2/22/1994 - Laserfiche WebLink

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ON MOTION by Commissioner Adams, SECONDED by Commissioner Macht, the Board unanimously adopted -- Resolution 94-38, establishing the intent of -the Board of County Commissioners of Indian River County,* Florida, to reimburse certain expenditures for the prefabricated erosion prevention (PEP) reef with the proceeds of borrowing to be made in the future, as recommended by staff. RESOLUTION NO. 94 - 3 8 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN EXPENDITURES FOR THE PREFABRICATED EROSION PREVENTION (PEP) REEF WITH THE PROCEEDS OF BORROWING TO BE MADE IN THE FUTURE. WHEREAS, Indian River County has plans to issue revenue bonds or borrow proceeds from an institution. in an aggregate principal amount not to exceed $4,000,000 for the purposes of financing the cost of a Prefabricated Erosion Prevention (PEP) Reef in the County; and WHEREAS, certain expenditures are contemplated to be paid from the Tourist Tax fund of the County prior to the issuance of the bonds; and WHEREAS, the County intends to reimburse the Tourist Tax fund for those expenditures with the proceeds from the borrowing, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMNIISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: 1. Indian River County will make certain expenditures looking toward the construction of the Prefabricated Erosion Prevention (PEP) Reef. Said expenditures shall include without limitation expenditures for permitting fees, expenses and costs of environmental experts, consultants and advisors, monitoring costs, surveying, engineering, and construction costs directly relating to the Prefabricated Erosion Prevention (PEP) Reef project. Said expenditures will occur prior to the issuance of the bonds. These expenditures, .therefore, will perforce be provided by the Tourist Tax fund. 29 � '18 22 M4 BOOK 91 PACE 7.97