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IJ <br />COMMISSIONER LOY DISCUSSED THE POSSIBILITY OF USING THE BOND <br />DOCUMENTS AS A MODEL FOR BONDS THAT MIGHT BE NEEDED AT A LATER DATE. <br />ATTORNEY KELLY NOTED THAT WHEN A BOND RESOLUTION IS ADOPTED, <br />YOU HAVE TO KNOW WHAT THE MONEY IS TO BE SPENT FOR AS YOU DO NOT ?SSUE <br />BONDS FOR NO PARTICULAR PURPOSE, <br />ADMINISTRATOR JENNINGS SUGGESTED THAT THE VERBIAGE IN REGARD TO <br />THE BOND USAGE STATE THAT THE MONEY WOULD BE USED TO CONSTRUCT, MAINTAIN, <br />AND OPERATE A LANDFILL IN ACCORDANCE WITH CHAPTER 17-7 OF THE FLORIDA <br />ADMINISTRATIVE CODE. <br />CHAIRMAN WODTKE ASKED IF THERE WOULD BE ANY PROBLEM SELLING BONDS <br />DUE TO OUR LACK OF HISTORY IN THE OPERATION OF SUCH A LANDFILL. <br />ATTORNEY KELLY POINTED OUT THAT THE PRIMARY PEEDGE IS THE REVE- <br />NUES RAISED FROM THE LANDFILL OPERATION, BUT THE BACK-UP PLEDGE IS THE <br />TAX MONIES OF THE COUNTY, HE NOTED THAT YOU CAN PLEDGE AD VALOREM TAXES <br />FOR THIS PURPOSE UP TO A LIMIT OF 10 MILLS, BUT IT MUST BE REPAID WITHIN <br />A YEAR, <br />ON MOTION BY COMMISSIONER LOY, SECONDED BY COMMIS.,lONER SIEBERT, <br />THE BOARD UNANIMOUSLY EMPLOYED THE FIRM OF FREEMAN, RICHARDSON, WATSON, <br />SLADE, MCCARTHY & KELLY OF .JACKSONVILLE, FLORIDA, AS A BOND ATTORNEY TO <br />ASSIST INDIAN RIVER COUNTY WITH PREPARATION OF A REVENUE AND GENERAL OBLI- <br />GATION NOTE AND A SUBSEQUENT BOND ISSUE FOR THE PURPOSE OF TAKING CARE OF <br />OUR SANITARY LANDFILL OBLIGATIONS. <br />ATTORNEY KELLY'THEN DISCUSSED THE DATE OF THE NOTES AND SUGGESTEDI <br />DATING THEM 14AY 2, 1977, AND HAVING THEM MATURE MAY 1, 1978, WITH THE RIGHT <br />OF PRIOR REDEMPTION. <br />COMMISSIONER LOY NOTED THAT WE ARE SUPPOSED TO OBTAIN OUR PERMITS <br />FOR THE LANDFILL ON APRIL 28TH, AND WE NEED TO PROCEED AS SOON AS THE <br />PERMITS ARE ISSUED. <br />ATTORNEY KELLY STATED THAT THE NOTES COULD BE PREPARED BY THURSDAY. <br />APRIL 28TH, BUT HE NEEDED TO KNOW HOW MANY NOTES AND WHAT DENOMINATIONS. <br />HE STATED THAT THE NOTES WILL BE TYPED, NOT PRINTED, WHICH WOULD REQUIRE <br />MORE TIME AND EXPENSE; THEY WILL BE PAYABLE AT MATURITY AND THUS WILL NOT <br />NEED COUPONS. <br />12 <br />APR -2 0 1977 <br />TY k " 1�.1, ti A l; i <br />