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JUL 211982 '0 i'c X16 BOND ISSUE - BEACHFRONT ACQUISITION AND IMPROVEMENT The Board next discussed the following memorandum dated July 21, 1982 from Community Services Director Thomas: TO: Board of County Commissioners DATE: July 21, 1982 FILE: Through • :�:�i�,_. I7Tr�:/�� , C.B. Hardin, Jr./ �p Acting County Ad inistrator .GJ L. S '.'Tommy" Thomas, F RO M:C( nity Services Director SUBJECT: Proposed Bond Issue for acquisition improvement of beachfront property REFERENCES: DESCRIPTION & CONDITIONS: Listed below are the following proposed bond issues: 20 Years @ 12% = Five Million 679,99O..'/Yr. (Approx. .35 Mills) 30 Years @ 121% Five Million 643,885./Yr. (Approx. .33 Mills) Six Million 815,988./Yr. (Approx. .42 Mills) Six Million 772,662./Yr. (Approx. .40 Mills) Eight Million 1,087,984./Yr. (Approx. .55 Mills) Eight Million 1,020,216./Yr. (Approx. .53 Mills) Based on the above figures, a 20 -year loan for five million dollars, a property owner with a house valued at $55,000. on the tax roll - less $25,000.00 Homestead Exemption - would add $10.50 to this years tax bill. On an -.eight million dollar loan for 30 years, on the same house the increased tax bill would be $15.90. The other amounts would fall somewhere between these two figures. ALTERNATIVES AND ANALYSIS: The only alternative for the Board of County Commissioners is to present this to the general public under a referendum for November 2, 1982. There are no other funds available at this time. RECOMMENDATION AND FUNDING: It is recommended that the Board of County Commissioners direct the County Administrator and the County Attorney to prepare the necessary information to be sent to Rosemary Richey, Supervisor of Elections, no later than September 3, 1982. It is further recommended that the County Administrator and the County Attorney develop -an information and promotion program for this project in cooperation with all interested County and Municipal organizations.