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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1992 18. Subsequent Events - Continued: E. Emergency Services District - The voters of Indian River County approved a referendum in a March 1991 election to consolidate the three fire districts (South, North and West) and the Advanced Life Support (ALS) units. This consolidation was completed and the Emergency Services District became operational on October 1, 1992. F. Septage/Sludge Facility - Construction of the new regional sludge treatment facility will soon be completed and has a scheduled operational date of February 1993. This facility, funded in part with the Water and Sewer Revenue Bond, Series 1991, and in part with a U.S. Environmental Protection Agency grant, is needed to meet the County's immediate and future needs for treatment and disposal of sludge (the solid or semi-solid residual by-product of the waste- water treatment plant process), septage (the liquids from residential septic tank haulers, dumping stations and portable toilet facilities), and grease (the material taken from commercial grease traps typically found at food processing facilities and restaurants). G. New Business Tax Incentives - On January 12, 1993, the Commissioners adopted a resolution calling for a special election to determine whether the Board of County Commissioners shall have the power and authority to grant ad valorem tax exemptions to new or expanding businesses. A special election will be held on April 13, 1993 to present this referendum to the voters of Indian River County. H. Housing Authority - Orangewood Park Apartments - On July 16, 1991, the Housing Authority adopted a resolution authorizing the issuance of a revenue bond payable to the U.S. Department of Agriculture, Farmers Home Administration, for the purpose of financing a part of the cost of acquiring, erecting and constructing low -rent, multi -family housing facilities (Orangewood Park Apart- ments). On September 5, 1991, the Housing Authority issued the revenue bond in the amount of $2,006,400. The bonds are payable at an annual rate of if over a period of 30 years. On September 4, 1991, a contract for $3,583,806 was entered into by the Housing Authority with a building contractor for construction of the Project. Orangewood Park Apartments was completed and dedicated on November 19, 1992 and became operational on December 1, 1992. I. Housing Authority - New Project - During fiscal year 1992, the Housing Authority signed a purchase option for acquisition of land in connection with construction of another low -rent, multi -family housing facility. The Authority has since submitted a contract to FmHA and is awaiting approval. 8-60