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FINANCE ADVISORY COD4MITTEE REPORT <br />A. Criminal Justice Complex <br />Commissioner Scurlock read the following summary of the <br />committee's recommendation re financing for the proposed <br />Criminal Justice Complex: <br />Telephone: (305) 567-8000 <br />BOARD OF COUNTY COMMISSIONERS <br />1840 25th Street, Vero Beach, Florida 32960 <br />To: Board of County Commissioners <br />From: Finance Advisory Committee <br />Subject: Financing for proposed Criminal Justice Complex <br />Suncom Telephone: (305) 424-1012 <br />June 15, 1983 <br />At the June 13, 1983, meeting of the Finance Advisory Committee, financing for the <br />proposed Criminal Justice Complex was discussed and the following recommendations <br />for your consideration are forwarded: <br />1) Public Referendum in March, 1984 to vote on a General Obligation Bond Issue for <br />the Criminal Justice Complex. (Amount needed to be determined by Board of County <br />Commissioners) <br />2) This bond issue was considered in conjuction with the existing Beach Bond Issue <br />(5 year issue) This current issue will cost the taxpayer 4/10 of 1 mill in this <br />taxing year. <br />3) New bonds to run for 10 years with the first 5 years being interest only and the <br />second 5 years the principal being reduced thus phasing this second bond issue's <br />principal reduction after the Beach Bonds are paid off. <br />4) This proposal would increase the 4/10 of 1 mill to 5/10 of 1 mill for the first <br />year and the debt service would be level for the 10 year period for the combined <br />issues. (Both Beach Bond and Criminal Justice Complex) <br />5) If the .Board of County Commissioners were to consider an amount greater than <br />$8,000,000., the Finance Advisory Committee would like to take another look at <br />the proposed funding. <br />Commissioner Scurlock stated that one of the reasons <br />- they were seriously considering the advantages of General <br />Obligation Bonds was that basically you have the 25 to 40 <br />point basic slight difference in that and an issue supported <br />by sales tax and it is more marketable. <br />Director Barton noted that it really pays off both bond <br />issues within a 10 year period. <br />The Jail would probably <br />JUN 15 1983 <br />82 <br />KOOK 53 pAct 817 <br />