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RESOLUTION NO. 2007-072 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA <br /> AUTHORIZING THE ISSUANCE, SUBJECT TO THE BOND <br /> REFERENDUM HEREIN PROVIDED FOR, OF GENERAL <br /> OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA <br /> PAYABLE FROM THE FULL FAITH AND CREDIT AND <br /> UNLIMITED AD VALOREM TAXING POWER OF THE <br /> COUNTY, TO PROVIDE NET PROCEEDS OF $40,000,000 TO <br /> FINANCE THE COST OF ACQUISITION, RENOVATION OF <br /> EXISTING FACILITIES AND CONSTRUCTION OF <br /> ADDITIONAL FACILITIES CONSTITUTING A CAPITAL <br /> PROJECT FOR AN INDUSTRIAL OR MANUFACTURING <br /> PLANT DESCRIBED AS PIPER AIRCRAFT, FOR ECONOMIC <br /> DEVELOPMENT, PROVIDING FOR AND CALLING A BOND <br /> REFERENDUM OF THE QUALIFIED ELECTORS OF THE <br /> COUNTY TO BE HELD ON OCTOBER 9, 2007; PROVIDING FOR <br /> OFFICIAL BALLOTS; PROVIDING FOR BOND REFERENDUM <br /> PROCEDURES; ESTABLISHING ITS INTENT TO REIMBURSE <br /> SUCH CAPITAL EXPENDITURES INCURRED WITH <br /> PROCEEDS OF SUCH GENERAL OBLIGATION BONDS; AND <br /> PROVIDING AN EFFECTIVE DATE. <br /> WHEREAS, it is necessary and desirable that Indian River County, Florida (the <br /> "County") issue Bonds for the achievement of economic development and to finance the cost of <br /> acquisition, rehabilitation and construction of a capital project for an industrial or <br /> manufacturing plant described as Piper Aircraft (the 'Project") and pay issuance expenses <br /> incurred in connection with the sale of the hereinafter defined Bonds related thereto; and <br /> WHEREAS, the Bonds shall be payable from the full faith and credit and unlimited ad <br /> valorem taxing power of the County; and <br /> WHEREAS, Section 125.045(2), Florida Statutes provides; "The governing body of a <br /> county may expend public funds to attract and retain business enterprises, and the use of public <br /> funds toward the achievement of such economic development goals constitutes a public <br /> purpose. The provisions of this chapter which confer powers and duties on the governing body <br /> of a county, including any powers not specifically prohibited by law which can be exercised by <br /> the governing body of a county, must be liberally construed in order to effectively carry out the <br /> purposes of this section."; and <br /> WHEREAS, Section 125.045(3), Florida Statutes provides; "For the purposes of this <br /> section, it constitutes a public purpose to expend public funds for economic development <br /> activities, including, but not limited to, developing or improving local infrastructure, issuing <br />