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INDIAN RIVER COUNTY ORDINANCE NO. 74-2 <br />AN ORDINANCE RELATING TO THE ACQUISITION, <br />CONSTRUCTION, FURNISHING AND EQUIPPING OF <br />COUNTY CAPITAL PROJECTS IN INDIAN RIVER <br />COUNTY, FLORIDA: AUTHORIZING THE ISSUANCE <br />OF BONDS BY THE BOARD OF COUNTY COMMIS- <br />SIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />TO FINANCE THE COST OF SUCH PROJECTS, RE- <br />PAYABLE FROM THE RACE TRACK FUNDS AND <br />JAI ALAI FRONTON FUNDS ACCRUING ANNUALLY <br />TO INDIAN RIVER COUNTY; PROVIDING THE <br />METHOD BY WHICH THIS ORDINANCE SHALL <br />BECOME EFFECTIVE. <br />WHEREAS, pursuant to Article VIII, Section 1 of the Con- <br />stitution of the State of Florida and Section 125. 66, Florida Statutes, the <br />Board of County Commissioners of Indian River County, Florida, has <br />all powers of local self government to perform county functions and to <br />render county services in a manner not inconsistent with general or <br />special law and such power may be exercised by the enactment of county <br />ordinances; and <br />WHEREAS, it is necessary for the public health, safety and <br />general welfare of the county and its citizens that provisions be made for <br />the acquisition and construction of capital projects which serve a county <br />purpose and for financing the cost of such projects; <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF <br />COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. The Board•of County Commissioners of Indian <br />River County, Florida, (hereinafter referred to as the "board") is hereby <br />authorized to acquire, construct, furnish and equip county capital projects <br />(hereinafter called "projects"). <br />SECTION 2. To pay the cost of such projects, as above <br />described, the board is authorized to issue bonds from time to time <br />(hereinafter referred to as "bonds"). Such bonds may be in coupon form, <br />in such denomination or denominations, bear interest at such rate or rates <br />not exceeding the maximum allowed by state law per annum and shall <br />mature at such time or times not exceeding thirty (30) years from their <br />date or dates as may be determined by the board. The bonds may be made re- <br />deemable before maturity, at the option of the board, at such price or prices <br />and under such terms and conditions as may be fixed by the board prior to <br />91974 <br />Book D PHE 43 <br />