Laserfiche WebLink
0 <br />N � <br />R <br />CHAIRMAN WODTKE NOTED THAT A FEW MEETINGS AGO WE RECEIVED <br />A MEMO FROM INTERGOVERNMENTAL COORDINATOR THOMAS REQUESTING THAT THE <br />BOARD CONSIDER HIRING AN OUTSIDE CPA TO DO A STUDY ON OUR LANDFILL <br />OPERATION IN CONJUNCTION WITH OUR BONDS AND THE BOND MONIES WE HAVE. <br />CHAIRMAN W,ODTKE CONTINUED THAT WE EMPLOYED THE FIRM OF HAMILTON & <br />BAKER TO PERFORM THIS WORK FOR THE COUNTY, AND HE NOW HAS RECEIVED <br />THE FOLLOWING REPORT FROM MR. BAKER, WHICH HE WISHED TO HAVE MADE. <br />A PART OF THE MINUTES: <br />0 <br />S. THOMAS HAMILTON. JR., C.P.A. <br />C. DmGHT BAKER, C.P.A. <br />March 17, 1978 <br />HAMILTON & BAKER <br />CHARTERED <br />CERTIFIED PUBLIC ACCOUNTANTS <br />855 MIRACLE MILE <br />VERO BEACH, FLORIDA 32960 <br />Honorable William C. Wodtke, Jr., Chairman <br />Board of County Commissioners <br />Indian River County <br />Vero Beach, Florida 32960 <br />Dear Chairman Wodtke: <br />IN REPLY <br />P.O. Box 6370 <br />VERO BEACH, FLORIDA 32960 <br />TELEPHONE (305) 569-4200 <br />We have reviewed the Bond Resolution number 77-110 passed on November 2, 1977 by the <br />Board of County Commissioners, Indian River County, Florida and the related Official <br />Statement of the $1,815,000 Indian River County, Florida Solid Waste Disposal System <br />Revenue Bonds, Series 1977. Our review was limited to determination of the Board's <br />compliance with the covenants of the aforementioned Bond Resolution. <br />The Bond Resolution required distribution of the bond sale proceeds into "separate <br />special funds". The County has not complied with the requirement of establishing <br />"separate special funds" for the Operating Reserve Account, Sinking Fund, Sinking <br />Fund Reserve and Facilities Construction Fund and distributing the bond sale proceeds <br />to those "separate special funds." <br />The Bond Resolution prohibits comingling of the bond sale proceeds and revenues gen- <br />erated by the Solid Waste Disposal System with other County funds. The County has not <br />complied with the Bond Resolution because all the Solid Waste Disposal System revenues <br />and proceeds from the bond sales are not presently maintained in "separate special <br />funds", but are comingled with the other County funds in the County's single operating <br />bank account and investment account. <br />The County was required to establish the following "separate special funds" and to <br />fund them in the following manner: <br />1. Establish a bank account and/or purchase authorized investments for the <br />"Solid Waste Disposal System Operating Reserve Account" in the amount <br />of $260,000.00. <br />2. Establish a bank account and/or purchase authorized investments for the <br />"Solid Waste Disposal System Sinking Fund Account" in the amount of <br />$231,199.29 less the $48,097.50 paid on March 1, 1978 interest. <br />29 <br />AR2 2 �� = BOOK '34 PAGE tc�j <br />