Agenda - 02-01-1988 - Laserfiche WebLink

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k . connection with the issuance of the initial notes (the "Issuance Expenses") . 2 . The estimated total cost of the Project and the Issu- ance Expenses will be at least $1, 589, 045. Said total cost has been financed by the County from the proceeds derived from the sale of the initial notes, the maturing notes, investment earnings thereon and certain other moneys of the County. 3 . The County does not expect to sell or otherwise dispose of any property comprising a part of the Project prior to June 1, 2027 , the maturity date of the final installment of principal of the bond, except such minor parts or portions thereof as may be disposed of due to normal wear, obsolescence or depreciation in the ordinary course of business. 4 . Work on the Project began after July 20, 1987 and the County has entered into binding contracts or commitments obligating the expenditure of not less than $100,000 toward the cost of the Project. Work on the Project will proceed with due diligence to the completion thereof presently expected on or about March 31, 1988. 5. On the basis of the facts, estimates and circumstances in existence on the date hereof, which is the date on which the bond is to be delivered (the "date of issue") , we reasonably expect the following in respect of the proceeds of the bond, the proceeds of the initial notes, the maturing notes, investment earnings thereon and said other moneys of the County: (a) The proceeds of the bond in the amount of $200,000 (representing the face amount of the bond) will be applied to the payment of the maturing notes on March 16, 1988. ,L. -. 11 ...p 4-1,e nrnr!P_eds of the initial notes and