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IV_ t Providing(First Reso.) 9/02(reso/recipk/DC RESOLUTION NO. 2002. 089 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR WATER MAIN EXPANSION TO ERCILDOUNE HEIGHTS SUBDIVISION (WEST OF U.S. HIGHWAY #1 AND NORTH OF THE SEBASTIAN RIVER MEDICAL CENTER), IN INDIAN RIVER COUNTY, FLORIDA; PROVIDING THE TOTAL ESTIMATED COST, METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF ANNUAL INSTALLMENTS, AND DESCRIPTION OF THE AREA TO BE SERVED. WHEREAS, the Board of County Commissioners of Indian River County has determined that the improvements herein described are necessary to promote the public welfare of the county and has determined to defray the cost thereof by special assessments against certain specially benefited properties to be serviced by a water main extension to Ercildoune Heights Subdivision (an area located at the northern end of the county west of U.S. Highway #1 and north of the Sebastian River Medical Center), in Indian River County, Florida; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: 1. The County does hereby determine that a water line shall be installed to benefit 62 properties in Ercildoune Heights Subdivision, in Indian River County, Florida, and that the cost thereof shall be specially assessed in accordance with the provisions of Sections 206.01 through 206.09 of The Code of Indian River County. 2. The estimated cost for this project is $236,891.57. The estimated cost to be assessed is $0.241948 (rounded) per square foot to be paid by the property specially benefited as shown on the assessment plat on file with the Department of Utility Services. Assessments are to be levied against all lots and lands adjoining and contiguous or bounding and abutting upon the improvements and specially benefited thereby and further designated by the assessment plat with respect to the special assessments. 3. A special assessment in the amount of $0.241948 (rounded) per square foot shall be assessed against each of the specially benefited properties designated on the assessment plat. This assessment may be raised or lowered by action of the Board of County Commissioners after the public hearing, at the same meeting, as required by the referenced County Code. 4. The special assessments shall be due and payable and may be paid in full within 90 days after the date of the resolution of the Board with respect to credits against the special assessments after completion of the improvements (the "Credit Date") without interest. If not paid in full, the special assessments may be paid in ten equal yearly installments of principal plus interest. If not paid when due, there shall be added a penalty of 1-1/2% of the principal not paid when due. The unpaid balance of the special assessments shall bear interest until paid at a rate to be determined by the Board of County Commissioners when the project is completed.