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BOOK 76 F4.Gc 1:35 <br />today, our bond lawyers will send it to the FmHA after the fact, <br />and if they approve it, we will be able to refinance about one <br />half of the existing debt that is outstanding now with the FmHA. <br />Then, in about 2-3 months, we will close on the Gifford loan, <br />which is another $9 -million, and that would come under the new <br />covenants of this resolution. If FmHA offers another program <br />next year by which we can purchase our loans at a discount, we <br />would buy back the Gifford loan and thus be totally finished with <br />the FmHA. Utilities would be running like a business, which it <br />really is. <br />Commissioner Scurlock noted that there are some things in <br />here that the FmHA might not agree with, so it might come back <br />with some modifications. <br />Attorney Vitunac advised that financial advisers Art Ziev <br />and Art Diamond are here today to answer any questions, but <br />staff's recommendation is that the Board pass this resolution. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Scurlock, the Board unanimously adopted <br />Resolution 89-19, providing for the issuance of not <br />exceeding $7,500,000 water and sewer revenue refunding <br />bonds, series 1989, of the county to refund certain <br />outstanding bonds of the county heretofore issued to <br />finance the cost of construction or acquisition of the <br />combined water and sewer system of the county, etc. <br />64 <br />