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TO: Boaarrtdl of County Commissioners <br />FROM: Charles P. Vitunac, County Attorney <br />DATE: August 21, 1995 <br />RE: County Takeover of Sebastian Utility System <br />By the attached letter the City of Sebastian has requested that the County <br />execute an agreement acknowledging that the County will take no action <br />relating to certain bonds which the City issued to pay for the riverfront <br />water line project which would make the interest on the bonds taxable. <br />Recommendation: Staff recommends execution of the agreement. <br />LAw OFFIcEs OF �'�\ ` f,. "c}41 <br />POTTER, MCCLELLAND, MARKS & HEALY, P. <br />vv,' <br />WILLIAM C. POTTER <br />CLIFTON A. MCCLELLAND, JR. <br />DOUGLAS D. MARES <br />PATRIcx F. HEALY <br />TIMOIHY M. WILLIAMS <br />HARRY A. JONES <br />OF COUNSEL REFLY TO: MELBOURNE <br />August 17, 1995 <br />Charles P. Vitunac, Esq. <br />Indian River County Attorney <br />1840 25th Street <br />Vero Beach, FL 32960-3384 <br />Dear Mr. Vitunac: <br />FIRST UNIO AN Ab1LW(;, SUIT <br />700 S G ABCOCE STREF�'`'li <br />POST I�]IS Box 2 <br />MELBOURNE, FLS -2520 <br />(407) 984-2700 <br />FAx: (407) 723-4092 <br />200 BREVARD AVENUE <br />CiocOA, FLORIDA 32922 <br />(407) 634-8011 <br />The City of Sebastian is in the process of financing the <br />Riverfront Waterline Project. As you recall, the City of Sebastian <br />imposed a special assessment for this project. Barnett Bank has <br />agreed to buy the bonds at a negotiated sale. Nabors, Giblin & <br />Nickerson, P.A. are preparing the instruments to effectuate the <br />closing. <br />The closing requires the execution by the County of the <br />enclosed certificate, as the County is purchasing the City of <br />Sebastian Utility System. If the County is unable to execute the <br />enclosed certification, please notify me immediately. <br />Respectfully, <br />Clifton A. McClelland, Jr. <br />CAM/tah <br />Enclosures <br />cc: Joel Koford, City Manager <br />Joel Haniford, City Finance Director <br />Terry Pinto, Indian River County Utilities Director <br />31 <br />August 22, 1995 <br />