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BooK , 44 .SAGE. 838 <br />INTERGOVERNMENTAL COORDINATOR THOMAS REVIEWED THE FOLLOWING <br />LETTER REGARDING DEVELOPING A COUNTY ROAD BOND ISSUE: <br />Florida <br />BOB GRAHAM <br />GOVERNOR <br />Department of 'Transportation <br />Haydon Burns Building. 605 Suwannee Street. Tallahassee. Florida 32301. Telephone (904) 488-8541 <br />WILLIAM N. ROSE <br />SECRETARY <br />Mr. L. S. (Tommy) Thomas <br />County Financial Coordinator <br />2345 14th Avenue <br />Vero Beach, Florida .32961 <br />Dear Mr. Thomas: <br />October 2, 1980 <br />This is in response to your call of September 30 requesting infor- <br />mation relative to the processing procedures to develop a county <br />road bond issue in the amount of $2 Million for Indian River County. <br />Indian River County has a maximum bonding capacity of approximately <br />$5 Million against your 80 percent surplus 5th and 6th cent gas tax, <br />assuming a 28 -year payout at an estimated interest rate of 72 percent. <br />You indicated that you had already determined a list of proposed <br />projects which cost will require financing these improvements with a <br />county road bond. Preliminary cost estimates for engineering, right- <br />of-way, and construction should be prepared and submitted to the <br />Department's District Engineer for your area, Mr. Bill Fowler, Ft. <br />Lauderdale. He will review the proposed project list and associated <br />cost estimates for reasonableness. Also, he will advise you whether <br />the road projects are eligible for secondary gas tax financing. <br />In order to expedite this matter, we are forwarding a copy of this <br />reply to the District office. We have also enclosed a copy of a <br />resolution which you requested and which, if you decide on a bond <br />issue, will have to be executed and certified by your Board of <br />County Commissioners. Twelve copies of the executed and certified <br />resolution are needed - five copies are needed by this office and <br />seven copies are needed by Lhe Division of Bond Finance, Department <br />of General Services, J. Edwin Larson Building, Tallahassee, Florida <br />32301. <br />Sincerely,_----,, _ <br />�._�Ck'�`Cr <br />Edward T. McCarron <br />Bond Development Director <br />ETMCnb <br />Enclosures <br />cc: Mr. W. K. Fowler, District Engineer, Fourth District <br />Mr. William E. Sweeney, Director, Division of Bond Finance <br />