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County attorney secures bond counsel commitment for hangar financing; fee negotiated down
Summary
Hot Springs County’s attorney reported contacting bond counsel required by USDA and said she negotiated the attorney’s fee from $50,000 to $7,500, asking the board to authorize signing a commitment letter when it arrives.
County Attorney Jill Logan told the board she contacted bond attorney Nathan Bilyeu, who advised that USDA requires a nationally recognized and accredited bond attorney for airport revenue bonds. Logan said she negotiated Bilyeu’s fee down from an initial $50,000 to $7,500 and offered to assist him to reduce cost.
Logan recommended the board authorize the chairman to sign a commitment letter from Bilyeu once it is received so the county can pursue the required interim financing. Commissioners agreed and Commissioner Tom Ryan moved that the letter be signed by Chairman Bob Aguiar (or his signature stamp) once received; Commissioner Paul Galovich seconded and the motion carried.
