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RESOLUTION NO. 82-85 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE <br />ISSUANCE OF NOT EXCEEDING $5,000,000 GENERAL <br />OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA, <br />TO FINANCE THE COST OF THE ACQUISITION OF <br />BEACHFRONT LAND ON THE ATLANTIC OCEAN IN THE <br />COUNTY; PROVIDING FOR AND CALLING A BOND REFERENDUM <br />OF THE QUALIFIED ELECTORS RESIDING IN THE COUNTY TO <br />BE HELD ON NOVEMBER 2, 1982, ON THE QUESTION OF THE <br />ISSUANCE OF SUCH GENERAL OBLIGATION BONDS; AND <br />PROVIDING AN EFFECTIVE DATE. <br />BE IT RESOLVED BY' THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. AUTHORITY OF THIS RESOLUTION. This resolu- <br />tion is adopted pursuant to Section 125.01, Florida Statutes, <br />Chapter 100, Florida Statutes, and other applicable provisions of <br />law. <br />SECTION 2. AUTHORIZATION OF BONDS. Subject and pur- <br />suant to the provisions hereof, general obligation bonds of the <br />County of Indian River, Florida (herein called "County"), are <br />authorized to be issued in the aggregate principal amount of not <br />exceeding FIVE MILLION DOLLARS ($5,000,000) to finance the cost of <br />the acquisition of beachfront land on the Atlantic Ocean in the <br />County, for recreational purposes; together with other purposes <br />necessary, appurtenant or incidental thereto, including all costs <br />of the issuance of the bonds.. Such general obligation bonds shall <br />be payable from ad valorem taxes levied without limitation as to <br />t <br />rate or amount -on all taxable property in the County. None of <br />such bonds shall be issued for a longer term than thirty (30) <br />years from their date of issuance and such bonds shall bear <br />interest at such rate or rates not exceeding the maximum rate per- <br />mitted by applicable law at the time of the sale of the bonds, the <br />actual rate to be determined upon sale of the bonds to the bidder <br />whose bid produces the lowest net interest cost to the County for <br />the bonds. <br />SECTION 3. BOND REFERENDUM. A bond referendum of the <br />qualified electors residing in the County is hereby called to be <br />held on November 2, 1982, to determine whether or not the issuance <br />of such general obligation bonds in an aggregate principal amount <br />of not exceeding FIVE MILLION DOLLARS ($5,000,000) shall be <br />