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<br />' 3 <br />Thurmond Murphy, representative of FHA, indicated the (busty would <br />not be obligated until the issuance of bonds. The next step would be final <br />plane and specifications and advertisement forbids. <br />Cbnmissioner Marshall asked the length of time the Board has to give <br />FHA the specifics they need and Murphy indicated they would give the Board the <br />time, they need to work out the project. <br />Oomanissior~er Whined indicated that issuing net debt hoods is a faf r- <br />ly normal practice with camties and municipalities. She law, without the wte <br />Of the people, allows issuance of 2/3 of the debt retirement for the previous <br />fiscal year. Because Ckatge County has never issued net bebt reduction bonds, <br />Comoa~issi.oner Whined indicated that the Hoard needs to establish the criteria <br />or oonditions that Orange Oourity will use in the issuing of such bonds. It is <br />quite clear that a health hazard exists in the 6fl.and Rstates area which should <br />be listed as one criteria. Another would be the critical wndition that exists <br />at Sflard School. The issuance of net debt reduction bonds should be reserved <br />for emergency situations only and have very specific purposes. <br />Gledhill noted that the Boni Oounsel is concerned that before yvu <br />incur a debt that all the people in Grange County are responsible for repaying,. <br />that you have public purposes that affect all the people in CArange County. <br />Motion was made by cAmnissio~ner Whined, seoorded by C7anmissianer ~ - J3 - fl ~f <br />Walker that as a matter of policy the issuance of general obligation bonds <br />under the net debt reduction rules by Change C7ounty be exercised only when <br />there exists a health. safety and welfare hazard andlor to oonetruct a capital <br />facility needed to prcot~ect the health, safety and welfare from emergency <br />aotxliticna. <br />VO-1.'Es i~lNIl+lOtT6. <br />Cloamissioner Whined noted there are other policy issues that should <br />be addressed at a later time before other decisions are made. <br />Th~psan indicated that the figures on the Letter of intent to meet <br />conditions will be adjusted to reflect the operating budget fees. <br />Motion was made by Cona-issioner Whined, seconded by Chair Willhoit <br />to approve the letter of intent and authorize the Chair to sign. <br />VC11'E: NjD~7S. <br />s. Rsot~sr ~t~ ~~ <br />Motion was made by Caaamissianer Marshall, seconded by Qommissioner <br />Whined to approve the request for obligation of fondle in the amount of <br />5200,000 at an interest rate of 7.75$ and to set the amount of the grant at <br />X598,300. <br />~~#i, <br />