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C15% RESOLUTION NO. 2014-090 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, OPPOSING ALL ABOARD FLORIDA. WHEREAS, All Aboard Florida — Operations, LLC (`'All Aboard Florida"), a subsidiary of Florida East Coast Industries, is proposing to provide a high speed passenger rail service 32 times (16 round -trips) per day between Miami and Orlando that will run through populated areas of Indian River County, including Vero Beach, Sebastian, and the communities of Gifford, Roseland, Wabasso and Winter Beach without stopping or serving these areas; and WHEREAS, the current railroad tracks owned by Florida East Coast Railway ("FECR") are designed for trains that operate at speeds from 45 miles per hour (''mph") to 60 mph; and WHEREAS, All Aboard Florida proposes to operate a high speed passenger train service which will travel at speeds up to 110 mph through parts of Indian River County; and WHEREAS, populated communities within Indian River County which are accustomed to, and grew up with, the slow moving trains are wholly inappropriate for the proposed high speed passenger rail project; and WHEREAS, at first, All Aboard Florida touted the high speed passenger rail project as being a private company providing a private service by using solely private resources; and WHEREAS, it is now understood that All Aboard Florida intends to fund a significant portion of the proposed high speed passenger rail project through a Railroad Rehabilitation & Improvement Financing (RRIF) Program loan of approximately $1.6 billion that is administered by the Federal Rail Administration, an agency of the United States federal government; and WHEREAS, if All Aboard Florida secures the amount that it has requested in its RRIF loan application, it will be the largest RRIF loan awarded by the federal government to date; and WHEREAS, in June of 2014, All Aboard Florida sold $405 million in high-risk bonds with a hefty 12 percent interest rate to assist in its efforts to build the proposed high speed passenger rail project; and WHEREAS, if All Aboard Florida secures the amount that it has requested in its RRIF loan application, it intends to use a portion of the RRIF loan to repay the $405 million in high risk bonds; and WHEREAS, it is now also understood that in addition to the federal assistance, the State of Florida has pledged approximately $215 million for a new rail station at the Orlando International Airport which will benefit All Aboard Florida and other transit systems; and