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guessed that if there were a referendum the public would vote against it. He recommended a referendum be held on large issues in the future. Bobbie Greenlees, 1602 Camino del Rio West, stated a personal "amen" to Mr. Winne's remarks. On behalf of the Taxpayers Association, she asked the true costs of the transaction. She also suggested the County verify the bond rating. She asked that someone clarify the amount of bonds that will be issued, the cost of selling and the cost of interest. Assistant Administrator Baird advised that the County planned an $11 million bond issue of which $500,000 will be issuance costs, leaving $10.5 million for the project. The bond issue will have a 20 -year term; the interest is estimated to be an additional 6.1% and there will be an "A" underlying rating which the County has received before using the half - cent sales tax pledge. The bond issue would be a AAA -insured issue after the County buys insurance. The -estimated interest over the term is $7.7 million. Since the bonds have not yet been issued he could only speak of estimates. Ms. Greenlees asked for clarification on the $17 million net proceeds figure. Assistant Administrator Baird stated that $10.5 million would come from the $11 million issue. There is also planned a $7 million bond issue, using the $ .5 million annual allocation from the State over a 30 -year period. That issue could potentially have a AA rating, but an A underlying rating was assumed when it was written. The $15 million interest on that bond issue would come from the State ($.5 million per year for 30 years). There was discussion as to the application deadline of October 1, and Administrator Chandler advised that everything before the Board at this meeting is contingent on the approval by the State by December 31'a. Administrator Chandler and Assistant Administrator Baird responded in detail to Vice Chairman Ginn's inquiries concerning allocation of the bond proceeds. September 7, 2000 16