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STOEL RIVES ~~N and thus the higher the price that will be demanded by investors (in the form of higher interest rates, or yield, on the bonds).' Thus, from the County's point of view, it is best to eliminate `~.. as much uncertainty as possible in order to reduce or eliminate the perceived/actual risk an obtain the best price possible. d In a recent conference call with Billy Wasson, Melvin Mark and the Counry's financial advisors, we discussed the following approach to eliminating as much uncertainty as possible: (1) Obtaining assurance from Century West that, based on their knowledge and expertise in this area: (a) the CAP will be successful in remediating the problem in a manner satisfactory to DEQ; and (b) the estimated cost of implementing the CAP is reasonable. (2) Obtain DEQ approval of the CAP. As the CAP is impiemented, at some point in the future the Counry should be in a position to obtain from DEQ a"no further action letter. " We understand it may not be possible to obtain a"no further action letter" in time for a Fall, 1998 bond closing since the CAP may require a longer period of time to fully implement. While such a letter would be a plus, it is not essential to have it in hand prior to marketing the bonds. Based on discussions with the County's financial advisors, it appears that the items discussed in (1) and (2) above will be sufficient to ameliorate any measurable adverse impact the contaminated soil situation might otherwise have on the bond financing. I also understand that Century West is prepared to provide assurance with respect to (a) and (b) in (1) and that DEQ's approval of the CAP should be obtained before the end of March. I hope the foregoing adequately addresses the concerns raised in your letter. If you need any further input on this point, please feel free to call. inc , ' . Edw. D. Einowski cc: ~~ Dan Petrusich Scott Clements ' At one end of the spectrum, extreme uncertainty on a material point can prevent the bonds from being marketed at all. However, based on discussions with the parties, the soil and groundwater contamination problem on the Courthouse Square site appears to be within the "ordinary range" of environmental problems that people routinely face in the constxuction of new facilities. Furthermore, the County is in the process of taking the steps necessary to ~ remedy the problem. Thus, it appears unlikely that the contamination at the site will prevent the bonds from being successfully sold.