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TO: Board of County Commissioners <br />FROM: Terrence P. O'Brien - Assistant County Attorney'�Ppo <br />DATE: August 17, 1993 <br />RE: RESOLUTION EXPRESSING INTENT TO REWURSE CERTAIN <br />EXPENDITURES FROM THE $269 000, 000 BOND ISSUE FOR THE <br />PURCHASE OF ENVIRONMENTALLY SIGNIFICANT LANDS <br />The electorate of Indian River County voted in favor of the issuance of <br />general obligations bonds in an aggregate principal amount not to <br />exceed $26,000,000.00 for the purpose of financing the cost of acquiring <br />environmentally significant land to protect water quality, open spaces, <br />and wildlife habitat in the County. It is anticipated that the initial sale <br />of bonds will take place in July or August of 1994. <br />Expenditures from the money raised by the sale of bonds may include <br />without limitation expenditures for the direct costs of acquisition of <br />environmentally significant lands, for fees 'expenses and costs of <br />environmental experts, consultants and advisors, for real estate <br />appraisers and for other items directly related . to lands acquired or <br />considered for acquisition. <br />If allowable expenditures are made before bond funds are available, <br />those expenditures are reimbursable if an appropriate resolution has <br />been adopted by the BCC prior to incurring such expense within the <br />one year window provided for in federal law. <br />A resolution is attached for consideration and adoption. Because <br />passage of the resolution opens the one year window, it is important <br />that the resolution not be adopted until just prior to obligating to <br />substantial expenditures. The first of such expenditures is now before <br />us in the form of obtaining appraisals for use in the submission of <br />applications for state matching funds. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Tippin, the Board unanimously adopted <br />Resolution 93-149, a resolution of the Board of <br />County Commissioners of Indian River County, <br />Florida, establishing its intent to reimburse <br />certain expenditures for the acquisition of <br />environmentally significant land with the proceeds <br />of borrowing to be made in the future. <br />19 <br />L_ AUG 2 41993 sooK 90 lc'a.� E 310 <br />