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J U�� <br />BOOK <br />SALE OF LIBRARY BONDS <br />County Attorney Vitunac handed the Board copies of the <br />Resolution just handed him by Financial Advisor Art Diamond. <br />Mr. Diamond informed the Board that they held the sale on <br />the Library Bonds and opened the bids this morning. Ten bids <br />were received, all of which were at very good rates, and the <br />winning bid was the firm of William R. Hough & Company. Their <br />bid on a true interest course is 6.31880; and the underwriter's <br />spread, which is their discount is .34060. Mr. Diamond stressed <br />that all the bids were excellent bids and we had real good <br />interest from the marketplace on this issue. <br />Commissioner Scurlock inquired what we are doing about <br />insurance, and OMB Director Baird advised that we got 2 bids that <br />were exactly the same and decided to go with FGIC (Financial <br />Guarantee Insurance Corp:) because they have worked with us in <br />the past. Based on prior cooperation, he would suggest that we <br />go with them. <br />ON MOTION by Commissioner Scurlock, SECONDED by Com- <br />missioner Eggert, the Board unanimously adopted Resolu- <br />tion 89-74 awarding 5.9 million General Obligation Bonds <br />for improvements to and expansion of the County -wide <br />library system to William R..Hough & Company. <br />50 <br />I <br />