7/18/1979 - Laserfiche WebLink

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JUL x.81979 Bou Al PAGUEZ-33 Possible Source of Funds for Security of Bonds Revenue Sharing Trust Funds This refers to the "guaranteed entitlement" portion of such funds paid to the County under Chapter 218, Part II, Florida Statutes (the "Revenue Sharing Act"). The guaranteed entitlement portion ($205,850) of the total State Revenue Sharing Funds distributed to Indian River County has been pledged as a prior lien to additionally secure the Indian River County Solid haste Disposal System Revenue Bonds, Series 1977. These bonds are initially secured by the net revenues derived from operation of the Solid Waste Disposal System. The annual principal and interest requirements on the bonds range from 5171,195 in 1979 to $184,275 in 1994. "Race Track Funds" Florida Counties receive "race track" funds pursuant to Chapters 550 and 551 Florida Statutues. The 1971 legislature limited the annual amounts to be distributed to each County to $446,500. (The amount of "race track" funds that would have been distributed during Fiscal Year 1977 to each County under the pre -1971 formula amounted to $698,619). Under Chapter 73-498 Laws of Florida, Special Acts of 1973 the legislature covenants with the holders of bonds (secured by "race track" funds) that it will not enact any law which will repeal, impair, or amend in any manner the rights of such (bondholders) or the security of the "race track" funds which may be pledged.to the payment of principal or interest on such bonds. (We understand that should the Florida Legislature decide to discontinue the distribution of "race track" funds to the Counties the moneys required to pay principal and interest on any out- standing bonds secured by a pledge of "race track" funds would be provided until such bonds were retired.) ., d. Bou Al PAGUEZ-33 Possible Source of Funds for Security of Bonds Revenue Sharing Trust Funds This refers to the "guaranteed entitlement" portion of such funds paid to the County under Chapter 218, Part II, Florida Statutes (the "Revenue Sharing Act"). The guaranteed entitlement portion ($205,850) of the total State Revenue Sharing Funds distributed to Indian River County has been pledged as a prior lien to additionally secure the Indian River County Solid haste Disposal System Revenue Bonds, Series 1977. These bonds are initially secured by the net revenues derived from operation of the Solid Waste Disposal System. The annual principal and interest requirements on the bonds range from 5171,195 in 1979 to $184,275 in 1994. "Race Track Funds" Florida Counties receive "race track" funds pursuant to Chapters 550 and 551 Florida Statutues. The 1971 legislature limited the annual amounts to be distributed to each County to $446,500. (The amount of "race track" funds that would have been distributed during Fiscal Year 1977 to each County under the pre -1971 formula amounted to $698,619). Under Chapter 73-498 Laws of Florida, Special Acts of 1973 the legislature covenants with the holders of bonds (secured by "race track" funds) that it will not enact any law which will repeal, impair, or amend in any manner the rights of such (bondholders) or the security of the "race track" funds which may be pledged.to the payment of principal or interest on such bonds. (We understand that should the Florida Legislature decide to discontinue the distribution of "race track" funds to the Counties the moneys required to pay principal and interest on any out- standing bonds secured by a pledge of "race track" funds would be provided until such bonds were retired.) .,