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AMENDMENT TO $725,000 BOND RESOLUTION 81-31, PLEDGING RACETRACK FUNDS <br />ATTORNEY COLLINS REPORTED THAT THERE ARE TWO AMENDMENTS <br />PROPOSED TO PROVIDE MORE FLEXIBILITY TO BOND RESOLUTION 81-31 PASSED <br />TWO WEEKS AGO, THE FIRST CHANGE PROVIDES THAT IF THERE IS ANY MONEY <br />LEFT IN THE CONSTRUCTION FUNDS AFTER THE COURTHOUSE PROJECT HAS BEEN <br />COMPLETED, THE COUNTY CAN USE THOSE FUNDS FOR ANY HIGH PRIORITY <br />CAPITAL IMPROVEMENT PROJECT IT DEEMS NECESSARY. THE SECOND AMENDMENT <br />HAS TO DO WITH THE SURPLUS ACCOUNT IN THE FLOW OF FUNDS PROCESS, <br />PREVIOUSLY IT WAS REQUIRED THAT THIS MONEY HAD -TO BE USED TO PURCHASE <br />OUTSTANDING BONDS, BUT THE AMENDMENT WOULD ALLOW THE COUNTY TO INVEST <br />THIS MONEY AND NOT HAVE TO CALL FOR TENDERS EVERY YEAR. <br />INTERGOVERNMENTAL COORDINATOR THOMAS EXPLAINED THAT THIS <br />CHANGE WOULD ELIMINATE A VERY CUMBERSOME PROCESS WHERE YOU HAVE TO <br />ADVERTISE IN THE WALL STREET JOURNAL TO SEE IF ANYONE WISHED TO TENDER <br />THEIR BONDS AND YOU MIGHT NOT HAVE ANY TAKERS, HE NOTED THAT ACTUALLY <br />A SMALL AMOUNT OF MONEY IS INVOLVED. <br />ATTORNEY COLLINS CALLED THE BOARDS ATTENTION TO TH.E_-PARA- <br />GRAPH OF THE LETTER FROM BOND COUNSEL JOHN KELLY WHICH EMPHASIZED <br />THAT UPON THE ISSUANCE OF THESE BONDS, ALL THE RACE TRACK FUNDS ARE <br />TIED UP AND CANNOT BE USED FOR ANY PURPOSE UNTIL THE BONDS ARE RETIRED <br />SINCE THERE IS NO LONGER-, RELEASE AT -THE END OF THE FLOW OF FUNDS, <br />-ON MOTION BY COMMISSIONER SCURLOCK, SE-CONDED BY COMMISSIONER <br />WODTKE, THE BOARD UNANIMOUSLY ADOPTED AMENDATORY RESOLUTION 81-32, <br />A RESOLUTION -AMENDING A RESOLUTION ENTITLED: <br />"A RESOLUTION PROVIDING FOR COMPLETION OF <br />THE -RECONSTRUCTION, ALTERATION, FURNISHING <br />AND EQUIPPING OF A COURTHOUSE ANNEX IN INDIAN <br />RIVER COUNTY, -FLORIDA; AUTHORIZING THE ISSUANCE <br />OF NOT EXCEEDI-NG $725,000 CAPITAL IMPROVEMENT <br />REVENUE BONDS, SERI -ES 19$1, TO FINANCE THE COST <br />THEREOF; AND PROVIDING FOR THE PAYMENT OF THE <br />PRINCIPAL OF AND INTEREST ON SUCH -BONDS FROM THE <br />-RACE TRACK FUNDS- AND .JAI ALAI. -FRONTON -FUNDS <br />ACCRUING ANNUALLY TO INDIAN RIVER COUNTY, FLORIDA, <br />PURSUANT TO LAW, AND CERTAIN INVESTMENT INCOME; <br />PROVIDING -FOR THE RIGHTS OF THE.HOLDER_S OF SAID _ <br />BONDS," ADOPTED ON MAY 6, 1981.- <br />BOOK. <br />98., BOOK PAGE -532 <br />