Town of Shalimar

Town Commission Special Meeting Minutes

September 25, 2007

CALL TO ORDER – Mayor Gary Combs called the meeting to order at 5:46 p.m. in Town Hall chambers.  He led the "Pledge of Allegiance" to the Flag.

ROLL CALL FOR THE RECORD         

Others in attendance:  Town Manager Tom Burns, Deputy Clerk Tina Smith, Town Attorney Mike Chesser, Bond Representative Richard Lott, Michael Kent, Laura Wright, Cynthia Wilcox, Richard Hoffert, Ben Pearce, Mike Whitfield, Jim Whitfield, Nikki Slattery, William Slattery, Quang Giang, Buck Smith and Tom Hoffer.

OLD BUSINESS:  ECH II Bond Issue Agreement Discussion - Town Attorney Mike Chesser introduced Richard Lott who will be the town’s Bond Representative.  Mr. Lott explained the three different types of bonds Florida.  He also stated that Affordable Housing Bonds are routine and popular in the state.

Several current bondholders were present and explained that they haven’t been paid.  Mr. Kent stated that no outstanding bondholders will be left.  When the new bonds are purchased, the current bondholders will get paid.  The Shalimar deal can’t go through until the Okaloosa County deal is completed.

There is no requirement for formal action tonight.  The next step will be an interlocal agreement with Okaloosa County then the town will have to pass an ordinance.  Mr. Kent is projecting that the process will start in early November.

ANNOUNCEMENTS:

ADJOURNMENT:  Commissioner McCallister moved to adjourn the meeting at 7:03 p.m.  The motion was seconded by Commissioner Garcia and it passed unanimously.