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the engineer’s estimate will be sent to each of the bidding companies within two weeks, and the bids will be reviewed by the State Water Control Board.
At the Authority’s meeting on October 4, a problem with financing the project had come up. The Authority was told at that meeting that a proposal for grant anticipation financing submitted by Fauquier National Bank was not satisfactory. James P. Jamieson, the financial advisor for the Authority, advised that the proposal not be accepted.
Jamieson said that he would begin checking with other banks and investment firms to see if a better proposal could be found. One firm, Moseley, Hallgarten, Estabrook & Weeden Inc. of New York, presented a proposal on November 1.
William D. Crow, vice-president of the firm, presented the proposal which deals with the placement of about $986,000 worth of grant- anticipation notes due on May 1,1987.
Crow stated in the proposal that Moseley will underwrite a public offering of the notes, or buy the securities, bearing an interest rate of 7.50 percent upon receipt of a Moody’s MIG-1 note rating. Hie notes will be purchased for $98.25 per $100 principal amount. “That is a discount of one and three
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85.8%