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FROM: Gary M. Brandenburg REFERENCES: <br />County Attorney <br />The Commission on Wednesday, August 18, 1982, received the <br />Preliminary Beach Access and Development Plan prepared by the <br />Community Development Department for Indian River County. The <br />report recommends the issuance of up to $5,000,000 in general obli- <br />gation bonds to finance the acquisition and development of ocean- <br />front parks. <br />Attached to this memorandum you will find a proposed resolution <br />calling for the issuance of up to $5,000,000 in general obligation <br />bonds to <br />"Finance the Cost of the Acquisition and -Development of <br />Beachfront Land on the Atlantic Ocean in the County, For <br />Recreational Purposes; Together with Other Purposes Necessary, <br />Appurtenant or Incidental`Thereto, Including all Costs of the <br />Issuance of Bonds." <br />The resolution calls for a bond referendum on November 2, 1982, and <br />sets forth, on Page 2 of the resolution, the wording of the ques- <br />tion to be placed before the voters of the County. Notice of the <br />bond referendum will be published at least twice, once in the fifth <br />week and once in the third week prior to the election. <br />The principal and interest on the bonds, if approved by the elec- <br />torate,.will be paid from ad valorem taxes levied on all -property <br />in the County at such a rate to produce sufficient funds to cover <br />debt service. . <br />RECOMMENDATION <br />The County Attorney recommends a careful review of the wording used <br />in the bond resolution setting forth the purpose of the bonds and, <br />if consistent with current Commission philosophy, adoption of the <br />resolution together with extending the Chairman authorization to <br />sign the Notice of Bond Referendum. <br />Respectfully submitted, <br />Ga .�B�Z <br />randenbur <br />