8/18/1992 - Laserfiche WebLink

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AUG ;1, Irq,'I?- BOOK �i�" FA(E o =y �jU l such as developers agreements and conservation easements, to protect environmentally sensitive lands, which means we will not need to spend $26 million, and that we can acquire what we need to acquire for less. That is our goal. Commissioner Scurlock felt the recommended change in the language of the ballot form could be confusing to voters who are not familiar with the mechanism of issuing bonds. Chairman Eggert agreed that the changes are confusing and preferred to keep the original language of the ballot form. OMB Director Joe Baird stated that the bond counsel advised that we cannot use the word "approximately," which was suggested when we thought the length of the bond possibly'could go 16 or 17 years. We must use the phrase "not to exceed" in the resolution. Director Baird stated that our bond counsel cited cases in other counties where the tax rolls devalued and he felt the "not to exceed 20 years" would protect the County if our growth did not meet expectations. It also would make our document viable in the bond market. Chairman Eggert recalled that the library bond did not have that language, and Attorney Vitunac explained that the library bond was limited to 1/2 mill and the length was 30 years but OMB Director Baird structured it, with the Board's approval, at payments for 5 years instead of 30 years. John Orcutt, member of the Land Acquisition Advisory Committee (LAAC), stated that it is not the intent of the LAAO Board to go out and issue $26 million worth of bonds. However, we must have some money available in order to get state matching funds. Mr. Orcutt cited the example of state money that is going toward Archie Carr purchases in Brevard County because they have matching funds. He suggested that we should stay with the term of 15 years and perhaps reduce the amount to $22 or $23 million. OMB Director Baird felt we could keep the figure of $26 million with the understanding that if we could not issue bonds for 1/2 mill, we would not pursue it. Commissioner Scurlock agreed we should only issue debt that we can service. Attorney Vitunac pointed out that the language of the resolution is more complete than the language in the bond referendum form, and the resolution says we are obligated to issue one or more series; we do not have to issue $26 million at once. Commissioner Scurlock thought that it is important to inform the public that if the economy gets worse, the Board will have the discretion not to issue additional debt and will keep things under control. This will not be a carte blanche for $26 million. 16 M M