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l <br />INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />14. Commitments and Contingencies - Continued: <br />C. Grants - Amounts received or receivable from grantor agencies are subject to <br />audit and adjustment by grantor agencies. If any expenditures are disallowed as <br />a result of these audits, the claims for reimbursement to the grantor agency <br />would become a liability of the County. In the opinion of management, any such <br />adjustments would not be significant. <br />15. Subsequent Events: <br />A. Housing Authority - During fiscal year 1990, the Housing Authority acquired land <br />in connection with construction of another low -rent, multi -family housing <br />facility. The Authority has received preliminary approval for construction of <br />100 units from Farmers Home Administration. FHA funding consists of a <br />$3,816,000 loan and 51,200,000 FmHA grant. Construction of these units is <br />expected to begin during fiscal year 1991. <br />B. On December 11, 1990, the Board approved a plan for the acquisition of property <br />as a site for the new County Courthouse in an amount approximating 52.5 million. <br />C. On January 28, 1991, the Board approved a plan for the issuance of approximately <br />58,250,000 in revenue bonds for the acquisition of land and construction of an <br />additional eighteen -hole golf course. From the proceeds of these bonds, the <br />County would advance refund the outstanding balance of Recreational (Golf <br />Course) Revenue Bonds, Series 1985 in the amount of 52,720,000. <br />52 <br />