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than the discount rate.”
Cilimberg explained that there would be a difference of 1 percent of one point between the discount and yield rate*. “So as a result, the arrangement that Wheat, First Securities was setting up was based on 11.8 percent investment which would dear the Authority a little less than 8 percent, and would have yielded after estimated processing and legal costs a tittle over $80,000,” Cilimberg said.
Fauquier National Bulk’s calculations based on the discount rate would have meant investment at 10.8 per‘i^jggt
a tittle over 10 percent,
Ihlaae oat even dear 2 percent HA the* Authority and would have ooUrr*
Oar® given the authority less than $3,000 ter costs,” said Cilimberg. “In Mr. Jamieson’s opinion that is not sufficient, end the Authority should not go with it”
James P. Jamieson is the financial advisor for the WSA. “I wonder if it isn’t the time to call someone else into the picture to see whether there is another organization that might do as well or better, bopeflilly much better,” Jamieson said.
Jamieson said that he would check into what United Virginia Bank and a firm in Boston could do, and that Wheat, First Securities was continuing to work on the proposal.
“If for instance they can resurrect
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