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Public hearing on issuance of refunding bonds and adoption of refunding bonds. Ken <br />Chavious is going to tell us about that. <br />Ken Chavious At the December 2"d meeting the board introduced a bond order that is <br />required in order for the county to pursue a refunding of Bonds that we issued in 1993. <br />Total amount of refunded bonds is approximately 26 million dollars. We have estimated <br />that by refunding these bond the county could save in excess of hundred and twenty five <br />thousand dollars annually on its debt service payments. And about 1.3 million dollars for <br />the remaining 11 year term of the bonds. You also may recall that you have scheduled a <br />regular bond sale for March, a sale in which we will piggyback this refunding on and <br />with that we will be able to realize a savings in issuance cost as well. The statutory and <br />Local Government Commissions requirements call a Public Hearing on the advisability <br />of issuing the Refunding Bonds. The Board has established tonight as a time for this <br />public hearing. All other required steps leading up to this .hearing have been <br />accomplished. Tonight we are asking to Board to go ahead and conduct the Public <br />Hearing that is required and afterwards we are asking the Board to officially adopt this <br />Bond Order as well as adopting a resolution providing for the publication of the bond <br />order by the Clerk. These are also required steps in order to accomplish the refunding . <br />There is one other thing we will have bring back to you at the 2°a meeting in February <br />and that is the your approval of the official statement that is required for us to issue these <br />bonds. I will stop right there and be glad to answer any questions you might have. <br />Margaret Brown-Are there any questions from Board members? <br />Barry Jacobs- did you say 26 million or 28 million, all the documents say 28 million <br />Ken -right the latest numbers I have gotten from the financial advisor was 26 million, <br />the market must have changed, maybe Bob can answer that. I think it is an amount not to <br />exceed 28 million in the original documents <br />Bob Jessup-It is an amount not to exceed in the original document <br />Margaret Brown-are there any other questions, I have no one signed up to speak. She <br />asked if anyone would like to speak. No one come forward <br />Margaret Brown-is there a motion from the board? <br />Steve Halkiotis-to close the public hearing <br />Margaret Brown: is there a motion to close public hearing and received. Motion <br />received to close public hearing and passed. <br />Margaret Brown -there is a manager's recommendation to adopt the bond order and a <br />resolution for Bond Order Publication. <br />Moses Carey-so moved <br />Steve Halkiotis -Second <br />