Laserfiche WebLink
ON MOTION by Commissioner Adams, SECONDED by <br />Commissioner Bird, the Board by a 4-0 vote <br />(Commissioner Eggert being absent) unanimously <br />approved the Contract with Laurel Homes, Inc'. with <br />consideration for the donated right-of-way being an <br />agreement that there will no assessment for paving, <br />construction, utilities, drainage, or any other <br />expenses associated with 26th Street improvements, <br />pursuant to recommendations of staff. <br />CONTRACT WILL BE ON FILE IN THE OFFICE OF THE <br />CLERK TO THE BOARD WHEN EXECUTED AND RECEIVED <br />M. Underwriter for Utility Bond Issue - Smith -Barney and William R. <br />Hough & Company <br />The Board reviewed a Memorandum of November 21, 1995: <br />TO: <br />DATE: <br />SUBJECT: <br />Members of the Board <br />of County Commissioners <br />November 21, 1995 <br />UNDERWRITER FOR UTIIITY BOND ISSUE <br />CONSENT AGENDA <br />FROM: Joseph A <br />OMB Director(�D' <br />ESCRIPTION AND CONDMONS <br />Indian River County is presently working on a Revenue Bond Issue to fiord future Utility projects. <br />The Bond Issue would be secured by the Revenues of the Water and Sewer Utility Systems. <br />Presently we are anticipating the size of the issue to be between $35,000,000 to $45,000,000 based <br />on the list of projects fivaished by the Utilities Department to the Budget Office. <br />Indian River County has had the policy of competitively bidding all General Obligation Bond Issues. <br />Revenue Bond Issues are negotiated because the underwriters are hired to assist in structuring the <br />official statement to get the most preferable interest rate. This is standard practice in the industry. <br />About three years ago Indian River County did a Request for Proposal to choose an underwriter for <br />&rture Revenue Bond Issues. William R. Hough & Co. was chosen in the selection process because <br />of their expertise with Utility Bond Issues. They have done an excellent job restructuring and <br />consolidating all our utility debt, refimdmg F.H.A., and enabling all future utility debt to be issued in <br />parity. <br />Indian River County recently did a sealed competitive bid Bond Issue for Environmentally Sensitive <br />Land in which Smith -Barney was the low bidder on the bonds. Since Smith -Barney aggressively bid <br />the Environmentally Sensitive Land Bond Issue and because of William R. Hough & Co. Utility <br />experience we feel they should jointly have an opportunity to be the underwriter for the Utility Bond <br />Issue. <br />RECOMMENDATION <br />Staff recommends.the Board of County Commissioners approve both Smith -Barney and Wiliam R. <br />Hough & Co. to be the joint underwriters on the next Utility Bond Issue and authorize staff to <br />negotiate the terms and conditions. <br />NOVEMBER 28, 1995 <br />15 <br />BOOK 96 pnE 68 7 <br />