10/24/1989 - Laserfiche WebLink

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NORTH COUNTY WASTEWATER SYSTEM BOND ISSUE (RESOLUTIONS) County Attorney Vitunac informed the Board that it is necessary to adopt three Resolutions regarding the North County sewer project the first one amending the original Bond Resolu- tion, the second imposing supplemental assessments, and the third awarding the bonds. He introduced Attorney Charles Sieck, the County's bond counsel, to explain the first Resolution. Attorney Sieck reported that they had originally presented the Bond Resolution to the Board and the Board passed it at the end of June or early July. At that point the structure of the transaction, as far as the public securities market is concerned, was not refined fully. It required some fine tuning to the original Bond Resolution to reflect the final structure of the transaction, and that's what the first Resolution does. Commissioner Scurlock noted that this has been a very, very complicated deal, and he felt a lot of credit should go to Administrator Chandler, OMB Director Baird, Bond Counsel Chuck Sieck, Financial Advisor Art Diamond, and Underwriter Art Ziev. He did not feel any other team could have put this together and brought it off, especially at a 7-3/4% interest rate. It was so frustrating, in fact, that we almost walked away from it about three times. Then Jim Chandler came on board, and he and Utilities Director Pinto really put their full effort in it, and helped pull it all together. Attorney Vitunac wished to point out that in the P.O.S. official statement, it says this bond issue is unique in the State of Florida and possibly nationally, as far as the way this team has devised the financing, and this may become a trend and be used as a prototype. Commissioner Scurlock stressed that rather than assembling a team that takes the attitude that we can't do it, we told our team this is what we want to do and find a way to do it, and that's what they have done. 51 OCT 241989 rOGS