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~ <br />~ You may already have talked to Billy about this. The Finance and Trust <br />Agreement sets up a Project Fund, which is also pledged as security. <br />Our Treasurer has asked why the county is not holding the bond <br />proceeds, and investing itself, rather than paying someone else to do <br />this. <br />I believe the primary answer is that given the nature of this project, <br />including the long construction schedule and the extraordinary call (given <br />the lack of bids at the time COPs are sold), requires us to provide <br />purchasers of certificates as much security as possible. The same for <br />MBIA, as insurer. Therefore, placing bond proceeds in the hands of a <br />neutral trustee is necessary. <br />The next answer l don't know about. Is this costing the county anything <br />in terms of administrative fees, less interest than the county can earn, or <br />by some other means? My guess, probably not, or not much. <br />CC: GWM2.M-MAR2(BWASSON),GroupWise 4_1.SMTP("gardiner@... <br />