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TO: Chairman and Menbers of <br />the Board of County <br />an-missioners of <br />Indian River County <br />Gary M. Brandenburg <br />FROM: County Attorney <br />I <br />BOOK 48 F; ^F 760 <br />DATE: January 25, 1982 FILE: <br />SUBJECT. ADD ON IT04 - <br />Industrial Develotanent <br />Bonds - Robert H. Davis <br />& William A.'Davis <br />Rampmaster Inc. <br />REFERENCES: <br />The First State Bank of Miami has submitted a revised commitment letter <br />for Rampmaster Industrial Development Bond Issue. This revised commit - <br />trent letter must be executed by the County prior to.February 1, 19821 <br />or the bank will withdraw the ccmnitment. <br />The revised cormitment complies with all the requests made by the County <br />Attorney and Bond Counsel and provides; <br />1. The bank commits to purchase from Indian River County $850,000 of <br />Limited Revenue Bonds (face value at 1000). <br />2. Bonds will bear interest at 12-1/2% for the first five years and <br />thereafter to be adjusted at the bank's option to a maxhnum of <br />70% of the bank's prime rate. <br />3. The bonds are to be secured by a first mortgage on the property <br />Upon which the improvements will be placed together with security <br />liens on equipment and furnishings, etc. Payment of the bonds are <br />to be guaranteed by the Davis' as individuals and Rampmaster, Inc. <br />The County Attorney respectfully requests your consideration of this <br />ratter. <br />Sine -ely, <br />A.. <. <br />" y randenur <br />On Motion by Commissioner Lyons, seconded by <br />Commissioner Bird, the Board unanimously approved the <br />revised letter of commitment from The First State Bank of <br />Miami and authorized the signature of the Chairman. <br />54 <br />