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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 />