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r � r <br />Staff now requests authorization to proceed with negotiations for a <br />contract. <br />ALTERNATIVES AND ANALYSIS <br />The selection committee was somewhat larger than usual since several <br />municipalities and agencies wanted to be represented. <br />The firms were not shortlisted by the selection committee before <br />formal interviews due to the limited number of responses. It was <br />deemed important to obtain as much information as possible regarding <br />each consultant since this is a substantial project that could <br />potentially affect the communications of all governmental entities <br />within the County. Staff submits the extra time spent in <br />interviewing the consultants was well spent and total fairness was <br />achieved. <br />RECO14MENDATION <br />Staff recommends that the Board approve the actions of the selection <br />committee and requests authorization to proceed with negotiations for <br />a contract. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Macht, the Board unanimously authorized <br />staff to proceed with negotiations for a contract <br />with the highest ranked firm. <br />REFINANCING OF RECREATIONAL BONDS - GOLF COURSE <br />OMB Director Joe Baird reported that a decision was made to go <br />to market yesterday on the refinancing of the golf course bonds <br />that was approved in March of this year on the first 18 holes and <br />the second 18 holes at Sandridge. He felt we were pretty fortunate <br />to get a rate of 4.596 percent and an annual savings of $30,815. <br />Staff is asking the Board to approve the bond purchase contract and <br />the necessary changes in two resolutions. He noted that with us <br />today are Art Diamond of Fishkind Associates, Ed Bulleit of <br />William. R. Hough & Co., and Chuck Seick, the County's bond <br />counsel. <br />Art Diamond of Fishkind Associates, financial advisor to the <br />County, explained that a refinancing is really judged by the spread <br />between the taxable bonds and tax-exempt bonds. Over the last few <br />months we have seen the treasury bonds declining at a faster rate <br />than municipals, so when the spread between the treasury bonds and <br />the municipal bonds finally came into proper prospective last <br />Friday, the decision was made to go to market. Mr. Diamond felt <br />the average interest rate of 4.965 percent is pretty good. Quite <br />frankly, we had a bird in hand and decided to go with that. <br />Ed Bulleit of William R. Hough & Co., underwriters, emphasized <br />that the $30,815 annual savings is the best figure they have looked <br />at in many, many weeks. He distributed copies of a pricing summary <br />showing the various rates and yields on the bonds, a copy of which <br />is on file in the office of the Board of County Commissioners. <br />43 <br />BOOK 9 FADE 9:35 <br />