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r N O V 3 1992 <br />.TO: Board of County <br />Commissioners of <br />Indian River County <br />FROM: Gary m. Brandenburg <br />County Attorney <br />DATE: October 26, 1982 <br />FILE: <br />SUBJECT: $850,00.0 Indian River <br />County, Florida Industrial <br />Development Revenue Bonds <br />Series 1982 (Rampmaster <br />Project) <br />REFERENCES: <br />The Board of County Commissioners of Indian River County on August <br />13, 1981, adopted Resolution No. 81-54 providing for the delivery <br />by the County to Rampmaster, Inc. of a memorandum of agreement with <br />respect to financing a project consisting of the acquisition and <br />construction of a manufacturing plant to be located in Indian -River <br />County, Florida. Subsequently, the County adopted Resolution No. <br />82-34 authorizing the execution of a Letter of Intent and <br />Inducement to Robert A. Davis and William A. Davis. This revised <br />resolution was necessary because of a readjustment in the financing <br />structure of the project. <br />The project is now ready to proceed and the next step will be for <br />the County to adopt a bond resolution and file for a validation <br />proceeding. Itis important to both the County and the proprietors <br />that this issue be closed prior to January 1, 1983. Otherwise, the <br />bonds will be subject to the new Federal tax law provisions <br />affecting Industrial Development Revenue Bonds which reduce the <br />accelerated depreciation tax benefits otherwise available to the <br />proprietor from the project and place substantial reporting <br />requirements on the County. <br />In order for the validation process to be completed prior to <br />January 1, 1983, the bond resolution must be adopted this month and <br />the validation proceeding commenced immediately thereafter. <br />I have attached to this memo a copy of the proposed bond resolution <br />prepared by our bond counsel. Available for your review in oux <br />office are the exhibits (too lengthy to include) comprising the <br />loan agreement, mortgage and security agreement and the guarantee <br />agreement. <br />RECOMMENDATION <br />I would recommend that the Board of.County Commissioners adopt the <br />attached bond resolution and direct the County Attorney's Office to <br />immediately file for validation of the issue. <br />Respectly submitted, <br />randenbur <br />r <br />