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i <br /> 2 <br /> 10 year proposal , total installment purchase payments during the first <br /> several years would be lower than the conservative estimates prepared <br /> by staff in September. Given that , and the substantial total interest <br /> savings of about $270 , 000 , Staff believes it is worthwhile to pursue <br /> the 10 year arrangement rather than the 15 year arrangement . <br /> The County would receive the full $2 million at closing, which would be <br /> placed in a NationsBank escrow account on behalf of the County. The <br /> County would withdraw funds with 14 days notice to NationsBank to meet <br /> construction payments . While in escrow, unexpended portions of the $2 <br /> million would earn interest for the County (currently at a rate <br /> of 5 . 600 ) , thus further reducing the net cost to the County of the <br /> installment purchase financing. <br /> The LGC requires that governments conduct a public hearing on financing <br /> agreements of this nature prior to their consideration of the <br /> application for approval . At the October 17 , 1995 meeting , the Board <br /> established November 14, 1995 as the date for the required public <br /> hearing. The LGC will consider the County' s application for approval <br /> of the financing agreement on Tuesday; December 5 , 1995 . Assuming that <br /> both the Board and the LGC approve the financing, closing and receipt <br /> of funds will occur by January 15 , 1996 . <br /> RECOMMENDATION(S) : The Manager recommends that the Board of <br /> Commissioners conduct the public hearing , and approve the proposed <br /> financing agreement with NationsBank, subject to final document review <br /> by County staff and County Attorney. <br />