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has been used. As underwriter, they were able to get a very low <br />interest rate for the county, and in terms of selling this bond <br />issue, he and another salesman went to Chicago to meet with <br />several buyers and actually sit down with maps and go over the <br />transaction in detail, and one buyer did step forward and take <br />the entire bond issue. <br />Commissioner Scurlock talked about the difference 50 basis <br />points could mean over the life of the bond issue. He noted that <br />a lot of the time people don't understand what it means to have a <br />competent team working on issues of these amounts, and in terms <br />of these basis points, you are talking big bucks. At budget time <br />we argue over amounts of $10/20,000, and here we are talking <br />about $300/400,000 at a clip. <br />Mr. Ziev felt one other factor should be mentioned, and that <br />is the county itself. He originally anticipated an interest rate <br />between 8 and 81%, but as they began working with the buyers, it <br />became very evident what a great reputation Indian River County <br />has, and that people are confident that this county is going to <br />continue to grow and develop in an effective and proper way. <br />Attorney Vitunac reviewed the history of how this bond issue <br />came about starting with Commissioner Scurlock and Utilities <br />Director Pinto talking to little groups in the North County. <br />Vice Chairman Eggert expressed her thanks to everyone <br />involved for all their hard work and the creativity involved in <br />bringing this about. <br />Mr. Ziev presented a good faith check for $60,750 to OMB <br />Director Baird. <br />OCT 241989 <br />THE VICE CHAIRMAN CALLED FOR THE QUESTION to adopt <br />Resolution 89-135. <br />It was voted on and carried unanimously (3-0) with <br />Commissioner Bird and Chairman Wheeler being absent. <br />55 <br />BOOK 18 FAEE 261/4.) <br />