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60 unit project tha would be designed to keep enior citizens <br />out of a nursing home and living on their own for as long as <br />possible. The cost of each unit would be approximately <br />$45,000. <br />Mr. Anderson would pay a negotiated price for the Wilrik <br />Building, a portion of which would be paid in cash, in <br />advance, and the balance would be paid at the end of <br />the term of the FmHA loan. Sanford would have to compete for <br />the FmHA loan based on site points which consider the economic <br />prosperity of the area. The FmHA would look upon the <br />application more favorably if the County were to donate the <br />property to the project and defer full payment until the loan <br />expires. <br />After an extended discussion of the proposal, the <br />Chairman appointed Commissioner Cox, Commissioner Dossenbach, <br />Mr. Joyce and Mr. Cowan to a committee to study the proposal <br />and make a recommendation to the Board as soon as possible. <br />The Board then observed a short recess. Following the <br />recess, the Board convened with all members present. <br />The Board next considered a Resolution on Renewal of <br />School Bond Anticipation Notes. Commissioner Cox presented <br />the following resolution and moved that it be adopted. <br />WHEREAS, the bond order hereinafter described has taken <br />effect and the Board of Commissioners of the County of Lee has <br />issued a $465,000 School Bond Anticipation Note dated May 23, <br />1989 and payable May 16, 1990 to borrow money for the purpose <br />for which bonds are authorized to be issued by said bond <br />order; and <br />WHEREAS, the Board of Commissioners of the County of Lee <br />desires to renew the foregoing notes in anticipation of the <br />receipt of the proceeds of the sale of said bonds, as <br />hereinafter provided; NOW, THEREFORE, <br />BE IT RESOLVED by the Board of Commissioners of the <br />County of Lee (the "Issuer"), as follows: <br />(1) The outstanding $465,000 School Bond Anticipation <br />Note payable May 16, 1990 which has been issued in <br />anticipation of the receipt of the proceeds of the sale of <br />bonds authorized to be issued by the school bond order adopted <br />by the Board of Commissioners of the Issuer on April 3, 1989, <br />shall be renewed by the issuance of $465,000 School Bond <br />Anticipation Notes (Hereinafter referred to the "Notes"). The <br />Notes shall consist of one note of the denomination of <br />$65,000, numbered 1, and four notes of the denomination of <br />$100,000 each, numbered 2 to 5, inclusive. The Notes shall be <br />dated May 16, 1990, shall be payable May 15, 1991 and shall <br />bear interest at the rate of 6.18% per annum, payable at <br />maturity. <br />2 <br />