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BCC Minutes 02/13/1985 S .. - IIIIt Naples, Florida, February 13, 1985 LET IT BE R£"EMBERED, that the Chairman having issutd the call and the Clerk having glven due notice .s prÅ“scribed by Ordinance No. 75-16, the Board of County Co~missioners in and for the C~unty of Collier met In S'ICIAL 8188101 on this date at 1:00 P.M. in Building -,. of the Courthou.e Complex, East Naples, rlo¡ida, with the following memb.rs pre.entl CHAIRMAN: Fred~rick J. Voss Max A. Hasse Ann e Goodn igh t AaSENT: John A. Pistor C. C....Red· Holland ALSO PRESENT: James~. Giles, Fiscal Officer, Maureen Kènyon, Deputy Clerk, Donald ~. LUSk, County Manager, Neil Dorrill, Assistant County Manager, Burt L. Saunders, CQunty Attorney, Oon Norton, Public Services Administrator, and ~llliam MCNulty, Sh~riff's Dopartment. AGENDA 1. Selection of Underwriter for refinancing the Justice Center Bonds. Mot.. an it.. wa. added re burnin9 per.ita. MIRRILL LYNCH S'LICTID AS MARKETING MANAGER AND WILLIA~ R. HOUGH SELICTED AS PROJECT MANAGER RE REFINANCING THE JUSTICE CENTER BONDS County Manager Lusk stated that the ~urpose of this meeting is to report to the Commission the recommendation of the financial Committee for the sel.ction of an underwriter for the Justice Center Bonds. He noted that the majority of the committee has selected William R. Hough as the project manager and Merrill Lynch as Marketing Manager, based on a 60-40 split. Mr. Dave Fischer Qf Fischer, JOhnson, Allen, ~ Burke/Southea.tern Municipal Bonds, stated that the Project Manager leads the team up to the point of the official statement, structuring and putting it together for the final presentation. H. stated that once this presentation is accepted by the Commission, the day of marketing takes place and at that point the bond is sold and th.n the Marketing Manager takes over to market the bonds. County .~nager Lusk stated that the split was caused more by the combination of Hough and Dean Witter than Merrill Lynch alone, adding that when Dean Wi tter and Hough wå. split, it threw the vote off because there was a very strong vote for Dean Witter. He stated that 600K D85 rAé[ 710 Pag. 1 lOGe U85 'a~·t 711 February 13, 1985 it va. felt that Dean Witter and Merrill Lynch gave very good pre..ntatlon., but In the end It was felt that taking half of Dean Witter'. pre.entatlon, which was William R. Hough, and Merrill Lynch, It would be a better interest for the County. Mr. Fi.cher .tated that after the team i. aelected he would have it together by Monday and at that time, a tight time achedule will be .et, adding that he hope. that within two or Ie.. than three weeka, he vill be back and If the market is right, there will be good refunding for the County. Assistant County Manager Dorrill stated that if things go right and the market is favorable, closing would be between 40-60 days. "r. Fischer stated that the quickest that he could market would b. 20 day., adding that at that point, the interest rate could be determined. He stated that h. would need an opinion of bond counsel which could be done that quiCkly. County Attorney Saunders stated th~t Mr. Giblin has WOrked as bond counsel in the past and has already prepared the appropriate resolution and has assured him that the opinion could be made well within that time period. Commissioner Voss questioned what the amQunt of the bond issue will be? Mr. Fischer replied that he does not know at this time, adding that the lðst issue was $23,825,000 and this issu~ will be approximately that size plus or minus $2 million depending on what type of structure is used. He stated that if the additional $5 million is d~cid.d upon, that can be added to the refunding bond size. Commissioner Voss stated that the question that concerns him is how much money can bonds be sold for without increasing the debt service? Mr. Fischer stated that it would have to be determined how much is saved, what structure it will COSt. this issue. Commissioner Hasse questionea the inter~st rate. Mr. Fischer stated that it WaS 9\ ~bout 10 days ago, and It is approximately 9-1/8' tOday, adding that it has lost som~ ground but the b~nd market is not going to stay the same. Fiscal Officer Giles questioned wh~n runs can be obtained indicating the various scenarios, because the .;ructuring by the underwriters has been several differunt ways, to which Mr. Fischer but as fðr as ~ bond issue goes the decision would be you wont tv build, wh~t size and a good idea of how much lie stated that $5 millIon could be e~sily weaved into , Page 2 .-- I ::=J ---.J L__~ _~'.'l --~,.- - ... "" February 13, 1985 atâted thåt the inv..tm.nt banking tea~ will have the scenarios to test on Mond.y ~nd it will then take 3 or 4 days bofore he can 9ive it to the Commis.ion with the results. County-Attorn.y Saunders stated that the Commission will have to d.cide at .ome point in time whethe~ the existing $23 million will be r.funded or an additional $5 million will also be r.funded, adding that the advantage of putting it all together will be the cost saved. Mr. Fi.cher Mtated that there would be some savings in scale by .dding the $5 million to it, but a lot is predicated on a per bond cost, adding that it is not a gr.at savings DS on. would think and he will lOOk at that issu.. He noted that there is nota recouping as far as arbitrage goes. He stated th~t if the Commission is ready it could b. put on this issue to save som~ money, but if they are not ready it could be put on another issue and thdt could be determined later. Co..i..ioner H.... .0VGd, .econd.d by Co..i..ioner Goodnight .nd carried un.ni.oU.ly, th.t Merrill Lynch be ael.cted a. the Mark.ting Man.ger and Willia. R. Hough b. ..lected a. the proj.ct Man.ger re refinancing the ~u.tice C.nter Bond.. TON aIILIU 81LICTID AS BOND COUNSEL lOR TBI RIIIHAHCING 01 THE JUSTICE ClarTIR 80arDS County Attorney Saunders ~tated that he would like to tave the Commission.rs appoint Mr. Tom Giblin as the Bond Counsel, adding that h. is with the firm of Nabors, Giblin, , Stephan~ out of Tallahassee. H. stated that he has done work for the County in the past. Mr. fischer stated that Mr. Giblin did the financing of the Justice C.nt.r Bonds. 'iscal Officer Giles questioned the management fee and the bond coun.el fe. of the issue, to which Mr. Giblin stated that he has a sliding scale depending on the size of the issue, adding that he thinks that it i. about $2.00 per bond for the first 12 or 15,000 and after that it goes down. H. stated that the larger the issue the smaller the incr....nt in terms of the Bond Couns.l fee. Co..i..ion.r GOodnight ~Y.d, .econded by Co..i..ion.r B.... and carried unani~u.ly. that Mr. To. Giblin be appointed a. the Bond Coun..l r. tbe refinancinq of the Ju.tice C.nter Bond.. aUU11lO P&IUIITS TO II REVUWID 011 A CASI-IY-CASI IASIS AarD APPROVAL OR D..IAL TO 81 MADI IY TBI FIRE CHllr or THI DISTRICT. THI CWTY. MAarAGIR Com..issioner Goodnight stated that ahe needed to have aome action tak.n regarding burning permits. lOOK 085 PAr.( 712 Page 3 '¿''''#..'t<. ,"~', I...J. " ,..._--.."...,- .-. 'Oft 085 ~Ar.t 713 F.bruary 13, 1985 County Attorney Saunders .t.t.d that Section 2-26C d.al. with apeci.l ..atin9. .nd that .ection s.y. that the Commi..ion .hall not take action on any ..tter, propo.al or it.~ of bu.in... not li.ted on the agend. unle.. the ..jorlty of the Commi..ion pr...nt con.ent5. eo..laeloner YO.. .o.ed, aeconded by Co..iaaioner Ba..e .nd oarrle4 an.ni.oualy, th.t an ite. regarding burning per.ita be added to the agenda for conaideratlon. Commi..ioner Goodnight .tated that .t the l..t regular meeting. aor.torium wa. plac.d on burnin9 in Collier County and the For..try Divi.ion i. n~ releasin9 any burnin9 p.rmit. at all. She .tated that there are agricultur. people that need to have burning done before the rainy ....on .tart. in ord.r to q.t their field. r.~dy for planting in the f.ll. She .tat.d that if the fields are not burned b.fore the r.iny ....on begin., they will not be able to plant this fall. Co..i..ioner Goodnight aoved, ..cond.d by Co..i..ion.r H.~.e .nd carried unani.ou.ly, that burnin9 permit. be reviewed on a ca.e-by-ca.o ba.i. and approval or denial be ..de by the Fire Chi.f of the Dl.trict and the County Ranaver re .ald perait.. ... Ther. being no furth.r business lor the Good of the County, the meeting was aojourned by Order of the Chair - Time: 1:20 P.M. BOARD OF COUNTY COMMISSIONERS BOARD OF ZONING APPEALS/EX OFFICIO GOVERNING BOARD(S) OF SPECIAL DISTHICTS UNDER ITS CONTROL FR(:}:* VOSS, CHAIRMAN ATTEST: WIL.LIAM, J. REAGAN, CLERK . ,'~" ..,¡ r" '''.;'' .'I/'S. .' " Oc 'Be 1111~~tes:=:approved by the BCC on };;Jf--.. ¿ ~ (11'"t:"" : 1I."fA"'~..n~.d"-: ~or as corrected . ,- '" , ". ,L,' rl(]ni\\')',' Page 4 , , , ¡.:::J "- r ----...-¥ F- ~ -_.~ ---~..