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r <br />JUL 23 1W <br />BOOK PA i;E 41 <br />2. The special assessments shown on the attached <br />assessment roll are hereby confirmed and approved, and shall <br />remain legal, valid, and binding first liens against the <br />properties assessed until paid in full. <br />2. The County will record the special assessments and <br />this resolution, which describes the properties assessed and the <br />amounts of the special assessments, on the public records, which <br />shall constitute prima facie evidence of the validity of the <br />special assessments. <br />The resolution was moved for adoption by Commissioner <br />Scurlock , and the motion was seconded by Commissioner <br />Eggert and, upon being put to a vote, the vote was.;as <br />follows: <br />Chairman Richard N. Bird Aye <br />Vice -Chairman Gary C. Wheeler Aye <br />Commissioner Carolyn K. Eggert Aye <br />Commissioner Don C. Scurlock, Jr. Ave_ <br />Commissioner Margaret C. Bowman Aye <br />The Chairman thereupon declared the resolution passed <br />and adopted this 23 day of July , 1991 <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />By <br />RICHARD N. BIRD, Chairman <br />RESOLUTION 91-78 WITH ATTACHED ASSESSMENT ROLL IS ON FILE IN THE <br />OFFICE OF CLERK TO THE BOARD <br />AWARD OF RECREATION BONDS (GOLF COURSE <br />Financial Advisor Art Diamond explained bonds and interest <br />rates and classifications of bonds, and emphasized that the <br />recreational revenue bonds were issued at an exceptionally good <br />rate for several reasons: the fact that the bonds are backed by <br />the full faith and credit of Indian River County, which has a good <br />name in the marketplace, and the subordinate pledge of the half - <br />cent sales tax. <br />Mr. Diamond explained the reason for the subordinate pledge is <br />to insure the bond because bond insurance gets a triple A rating. <br />In the ordinary course of things, golf course revenues are <br />considered weak revenue, but Sandridge Golf Club has always shown <br />a profit and we are not going to have a problem with it. <br />Commissioner Scurlock felt it was important for the Board to <br />realize there is a pledge of revenues from another source, but it <br />was anticipated to be self-supporting, as the first issue for the <br />golf course has been. <br />If for some reason there was a shortfall, <br />18 <br />