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Director Baird commented that this would relieve us of our obligation to the FHA, which has a clause stating that they have the right to require us to pay off the bonds at any time. Chairman Bird asked if we were authorizing William Hough & Co. to look at the six existing issues as well as the golf course bonds and present a proposal, and whether we are indebted to William Hough & Company if we decide not to proceed with refinancing. Director Baird explained that staff is asking the Boardfs permission today to proceed with refinancing. If the market becomes unfavorable, we are under no obligation to William Hough & Company. Administrator Chandler clarified that the Utilities refinancing was previously approved by the Board. Staff is asking the Board today for permission to refinance the golf course and other bonds if a lower interest rate is available. ON MOTION by Commissioner Adams, SECONDED by Commissioner Macht, the Board unanimously authorized staff to proceed with refinancing utility debt as previously approved by the Board, and utilize William R. Hough & Company for other County refinancing if a lower interest rate is available, as recommended by staff. RESOLUTION FOR BOND FINANCING - PHASE II UTILITIES ASSESSMENT PROGRAM Director Baird explained that the resolutions are a new U. S. Treasury Department requirement and will be presented to the Board for approval on an emergency basis, because timing is critical in order to save the maximum amount of money. ON MOTION by Commissioner Eggert, SECONDED by Commissioner Adams, the Board unanimously adopted Resolution 93-66, establishing its intent to reimburse certain expenditures in connection with the Phase II Water Main Extension project from the proceeds of future bond issues; and providing an effective date, as recommended by staff. 31 MAR 16 1993 BOOK 9 F., :J