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RESOLUTION NO. 86- We-) A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA THROUGH ITS BOARD OF COUNTY COMMISSIONERS, AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA, IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8,200,000 TO FINANCE THE COST OF IMPROVEMENTS TO AND EXPANSION OF THE PUBLIC LIBRARY SYSTEM AND SERVICES IN THE COUNTY; CALLING AND PROVIDING FOR A BOND REFERENDUM OF THE QUALIFIED ELECTORS RESIDING IN THE COUNTY TO BE HELD ON SEPTEMBER 2, 1986 ON THE QUESTION OF THE ISSUANCE OF SUCH GENERAL OBLIGATION BONDS; AND PROVIDING FOR CERTAIN MATTERS WITH RESPECT THERETO AND AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: SECTION 1. AUTHORITY OF THIS RESOLUTION. This resolution is adopted pursuant to Section 125.01, Florida Statutes, Chapter 100, Florida Statutes, and other applicable provisions of law. SECTION 2. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions hereof, general obligation bonds of the County of Indian River, Florida (herein called "County"), are authorized to be issued in one or more series in an aggregate principal amount not exceed EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS ($8,200,000) to finance the cost of improvements to and expansion of the public library system and services in the County; together with other purposes necessary, appurtenant or incidental hereto, including all costs of the issuance of the bonds. Such general obligation bonds shall be payable from ad valorem taxes levied without limitation as to rate or amount on all taxable property in the County. None of such bonds shall be issued for a longer term than thirty years from their date of issuance and such bonds shall bear interest at the rate or rates, not exceeding the maximum rate permitted by - applicable law at the time of the sale of the bonds, to be determined upon sale of the bonds. JUN 4 1966 24 (a) Boos 64 FnIJE614 I