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10/5/2015 9:27:20 AM
Board of County Commissioners
Race Track and Jai Alai Funds
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INDIAN RIVER COUNTY ORDINANCE NO. 74-2 <br />AN 01117INANCE 1iELA1'ING '1'0 'rilE ACQUISITION, <br />CONSTRUCTION, FURNISHING AND E -QUIPPING OF <br />COUNTY CAPITAL PROJECTS IN INDIAN RIVER <br />COUNTY, FLORIDA: AUTIIORIZING THE ISSUANCE <br />OF BONDS BY TIIL 130ARD OF COUNTY COMMIS- <br />SIONERS OF INDIAN RIVIER COUNTY, FLORIDA, <br />TO FINANCE TIIL COST OF SUCH PROJECTS, RE- <br />PAYABLE FROM THE RACE TRACK FUNDS AND <br />JAI ALAI FRONTON FTT'TDS ACCRUING ANNUALLY <br />TO INDIAN RIVER COUNTY; PROVIDING THE <br />METHOD BY WHICH THIS ORDINANCE SMALL <br />BECOINIE EFFECTIVE. <br />WHEREAS, pursuant to Article VIII, Section 1 of the Con- <br />stitution of the State of Florida and Section 125. 66, Florida Statutes, the <br />Board of County Commissioners of Indian River County, Florida, has <br />all powers of Local self government to perform county functions and to <br />render county services in a manner not inconsistent with general or <br />special law and such power may be exercised by the enactment of county <br />ordinances; and <br />WHEREAS, it is necessary for the public health, safety and <br />general welfare of the county and its citizens that provisions be made for <br />the acquisition and construction of capital projects which serve a county <br />purpose and for financing the cost of such projects; <br />NOW, 'T'HEREFORE, BE IT ORDAINED BY THE BOARD OF <br />COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. The Board of County Commissioners of Indian <br />River County, Florida, (hereinafter referred to as the "board") is hereby <br />authorized to acquire, construct, furnish and equip county capital projects <br />(hereinafter called I1projects11). <br />SEC'T'ION 2. To pay the cost of such projects, as above <br />described, the board is authorized to issue bonds from time to time <br />(hereinafter referred to as "Bonds"). Such bonds may be in coupon form, <br />ill such denomination Or denominations, bear interest at Stich raje or rates <br />not cxcec•dilrt* the masilnurn allo-ed by ::tate law per annum and shall <br />mature at such time• or times not eXceeding thirty (30) years from their <br />d;rtr ur dates a:' 11);ly Irl• dl•Ic'r wilicd by lln' hoard. The bonds may he nl;lcll• I.(.- <br />ctclrrlrahJc In-forc r";11ur'i1y, al the opliuu ol• ille board, al :tucrh lwicc- of. pri, l :: <br />:1111! IIIAII'I 1 !','!I I,"'lll'. :11111 c-,ldi1i, :; ;1.`: 111:,\' I,1• lix-1 ky 111,' 1,(1;11',1 1,1'1„1 '1, <br />
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