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)FEB 14 1989 <br />BOOK 76 FADE 133 <br />Attorney Vitunac presented the following memo dated 1/12/89: <br />TO: Board of County Commissioners <br />it . r :----' <br />FROM: Charles P. Vitunac, County Attorney <br />DATE: February 8, 1989 <br />RE: B.C.C. MEETING FEBRUARY 14, 1989 <br />REFINANCING OF UTILITY SYSTEM BONDS <br />HELD BY FARMERS HOME ADMINISTRATION <br />On January 17, 1988, the Board approved in concept <br />refinancing the FmHA debt of the utility system. (Please <br />see the attached memo from Budget Director Joe Baird, <br />through County Administrator James E. Chandler, to the <br />Board.) <br />Pursuant to the direction of the Board to proceed on this <br />refinancing, our bond counsel has prepared the attached <br />resolution which would refund certain outstanding bonds of <br />the County and replace them with a new issue of <br />not -to -exceed $7.5 million. Besides the financial benefits <br />of the refinancing, the new bond resolution has significant <br />improvements in the covenants pertaining to the utility <br />system, which will vastly improve the utility system's <br />ability to expand and improve its service. <br />If the Board approves this resolution, the County Attorney's <br />Office will validate the refunding issue in time for the May <br />9, 1989, deadline set by the FmHA. <br />Staff recommends approval of this resolution. <br />TO: Members of the Board <br />of County Commissioners <br />THROUGH: James E. Chandler <br />County Administrator <br />DATE: January 12, 1989 <br />SUBJECT: REFINANCING FARMER'S HOME <br />ADMINISTRATION DEBT IN UTILITY DEBT <br />qb <br />FROM: Joseph A. Baird <br />OMB Director <br />DESCRIPTION AND CONDITIONS <br />The Utility Department financed the majority of it's debt through <br />Farmer's Home Administration (FmHA) and has the following amount <br />outstanding or obligated: <br />