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FEB 15 1984 <br />BaO� MS PAGE x.78 <br />Attorney Brandenburg explained that adoption of this <br />proposed ordinance would remove the 9.5% interest cap on <br />bonds that are issued for the purpose of financing capital <br />improvements, and allows the County to issue bonds up to the <br />maximum allowable interest rate provided by .State law. It <br />also provides for the bonds to be fully registered, as <br />required by the Federal government. <br />Chairman Scurlock reported that it was the unanimous <br />recommendation of the Finance Advisory Committee to approve <br />the adoption of the proposed ordinance. <br />Chairman Scurlock opened the Public Hearing and asked <br />if anyone present wished to be heard in this matter. There <br />were none. <br />ON MOTION by Commissioner Bird, <br />SECONDED by Commissioner Bowman, the Board <br />unanimously closed the Public Hearing. <br />ON MOTION by Commissioner Lyons, <br />SECONDED by Commissioner Bird, the Board <br />unanimously adopted Ordinance 84-03, amending <br />Section 1-11 of the Code of Laws and Ordinances <br />of Indian River County, Florida, adopted by <br />Ordinance 74-2, as amended -by Ordinance Nos. <br />77-19, 80-3, and 80-10, providing for the <br />financing of County capital projects, and <br />authorized the Chairman's signature. <br />24 <br />W <br />