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r G'~- ~, ~,,~ <br />~~ ~~ ~ ~. <br />-~~ ~ , <br />R~ <br />MEMORANDUM <br />October 28, 1997 <br />TO: Board of Commissioners <br />FROM: Jim Sears, Director <br />Department of Solid Waste Management <br />~~ It~m forBoard Aeenda Apr~~ 23 1997 <br />ISSITF <br />Approval oFlending solid waste funds to the General Services Department for a six <br />month period for the Courthouse Square Project. <br />BACK~ <br />To move ahead in an expedient fashion with the Courthouse Square Project, General <br />Services needs to have interim funds while they complete the long term fmancing <br />of this project. <br />FA('TS AND FINDINGS <br />To provide for short term funds, the Solid Waste Management Department and the <br />General Sexvices Department have proposed an agreement to allow for the General <br />Services Department to barrow up to $5 million for a six month period. Monies <br />would be dispersed from the Solid Waste Management fund as needed for the <br />Courthouse Square Project. This will allow the project to move ahead as General <br />Services completes the long term 6nancing. <br />As funds are dispersed, General Services would begin occurring interest, which will <br />be equal to the daily average interest paid by the Marion County Treasure, on <br />monies borrowed to date. At the end of six months, our sooner if long term <br />financing is completed, General Services will repay the Solid Waste Management <br />Fund all principal and interest occurred. <br />RECOMIv1EIVDATIONS <br />It is recommended that the Board of Commissioners approve the use of Solid Waste <br />Management funds as a short term loan to the General Services Department for the <br />Courthouse Square Project. <br />cont\courthouse square_factsht.jvs <br />