1962-040 - Laserfiche WebLink

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accrue, an& to establish reserve funds therefor# said rentals to be paid out of the unpledged 80% Surplus Second Gasoline Tax in-' come accruing to the State Road Department for expenditure in Indian River County, together with any earnings which may accrue' from investment of the Sinking Fund. Upon the full payment of said revenue bonds and all interest thereon, title to said project shall vest in the State of Florida in fee simple. IV. The Florida Development Commission and the State Road Department are requested to agree that the latter shall act as the agent of the Commission for the construction of the project, which construction shall include the planning, surveying, grading, draining, excavating, building and paving thereof, and also the cost of labor, materials, equipment and all lands or interest therein, and any other property, real or personal, appurtenant to or useful in the construction of said project, engineering and legal expense, administrative expense, the Commissionts fiscal fees and any other expenses necessary or incident to the financing authorized by this resolution, to the construction of the project and to the placing of same in operation, for all of which the proceeds of said revenue bonds may be expended. Said project shall be constructed according to the standards and specifications of the State Road Department appropriate to such class of construc- tion. V. The State Road Department is authorized to use county secondary funds for all of the expenses of preliminary engineering, surveying, investigation, and legal expenses, including costs of litigation; such costs to be reimbursed from bond funds. If for any reason the bonds herein requested are not issued and sold, the s. ve4 7 , : I u'..