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FEB 12 1986 BOOK 63 Fr1,E 616 TRANSFER OF FUNDS TO PAY BOND HOLDERS - SR60 WATER ASSESSMENT (WEST GATE SUBDIVISION) Utilities Director Pinto reviewed the following memo: TO: THE BOARD OF COUNTY DATE: FEBRUARY 5, 1986 COMMISSIONERS THRU: TERRAN9�G:fPINwo/ FROM: JEFFREY K. ARTON DESCRIPTION AND CONDITIONS SUBJECT: TRANSFER OF FUNDS TO PAY BOND HOLDERS ON 27 ERU'S - ROUTE 60 WATER ASSESSMENT WEST GATE SUBDIVISION When the assessment roll was approved by the -County Commission on their meeting of April 11, 1984, it included Item D-2 (copy attached) which should not have been assessed. The 27 ERU's should be released and become available to potential customers in the service area at the current price per ERU. The monies to payoff the currently issued bonds held by Florida National Bank should be transferred from the impact fee account to pay the assessment roll on these 27 ERU's. RECOMMENDATIONS Utility staff recommends that the Board of County Commissioners authorize the release*of the 27 ERU's for this assessment roll along with the execution of the Release of Assessment Lien. The Board should also authorize the transfer of $30,365.55 from the Impact Fee Account to the Assessment roll account. Director Pinto asked if there were any questions, and Com- missioner Lyons stated that he did not understand the memo. Director Pinto explained that when we put together the water assessment for SR60, there was a little subdivision where we inadvertently put assessments against individual homes, 27 of them, and we really had no authority or reason to do that other than when the developer next door initially came in to build his development in order to build a sewerage treatment plant, he would have had to provide water to those homes. Our county system eliminated the necessity for him to build a sewerage treatment plant. 48