01/18/1967 - Laserfiche WebLink

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Resolution of Board of County Commissioners Page 3 Section 2. That the County understands and agrees, upon receipt of such application by the Chairman of.the Board of Highway -,.Secondary PUnds Trustees, a meeting of the Board of Highway Secondary \ands Trustees will be.called for the.purpose of determining: a. The desirability of the project; b. The necessity of the project; c. The ability of the borrowing county to repay the loan within five (5) years; and d. Any other criteria necessary to test the advisability of continuing with the processing of the application, which criteria shall be based upon the project contemplated and may include, but shall not be limited to, recom- mendations by the State Road Department engineers and fiscal officers of the State Road Department. Section 3. The County further understands and agrees that if a majority of the Board'of Highway Secondary Funds Trustees approves and recommends the project, said Board shall, by resolution indicating approval, report to the State Road Department and.in said resolution shall report their expenses incurred in attending any meeting in the performance of their duties, which expenses shall be paid from the proceeds of the sale of fuel -tax antici- pation certificates. Section 4. The County consents and agrees to the pledge , and the use of eighty (8o) per cent surplus gas tax accruing to or. .for use. in the County for the payment of the debt service require ments of the fuel tax anticipation certificates to be issued by the State'Road Department on behalf of the County to.finance the proposed' project. Section 5. The County requests that the fuel tax certificates to be issued mature in the amounts and on the dates as follows: 1968 $loo,000 1969 100,000 1970 100,000 1971 100,000 1972 100,000 41A N 18 1967 BOOK 10 PAGE 230