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RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />REQUESTING FLORIDA DEVELOPMENT COMMISSION <br />TO FINANCE A HIGMMY IWROV23MNT PROJECT <br />BY A BOND ISSUE IN AMOUNT OF <br />$400,000.00 <br />WHEREAS, the Board of County Commissioners of INDIAN <br />RIVER COUNTY, FLORIDA, is of the opinion that adequate highways <br />are necessary and desirable to the progress and development of <br />the State and County, and the following improvements are most <br />urgently needed at this time and will be of great benefit to the <br />County and State system of roads: <br />APPROXIMATE <br />SECTION NO. ROAD NO. LENGTH DESCRIPTION <br />88070 SR A -1-A 6.5 From a point approximately <br />0.8 miles north of SR 510 <br />(Wabasso Road) to the <br />Brevard County Line at the <br />Sebastain Inlet. Length <br />approximately 6.5 miles. <br />WHEREAS, neither the State Road Department nor the <br />County has sufficient funds to finance such construction; and <br />WHEREAS, it appears that such a project embracing the <br />above named improvements may be financed by means of a revenue <br />bond issue of approximately $400,000.00 secured by a pledge of <br />the 80% Surplus of the Second Gasoline Tax accruing for use in <br />Indian River County under provision of Section 16, Article IR of <br />the Constitution of Florida; and <br />WHEREAS, the Florida Development Commission is authorized <br />by law to construct such project and to finance the cost thereof <br />by authority of Chapter 288, Florida Statutes, and is further <br />authorized, as lessor, to lease and sell said project to the State <br />Bauk 7 r�,; i uA <br />