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MAR 31982 <br />TO: <br />Chairman and Members <br />of the Board of <br />County Commissioners of <br />Indian River County <br />WM : 9 ME <br />DATE: FILE: <br />February 25, 1982 <br />SUBJECT: Application of General <br />Development Utilities, Inc.' <br />For the Issuance by Indian <br />River County of $4,024,000 of <br />Industrial Development Bonds <br />FROM: Gary M. Brandenburg REFERENCES: <br />County Attorney <br />On December 16, 1981, representatives of General Development <br />Corporation appeared before the Board of County Commissioners and <br />indicated their desire to construct a water and sewer -system with <br />the proceeds of an Industrial Development Bond Issue. At that <br />meeting the County Commission approved a new application form and <br />administrative fee to be used with all future requests for <br />Industrial Development Bonds. General Development Utilities has <br />submitted the appropriate administrative fee and has followed the <br />format of the new application form approved by the County <br />Commission. The request has now been modified to include only the <br />wast` water collection and treatment plant. The request is for <br />issuance by Indian River County of $4,024,000.00 of Industrial <br />Development Bonds. The bond proceeds will be used to pay the cost <br />of constructing a waste water treatment plant with a rated capacity <br />of .25 million gallons per day and a waste water collection system. <br />The assets of the proposed project would be pledged as collateral <br />for the issue, and General Development, Inc. will act as guarantor. <br />The corporation currently plans for the private placement of the <br />bonds. This type of a bond issue and intended use of funds is <br />within the parameters set by the Florida Constitution and Florida <br />Statutes for the issuance of Industrial Development Bonds by <br />counties. I do not foresee -any legal difficulties with this type <br />of an issue. <br />Attached to this short memorandum is a copy of the application sub- <br />mitted by the corporation. Also available in the County Attorney's <br />Office, but too lengthy for inclusion in this package, are; <br />1. General Developmient_Cornoration and Subsidiaries <br />Consolidated Financial Statements December 31, 1980 and <br />1979. <br />2. General Development Corporation and Subsidiaries <br />Consolidated Financial Statements -December 31, 1979 and <br />1978. <br />3. General Development Corporation and Subsidiaries <br />Consolidated Financial Statements December 31, 1978 and <br />1977. <br />4. General Development Utilities, Inc. Financial Statements <br />and Schedules December 31, 1978. <br />5. General Development Utilities, Inc. Financial Statements <br />and Schedules December 31, 1979. <br />6. General Development Utilities, Inc. Financial Statements <br />and Schedules December 31, 1980. <br />� � r <br />