2002 - 01-22-02 Regular Meeting - Laserfiche WebLink

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002 e~.N 8 PACE 7i'l • Contract for receipt of Senior Center Development funds • Budget amendment # 01 /22/02/#11 (copy attached) • Letter of support to the Hispanic Task Force • Proclamation to declare the week of January 18-24, 2002 as JAYCEE WEEK in Lee County (copy attached) Upon a vote, the results were as follows: Aye: Adams, Hincks, Lemmond, Matthews, Paschal, Reives, and Sauls Nay: None The Chairman ruled the motion had been adopted unanimously. The board considered a request to participate with the City of Sanford in the restructuring of the loan for T-hangers at the Sanford-Lee County Regional Airport. County Manager William Cowan told the board that due to the recent decline in interest rates, there was now an opportunity to restructure the current loan for the construction of T-hangers at the new airport. He told the board that this would save substantial dollars for the County and the City of Sanford. He told the board that in order for the Airport Authority to qualify for the original commercial loan through BB&T, the City and County each had placed $75,000 in escrow as a guarantee against the loan. Due to the recent decline in interest rates, both in terms of costs and earnings potential, the Airport Authority was requesting that we pay off the commercial loan with funds in equal amounts from the City and County general funds. The Airport Authority would then repay this loan at a rate of 5.5 percent. He further told the board that this action would free funds currently being held in escrow by the City and County, allow the $100,000 from the sale of the old airport to be used to retire a portion of the loan, and result in a net savings of approximately 550,000 to the Airport Authority over the life of the loan. It would also allow the City and County to earn 5.5 percent on its idle funds for the duration of the loan. After some discussion, Commissioner Sauls moved to approve the recommendation of the County Manager to re-finance the T-hangers at the Sanford-Lee County Regional Airport as described above. Upon a vote, the results were as follows: Aye: Adams, Hincks, Lemmond, Matthews, Paschal, Reives, and Sauls Nay: None The Chairman ruled the motion had been adopted unanimously. The board considered bids for new voting machines for the Board of Elections. Board of Elections Chairman Rick Hager told the board that two bids had been received from the following vendors: MicroVote General Corporation $419,950 Electronic Sales & Service $426,144 2