OCR Text |
Show Short meeting saves county big bucks By JUDY JENSEN Asst Managing Editor FARMINGTON In a meeting that lasted only five seconds, Davis County Commissioners Commis-sioners saved taxpayers nearly $160,000 on Wednesday. Acting as the Municipal Building Authority, the commissioners approved ap-proved a recommendation to refinance the county's 1982 Mental Health bonds, and the 1983 Flood Control bonds to take advantage of the current lower interest rates. In a meeting convened as the County Commission, commissioners commis-sioners heard county bond consultant, consul-tant, Larry R. Denham, vice president presi-dent of Smith Capital Markets, explain ex-plain the proposed savings, which includes reducing the interest rate on the mental health bonds from 12.77 percent to 6.85 percent, and lowering the interest rate on the flood control bonds from the current cur-rent 9.27 percent to 5.88 percent. The change would save the county $157,894 over the next six years. LaMar Holt, chief deputy of the county clerk-auditor's office, said although he is "disappointed" that the county could not act on the change earlier "which would have saved an additional $10,000 to $15,000," he was pleased with the proposal. He added the county took advantage of the change as quickly as possible. Commission Chairman Gayle Stephenson commended Denham on his work and agreed the commission com-mission should immediately act on the proposal. The commissioners adjourned the commission meeting, reconven ed as the Municipal Building Authority, Au-thority, approved a motion to refinance the bonds, five seconds later adjourned, reconvened as the county commission and complimented com-plimented the Municipal Building Authority on its good work. "If you could follow that, you're very good," joked Commissioner Stevenson. He explained the commissioners com-missioners also act as the Municipal Building Authority and bond changes must be made at a meeting of that body. Denham told the commissioners the transaction will be complete by April 9, "but your action today locks in the price," he said, assuring them the savings for the county would be realized. |