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NOV 4 1981 <br />TO: Board of County Comm i ss i oners DATE: October 28, 1981 <br />Boa 48 PArF 66, <br />FILE: <br />SUBJECT: Indian River County $725,000.00 <br />Capital Improvement Revenue <br />Bonds, Series 1981 <br />`nelson^ EFERENCES: <br />County Administrator <br />1. Description <br />The Leedy Corp. will offer to purchase the above bonds as outlined under the <br />resolution attached and prepared by our Bond Counsel,.John F. Kelly. The <br />proposed interest rate cannot be given until the day of purchase. The funds <br />from the sale of these bonds will be used to complete the construction and <br />furnishing of the new Administration. Building and the Court House Complex as <br />outlined.in the resolutions and the official statement (attached). These <br />bonds will be secured by a junior lien on the Race Track funds made available <br />to Indian River County. These funds have already been set aside for this <br />purpose so they will not affect current or future ad valorem taxes. To arrive <br />at a true interest cost for this overall project it will be necessary to <br />average the interest costs of the tt•ro bond issues. This will be done by the <br />Leedy Corp. when their offer is made at the meeting. <br />2. Recommendation <br />The attached documents have been approved by our Bond Counsel, John F. Kelly, <br />and if the terms offered by the Lees., Corp. are satisfactory to the Board <br />of County Commissioners, we recommend that you accept the offer of the Leedy <br />Corp. and authorize the signing of the necessary resolutions to proceed to <br />issue the above bonds. <br />Mr. Leedy of the Leedy Corporation presented their <br />proposal for the $725,000 Racetrack Bond Issue and stated <br />that they are suggesting that the bonds will carry interest <br />of 13.80, and they are offering to pay 95% of the par value. <br />The net interest cost would be 14.1450. <br />Commissioner Fletcher asked how the blanks are to be <br />completed in the proposed Resolution, and Mr. Leedy answered <br />that the bonds will be payable at Florida National Bank, <br />Jacksonville, Florida; under Section 5, it will state that <br />the bonds are awarded and sold to the purchaser at the price <br />of $688,750; and the average net interest cost rate to the <br />