10/24/1989 - Laserfiche WebLink

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2 4 1989 BOOK 78 Pr' E 26 r MOTION WAS MADE by Commissioner Scurlock, SECONDED by Commissioner Bowman, to adopt Resolution 89-135 awarding the Bonds as set out above. County Attorney Vitunac asked that County Financial Advisor Art Diamond explain the terms we got and tell us how well we did. Mr. Diamond stated that the one person he would like to point out as being a driving force behind this bond issue is Commissioner Scurlock. It has been a very complex issue; we have spent literally years on it; and he felt Commissioner Scurlock deserves a tremendous amount of credit for getting this accomplished. Mr. Diamond informed the Board that this is an 11 year piece of paper. It is non -rated; it has no insurance; it does not have a letter of credit behind it; and yet it was sold at a 7-3/4% rate. In comparison, the City of San Antonio yesterday sold a rated piece of paper at 7.1O%. Mr. Diamond noted that he would like to take credit for all this, but it really is more a sense of timing and luck that the County got into the market when rates were low. If we had been in the market 3 months ago, we might have been looking at 81%, and he felt the persistence shown by all involved in getting this done generated this 7-3/4% rate which he felt is an extremely good rate. Mr. Diamond asked that the Underwriter, Art Ziev of Gulfstream Financial, who bought the bonds, carry on a little further. Bond Counsel Chuck Sieck wished to say, before Mr. Ziev makes his remarks, that, luck aside, he felt finding a purchaser at 7-3/4% was quite an accomplishment on the underwriter's part. Mr. Ziev thanked Mr. Sieck for his comments and thanked the Board for affording the opportunity for Gulfstream to assist the County in their capital program. On a personal note, Mr. Ziev stated that this has been a very interesting deal to work on because it is unique. The team came up with something innova- tive, and it probably is the first time this type of financing 54