Opinion File 76-14 thru 76-16

Material Information

Opinion File 76-14 thru 76-16


Subjects / Keywords:
Interest ( jstor )
Financial transactions ( jstor )
Spatial Coverage:
North America -- United States of America -- Florida


Buddy Blain's Collections - Opinion File 76-14 thru 76-16
General Note:
Box 14, Folder 5 ( Opinions 1976 - 1977 - 1976 - 1977 ), Item 3
Digitized by the Legal Technology Institute in the Levin College of Law at the University of Florida.

Record Information

Source Institution:
Levin College of Law, University of Florida
Holding Location:
Levin College of Law, University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.


This item has the following downloads:

Full Text

ust 20, 1976

Norman P. Stoker, Director
artment of Management & Administration
thwest Florida Water Management District
0. Box 457
oksville, Florida 33512



? /k/(1

Dear Norm:

Re eipt is acknowledged of a copy of your letter of August 17,
19 6 to Mr. Latimer Turner, of the Manasota Basin Board.
In regard to the matter of loaning money to the Basins by the
Di trict, there is no legal authority for such action. The
au hority that the Basins and the District have is that the
Ba ins may borrow through the District from outside third parties,
an of course, the District can borrow money on its own, based
on specific criteria as set out in Chapter 373, Florida Statutes.
In regard to paragraph 4 of your letter, I feel that the neces-
sa y loan can be made with the funds drawn on a periodic basis
from the lending institution, and interest will only be payable
on the funds from the time they are actually disbursed to the
Di trict for the payment of the Manasota Basin Board expenses.
It is my opinion that all of the groundwork can be done before
January 1977 in order that the funds would be made available
i nediately after January 1, 1977, but the actual official motion
by the Manasota Basin Board and action of the District Board can-
no: be done until after January 1, 1977 when the Manasota Basin
o ird becomes a part of the Southwest Florida Water Management
Di trict.
If you have any further questions or suggestions, please contact
Yours very truly,

Myron G. Gibbons


: Buddy Blain




Tat Managenaem District 6-15

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Donald R. feaster. Exculivc Dircclor

Lugust 17, 1976


Ir. Latimer Turner
540 Camino Real
arasota, Florida 33581

AUG18 1976

lear Mr. Turner:

his will respond to those questions.raised at the meeting of several
members of the Manasota Basin Board and SWFWMD staff on July 28th. With
regard to the proposed borrowing of operating funds for Fiscal Year 1977
)y the Manasota Basin Board, it has been determined by Board Counsel
;hat it would be inappropriate for the District Board to loan such funds
;o a Basin Board.

'hat leaves the possibility of obtaining the necessary funds from a
private lending institution. Following is a summary of the necessary
;teps to accomplish before such a transaction can be finalized.

1. Letters expressing the Basin Board's need to borrow funds,
its authority for borrowing, source and schedule for 1c
repayment, and requesting responses of interest should be .
sent to several institutions selected by the Board. It is '
our understanding that Mr. Vidzes plans to discuss this matter /,
at the Board's next meeting. j ..

2. Negotiations on the loan details would be initiated with /'--
interested institutions after approval of the institutions
by the Basin and Governing Boards.

3. Once negotiations have been satisfactorily completed, the
transaction must be endorsed by Resolutions of the two

4. To complete the transaction the Governing Board would need to
execute a Promissory Note establishing the rate of interest and
timetable for repaying the loan. Probably the most sensible
.." plan would be to execute the note for the total amount of
Manasota's Budget and draw the funds in $50,000 or $100,000
increments, as needed.

'/. ;j

.. -~ "a .

BY -------- I --- -- -- --

i ,
i r,

S% 76-16
Mr. Latimer Turner
Page Two
August 17, 1976

y copy of this letter to Mr. Gibbons we are asking that he advise the
board of any additional thoughts he has on this subject.
4r. Turner, we hope this generally answers the questions raised and the
SWFWMD staff is prepared to discuss this matter in detail at your Board's

ery truly you/,

Lornn P. Stoker, Director
departmentt of Management and Administration


C: Manasota Basin Board
Derrill S. McAteer
.*Myron G. Gibbons
Fred Vidzes

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