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FP'_ JUL 07 1992 On a 9 to 4 vote, LAAC approved and recommended to the Board of County Commissioners that a general obligation bond referendum of $26 million to be funded by an estimated 1/2 mill levy for approximately fifteen years The prevailing sentiment was amount that is sufficient to reasonable chance for pasc lessening the amount, rate otherwise inclined voters tc be included on the November ballot. that the referendum should be for an meet land acquisition needs and has a age. The majority also felt that or duration would not entice many support the referendum. LAAC recommended by a vote of 12 to 1 that the specific referendum language be as follows: Shall Indian River County be authorized to acquire environmentally significant land to protect water quality, open spaces, and wildlife habitat, by issuing general obligation bonds not to exceed $26 million to be repaid in approximately 15 years by an annual ad valorem tax not to exceed one-half mill? Informational Brochure In addition to its work on the referendum issue, LAAC has also addressed the issue of informing the voters of the referendum and the purposes of environmentally significant land acquisition. To this end, the committee has prepared a draft brochure that can be mailed to each registered voter household in the county, and absentee voters. Estimated cost of printing (+9 cents per copy) and mailing the brochure (+17 cents per copy) is +$10,300. This could be funded by general fund contingency. RECOMMENDATION: The Indian River County Land Acquisition Advisory Committee and staff recommend that the Board of County Commissioners: approve a November general obligation bond referendum for environmentally significant land acquisition -of $26 -million to be repaid by an ad valorem tax levy of an estimated 1/2 mill for approximately fifteen years; approve the proposed bond wording as stated above; approve the draft informational brochure; and authorize the expenditure of funds to print and mail the brochure. SIZE OF BOND ISSUE @ .25 MIL BOND INTEREST AMOUNT AMOUNT RATING RATE TERM BONDS GENERATED FROM AD VALOREM TAXES AVAILABLE BOND FOR DEBTSERVICE ISSUE SIZA A► 6% 5 YEAR S1,342,358 $1,198,534 55,000,000 A 6.5% 7 YEAR $1,342,358 $1,198534 56,675,000 A 6.85% 10 YEAR $1,451,894 51,296,334 5910001000 A 7.006/0 12 YEAR $1..570,369 $1,402,115 511,000,000 A 7.1095 15 YEAR $1,633,183 51,458,199 513,000,000 A 7.25% 20 YEAR S1,766,451 51'77,188 516,000,000 A : 7303'0 30 YEAR 51,837,109 51,613,000 .519,000,000 38