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BETHEA: Who selects bond counsels , the financial advisor , <br /> etcetera? Does the commission? Or is it done by some other <br /> agency of the County? <br /> SEWAKE: Well , we could do it both ways , I guess , you <br /> know. We have authority to float revenue bonds. So far the <br /> bonds we floated were general obligation bonds. Generally, <br /> because we can have better rates . And we can go through it <br /> faster. And that ' s under the backing of the County. And the <br /> Finance Department has helped us in issuing these bonds. The <br /> County Finance Department . <br /> BETHEA: So that , the general obligation bonds , which <br /> pledges the credit of the entire County, is the vehicle that <br /> your semi-autonomous department usually uses to raise bonds? <br /> SEWAKE: Yes. Well . . . <br /> BETHEA: I mean, to sell bonds. <br /> SEWAKE: . . .well , we've sold bonds , I think, only about <br /> three times now in 40 years. The first one was a revenue <br /> bond. The last $7-1/2 million was a general obligation bond. <br /> But , of course, we repay the bond. <br /> BETHEA: Why I 'm asking that is there was a squable <br /> between the administration and the County Council about the <br /> selection of the bond counsel and about the selection of a <br /> financial officer. So that if you used that methodology, that <br /> is , going through the Finance Department for a general <br /> obligation bond, you can (inaudible) the entire County. Do you <br /> get involved in that process? <br /> SEWAKE: No. Not in a selection with bond counsel . <br /> BETHEA: Mrs. Cushnie. <br /> CUSHNIE: I 'd like to ask, since you' re putting up, I <br /> suppose, County properties as a collateral for the bonds , do <br /> you have a ceiling or approved level of. . .what ' s the word I <br /> want? monthly or yearly interest payments that you must <br /> maintain below certain levels? I 've heard prudent levels <br /> (inaudible) legally._ <br /> SEWAKE: Well , there' s no. . .except that on revenue bonds , <br /> you want . . .they require a certain amount of cash assets to have <br /> a good rate, you know, but in 19 . . .when we first became a semi- <br /> autonomous board in 1950 , we floated $1 . 3 million. But at that <br /> time, our annual revenue was only a quarter million. Our last <br /> bond float of $7-1/2 million was made about five years ago. <br /> Our annual income at that time was roughly, I would say, $4-$5 <br /> million, and (inaudible) certain something going, I would say, <br /> $800, 000. . . <br /> 92 <br />