Laserfiche WebLink
the annual installments on the property with the amount that <br />will be due each year to the bank. <br />Attorney Brandenburg advised that in the event a <br />developer does not pay his share, the County would be in a <br />position within the first 10 -month period to foreclose, If <br />the County does not step in and foreclose during that first <br />10 -month period, the bank wants approval to do it <br />themselves. He cautioned that in the event we are not able <br />to conclude the foreclosure proceedings during that one-year <br />period, then that yearly payment will be in default. There <br />is no acceleration on the entire $2 -million, but it would <br />look as if the bond itself was in default, and that is <br />something we should take great care to avoid. He felt the <br />likelihood of that happening is very minimal, because the <br />value of those properties are so high compared with the lien <br />against them. Secondly, the developers will probably make <br />other financing arrangements during the first 3 -year period <br />and take out all their share of the assessment in order to <br />sell off their property or obtain other financing. <br />Commissioner Lyons asked how long it would take to <br />foreclose and Attorney Brandenburg advised that it generally <br />takes three months. He continued that there is always the <br />possibility of litigation delaying the foreclosing. <br />MOTION WAS MADE by Commissioner Lyons, <br />SECONDED by Commissioner Bird, that the Board <br />approve this commitment in concept today, <br />await the revised commitment form being sent <br />over by Florida National Bank, and authorize <br />staff to bring back the final arrangements at the <br />next meeting. <br />Frank Zorc, local realtor, asked what percentage of. <br />water supply this waterline will take from the Oslo Plant, <br />,Y <br />55 <br />APR 4 1984 BOOK 56 PAGE 597 <br />