing with the Board to some time in January in <br />coordination with his attorney. <br />RESOLUTION RE PURCHASE OF NORTH BEACH WATER COMPANY <br />Attorney Vitunac explained that what this does is change <br />Paragraph 5 of the contract by which we are to purchase North <br />Beach Water Company in about two hours. Since we are no longer <br />issuing bonds to do the purchase because of an FmHA impediment, <br />we are going to close with cash and do Bond Anticipation Notes <br />(BANs). Therefore, none of the language in the earlier paragraph <br />is needed any more. What is needed is that they agree to help us <br />without BANs when necessary, and we have agreed to restrict the <br />surcharge to $13.00 for the next 5 years only. After that time, <br />the surcharge can go as high as necessary to fund the BANs or <br />other debt we have to issue to buy the system. That protects the <br />developer who knows it is only $13 per unit per month, and it is <br />sufficient money for us to be able to borrow at some rate of <br />interest. There is no cost to the taxpayer and not much to the <br />utilities system. It is a self- funding purchase by the people <br />who live on the North Beach water system. <br />Chairman Scurlock wished to point out that the 3.1 million <br />purchase price was negotiated down from a 6 million original <br />asking figure by Mr. Pinto and himself. <br />ON MOTION by Commissioner Eggert, SECONDED by Com- <br />missioner Wheeler, the Board unanimously adopted <br />Resolution 88-118 authorizing execution of an amend- <br />ment to contract to purchase North Beach Water Company. <br />(ALSO RECEIVED AND NOW ON FILE IN OFFICE OF CLERK TO THE BOARD: <br />ORIGINAL RECORDED WARRANTY DEEDS AND ASSIGNMENT OF EASEMENT) <br />NOV 11988 <br />88 <br />BOOK 75 <br />Fa:GE X88 <br />
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