Laserfiche WebLink
Chairman Scurlock reported that the Finance Advisory <br />Committee members also discussed each of the concerns listed <br />above, and our Bond Counsel has advised that 1) there is no <br />liability to the County; and 2) they recommend a letter of credit <br />as this is a unique situation. However, in the future they would <br />not recommend even receiving applications from companies that <br />would not provide a letter of credit and a certified audit. The <br />Finance Advisory Committee feels very strongly that those items <br />should be provided in the future, and have asked Bond Counsel to <br />include in the documents full disclosure to the bond holders of <br />what the situation is. Based on those requirements and the fact <br />that this is light, clean industry, the Finance Advisory <br />Committee's recommendation is to approve the issue of industrial <br />revenue bonds. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Whee-ler, by a vote of 3-1 (Commissioner <br />Bowman voting in opposition), the Board adopted <br />Resolution 88-47, authorizing the execution and <br />delivery by Indian River County, Florida, of a Letter <br />of Intent and Inducement Agreement to Profold, Inc., <br />with respect to the County's issuance of not to exceed <br />$973,000 in principal amount of its revenue bonds to <br />finance the cost of a manufacturing facility. <br />11 Boole 73 pnc 322 <br />