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RESOLUTION NO. 94 - 3$_ <br />;i <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, ESTABLISHING ITS INTENT TO <br />REIMBURSE CERTAIN EXPENDITURES FOR THE <br />PREFABRICATED EROSION PREVENTION (PEP) <br />REEF WITH THE PROCEEDS OF BORROWING TO <br />BE MADE IN THE FUTURE. <br />WHEREAS, Indian River County has plans to issue revenue bonds or borrow <br />proceeds from an institution in an aggregate principal amount not to exceed $4,000,000 <br />for the purposes of financing the cost of a Prefabricated Erosion Prevention (PEP) Reef <br />in the County; and <br />WHEREAS, certain expenditures are contemplated to be paid from the Tourist <br />Tax fund of the County prior to the issuance of the bonds; and <br />1 <br />WHEREAS, the County intends to reimburse the Tourist Tax fund for those <br />expenditures with the proceeds from the borrowing, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: <br />1. Indian River County will make certain expenditures looking toward the <br />construction of the Prefabricated Erosion Prevention (PEP) Reef. Said expenditures <br />shall include without limitation expenditures for permitting fees, expenses and costs of <br />environmental experts, consultants and advisors, monitoring costs, surveying, engineering, <br />and construction costs directly relating to the Prefabricated Erosion Prevention (PEP) <br />Reef project. Said expenditures will occur prior to the issuance of the bonds. These <br />expenditures, therefore, will perforce be provided by the Tourist Tax fund. <br />2. The County intends to reimburse the Tourist Tax fund for said expenditures <br />with a portion of the proceeds of the bond sale referred to herein. <br />3. This resolution shall constitute a "Declaration of Official Intent" within the <br />meaning of Section 1.103-18 of the Income Tax Regulations. <br />4. The Clerk of the Board of County Commissioners is hereby directed to make <br />a copy of this Resolution available for public inspection, during regular business hours, <br />at the office of the Clerk in the County Administration Building, beginning no later than <br />thirty (30) days following the adoption of the Resolution, and to keep the same available <br />