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F_ <br />INTEREST RATE FOR PAVING AND DRAINAGE ASSESSMENTS <br />BOOK 67 F'A'E a1 8 <br />The Board reviewed the following letter dated 3/5/87: <br />OFFICE <br />E E. MORRIS, C.F.C. <br />TAX COLLECTOR <br />March 5, 1987 <br />Don C. Scurlock, Jr., Chairman <br />Board of County Commissioners <br />Indian River County <br />Vero Beach, Florida <br />U1 U COLLFEC UOR <br />Re: Interest Rate for Paving & Drainage Assessments <br />Dear Mr. Scurlock: <br />F. O. BOX 1509 <br />VERO BEACH. FLORIDA - 32961 <br />TELEPHONE: (305) 567-5190 <br />At the Board meeting of March 3, 1987, the Committee <br />approved the Final Assessment Roll for the paving of 37th <br />Avenue. The prime interest rate, however, was not defined <br />or established. <br />It is my recommendation that all paving and drainage <br />assessments bear a flat twelve percent (12%) interest rate <br />to the owners. This would put the Public Works Department <br />on a uniform basis with the Utilities Department. It would <br />also reduce a lot of confusion to both my office and the <br />property owners. Presently, we have over two dozen <br />assessments outstanding with one dozen different interest <br />rates. I have had numerous calls from dissatisfied property <br />owners who have two or more assessments and each with a <br />different interest rate. The flat 12% rate would set the <br />County apart from a lending institution, which it should <br />not be. <br />I would appreciate this matter being brought up at the <br />next Board meeting. <br />Sincer yours, <br />61 **"' X 6XIAZI 0, W <br />Gene E. Morris <br />County Tax Collector <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Bowman, the Board unanimously established <br />.a flat interest rate of 12% for all paving and drainage <br />assessments, effective April 1, 1987; rate to be <br />reviewed on a semi-annual basis. <br />Commissioner Bird understood that this is not retroactive. <br />127 <br />