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ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Wheeler, the Board unanimously approved <br />Option #2, as set out in the above staff <br />recommendation. <br />RESOLUTION AMENDING RESOLUTION 88-44 RELATING TO THE PURCHASE OF <br />THE NORTH BEACH WATER COMPANY <br />The Board reviewed the following memo dated 12/7/88: <br />TO: Board of County Commissioners <br />Jr <br />l..` —b ., P. v . <br />•..•��n.: Via.. J <br />FROM: Charles P. Vitunac, County Attorney <br />DATE: December 7, 1988 <br />RE: ATTACHED RESOLUTION WHICH AMENDS <br />RESOLUTION #88-44 RELATING TO THE <br />PURCHASE OF THE NORTH BEACH WATER CO. <br />Board Meeting December 13, 1988 <br />The original bond resolution, passed by the County on August <br />2, 1988, which authorized the purchase of North Beach Water <br />Company by the issuance of not -to -exceed $4,000,000 in water <br />revenue bonds needs to be amended as shown on the attached <br />resolution prepared by our bond counsel. <br />The amendments were made necessary by the County's decision <br />to temporarily fund the purchase by the issuance of bond <br />anticipation notes secured by the sale of bonds within three <br />to five years and the decision to fund the permanent bonds <br />with a surcharge to the residents of the former North Beach <br />Water Co. franchise territory. <br />Staff recommends adoption of the resolutionso that it can <br />be used in the closing on the bond anticipation notes, which <br />closing is scheduled for Thurdsday, December 15, 1988. <br />Attorney Vitunac advised that all this does is allow junior <br />liens to be issued rather than surcharges. It really is not <br />significant, but it is important to the underwriters. <br />DEC i3 1 <br />88 <br />38 <br />LOOK 5 FAGS JoJ <br />