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AUG 17 <br />1983 <br />BOOK <br />5.4 <br />PAGE 318 <br />located between <br />tennis courts and a driving range, <br />and <br />there <br />is not enough room for.expansion. <br />ON MOTION MADE by Commissioner Lyons, <br />SECONDED by Commissioner Scurlock, the. Board <br />unanimously instructed the County Attorney to <br />—prepare an Inducement Resolution for the next <br />agenda and indicate that any expenditures on <br />the part of Hutchinson Utilities as a result of <br />this Motion are entirely at their risk. <br />DISCUSSION RE REFINANCING OF THE COURTHOUSE AND <br />ADMINISTRATIVE COMPLEX RENOVATION BONDS <br />The Board reviewed the following memos dated 8/9/83 and <br />8/10/83: <br />TO: Members of the DATE. August 9, 1983 FILE: <br />Board of County Commissioners <br />SUBJECT: Refinancing of the <br />Courthouse and Administrative <br />Complex Renovation Bonds <br />FROM: Gary M. Brandenburg REFERENCES: <br />County Attorney <br />Attached to this memorandum you will find a resolution providing <br />for the refunding of the outstanding revenue obligations of the <br />County which were originally issued to cover the cost of renovating <br />the Courthouse, the Annex and the Administrative complex and cost <br />overrun. The refinancing provides that the bonds will be paid by <br />using the Race Track funds and the Jai Alai Fronton funds accruing <br />annually to Indian River County. The purpose of this refinancing <br />is to provide funds for additional cost overruns in the Courthouse <br />and Administrative Complex plus additional funds for the construc- <br />tion and equipping of additional courtroom facilities. The addi- <br />tional funds resulting from this refinancing are a combination of <br />two factors; first, adding the additional courtroom facilities to <br />the scope of the project; and secondly, liquidating certain securi- <br />ties that were acquired at the time of the original financing, <br />which securities have greatly increased in market value. Members <br />of the County Staff and representatives from -Hough & Co. will be <br />available at the August 17th meeting to discuss the concept of this <br />refinancing in detail. <br />If the Board of County Commissioners is satisfied with the explana- <br />tion of the necessity and financial advisability of this refinanc- <br />ing, I would recommend the County Commission adopt the attached <br />resolution and authorize our office to file immediately for valida- <br />tion of the refinancing. <br />W <br />