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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />CHAIRMAN O'BRYAN: Then, the bonds would be sold <br />and we don't our... much of a bargaining position at that <br />point. <br />ADMINISTRATOR BROWN: One thing I think is <br />important is they don't have to... not only have the <br />bonds, they can, they can disallow the tax exempt nature <br />of the bonds which is a major risk to bondholders buying <br />that, you know, because if you're buying this assuming I'm <br />going to get 5 percent interest tax free and it turns into <br />5 percent interest that's taxable, that's a different <br />thing. <br />So I would agree with the overall concept that <br />if we get a bad outcome, you know, I will leave that to <br />Dylan, but we've got fewer, fewer options left but I still <br />think in the bond buyers' minds there, there is that doubt <br />of the tax exempt ability of the bonds. I think that <br />could still be ruled that they're taxable which, you know, <br />they still sold the bonds maybe but I think that impacts <br />the bond buyer and the market. <br />CHAIRMAN O'BRYAN: Okay. I just want to -- so <br />we're all clear on what our position, I think, going <br />forward -- <br />COMMISSIONER ZORC: There's a window, yeah. <br />CHAIRMAN O'BRYAN: -- I would kind of agree with <br />Commissioner Solari and Commissioner Flescher, I do think <br />VERO BEACH COURT REPORTERS <br />772-231-2231 <br />Im <br />