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H. Interfund Loan Authorization - Jail Complex Project <br />The Board reviewed the following memo dated 11/30/83: <br />TO: Board of County Commissioners. - DATE: November 30, 1983 FILE: <br />SUBJECT: Indian River County Criminal <br />Justice Complex <br />FROM: Jeffrey K. Barton, Director REFERENCES: <br />Office of Management and Budget <br />Due to continuing expenses io relation to the New Criminal Justice Complex, please <br />authorize funding by way of a loan from the Secondary Road Trust Fund to the County <br />Jail Fund. <br />OMB Director Barton explained that this is the trust <br />fund that has 800 of the 5th & 6th cent gas tax and that <br />there is more than enough money to fund the current 16th <br />Street project. However, there has never been a formal <br />motion authorizing an account from which to borrow interim <br />funds for the jail complex project. He advised that the <br />architect fees, land purchase and related costs are nearing <br />$250,000. <br />Commissioner Scurlock was concerned about borrowing <br />from other entities before the bond issue goes to the people <br />in a referendum. Commissioner Lyons suggested a limitation <br />of $250,000 be placed on the amount of the loan, and if we <br />get a "no" on the referendum, then we will have to find <br />another way to finance the jail. <br />Another concern of Commissioner Scurlock's was the <br />amount of interest that would be paid on the loan, and <br />Administrator Wright advised that the interest will be <br />calculated, equivalent to the going rate, and paid back from <br />the bond proceeds when they are received. <br />29 <br />DEC 7 1983 <br />BOi 55 PACE 52-"6 <br />