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required public hearings or published notices. <br />The real timing issue in proceeding with a bond issue centers around the <br />progress of the projects that are going to be financed. In general, the LGC wants <br />you to have firm construction numbers for most of the projects to be financed <br />before you close on the financing — the LGC wants to be sure you don't borrow too <br />much money, or too little money, or borrow it earlier than you need it. This is only <br />LGC policy — not the law — so the LGC has flexibility in how it administers this <br />policy. In general, the LGC will give you some more leeway in the timing of <br />issuing voter - approved bonds than for other types of financing, but it still wants to <br />see that you are close to construction with well - developed estimates (at least) <br />before allowing you to borrow money. <br />Please let me know if you have any questions about this information, or if I <br />can be of any other assistance. <br />-- RMJ <br />5 <br />