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GENERAL DEVELOPMENT UTILITIES, INC. - REVENUE BONDS The Board reviewed the following memorandum dated April 28, 1982 from the County Attorney: TO: Board of DATE: April 28, 1982 FILE: County Commissioners Resolution Authorizing the Execution and Delivery by the Board of County Commissioners of a Letter of Intent and SUBJECT: Inducement. to General Development Utilities, Inc. with Respect to the Issuance of $4,024,000 of Industrial Development Revenue Bonds for the Purpose of Establishing a FROM: Gary M. Brandenburg Sewerage System REFERENCES: County Attorney On December lo, 1981, representatives of General Development Corporation appeared before the Board of County Commissioners and indicated their desire to construct a water and sewerage system with the proceeds of an Industrial Development Revenue Bond Issue._ During this meeting, the County Commission approved a new applica- tion Form. Subsequently, the corporation submitted a formal appli- cation (See,.memorandum Brandenburg to BCC, February 25, 1982). This application was submitted to the County Commission during their meeting of March 3, 1982. During the March 3rd meeting, the County Commission had several questions. The County requested the Company to supply information regarding the earmarking of bond funds and any information avail- able on the effect on the customer rate structure of financing the. project under this method (Memo Fancher to Brandenburg 4/2/82). The Commission also approved retaining Judson Freeman, Jr. as special counsel and requested the County Attorney to prepare the necessary Inducement Resolution and Memorandum of Agreement to place the County in a position to move ahead on the request should the Commission be favorably inclined to proceed with the financing. Attached to this memorandum is an Inducement Resolution and Letter of Inducement prepared by Patricia Wheeler of Livermore, Klein & Lott, P.A. which has been reviewed by Judson Freeman, Jr. (See letter Freeman to Brandenburg 4/14/82) and this office. I recognize that differing aspects of the resolution and letter are of a varying degree of interest to each individual Commissioner; however, I found the following aspects significant; Adoption of the resolution requires the County Commission to make the following findings: 1. That the location of the project in the County shall make a significant contribution to the economic growth of the area and shall provide gainful employment and serve a public purpose public health Florida. by advancing the economic prosperity, the and the general welfare of the State of MAY 5 1982 39 nsrf B F }2