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interest rates are possibly coming down, at least I don't
think there is any way they can go up with the economy like
it is. To borrow the entire amount before you actually
start construction, seems tothe it would be more feasible
to borrow it in stages or issue bonds in stages as needed.
Does anybody, has anybody looked into this? I am sure you have
bankers on the board and people who are supposed to know finances,
but I keep seeing this figure come un where you are going to
get so much interest, but you are going to be paying a whole
lot of interest on that money, too.
Allen Knox: We have with us Terry Lynn, with the firm of
Ernst and Whinney, our CPA in this matter, and he could, could
you speak to that?
Terry Lynn: If I understand, your concern is that given
the current state of the economy, whether we should issue all
of the bonds at one time. I defer to county counsel in term$,
dF the types of issues that you might pursue, and if all of the
amounts were authorized, I think you could sell them as the
construction went along„ as long as you were authorized to
issue and to sell enough bonds to complete the project.
Typically, however, these projects are all sold at one time.
I understand your concern. I think that logistically I can't
opine definitively whether or not under State Statute we
could do that; but if you authorized the full amount, I would
think you could sell them in increments.