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1979-116
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1979-116
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2/20/2023 2:21:44 PM
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Resolutions
Resolution Number
1979-116
Approved Date
11/21/1979
Subject
$4,350,000 Bond Issue for Renovation fo County Administration Complex
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s <br />furnish and equip existing capital facilities of. the County <br />for use as an Administration Building, Courthouse and Annexes <br />(hereinafter referred to as "Project"), in accordance with the <br />plans and specifications of Connell, Metcalf & Eddy, Coral Gables, <br />Florida, Architects, now on file or to be filed with the Clerk <br />of the Board. <br />B. The County is authorized to pledge that portion of <br />the Race Track Funds and Jai Alai Fronton Funds accruing annually <br />to Indian River County under the provisions of Chapters 550 and <br />551, Florida Statutes, as allocated to the Board pursuant to law, <br />and the income from the investment of monies in the funds and <br />accounts hereinafter established to pay the principal of and <br />interest on the Obligations to be issued as hereinafter set <br />forth. <br />C. The estimated cost of such Project, as above <br />described, is the sum of Four Million Three Hundred Fifty Thousand <br />Dollars ($4,350,000). Such cost, in addition to the specific <br />items contained in the plans and specifications, may be deemed to <br />include the acquisition of any land or interest therein, or of <br />any fixtures or equipment, or properties necessary or convenient <br />therefor; expenses for estimates of costs and of revenues; expen- <br />ses for plans, specifications and surveys; administrative <br />expenses; interest on the Obligations proposed to be issued prior <br />to, during, and for not exceeding one year following the comple- <br />tion of the Project; establishment of reasonable reserves for <br />debt service; bond discount, if any; municipal bond insurance, if <br />any; and such other expenses as may be necessary or incidental <br />for the financing authorized by this Resolution, the undertaking <br />of the Project, and the placing of the same in operation. <br />D. The principal of and interest on the Obligations to <br />be issued pursuant to this Resolution and all other payments pro- <br />vided for herein will be payable solely from the Race Track Funds <br />and Jai Alai Fronton Funds and the income from the investment of <br />monies in the funds and accounts hereinafter established in the <br />manner herein provided. <br />E. Neither the Board nor the County will be required to <br />levy taxes on any real property within the County to pay the <br />principal of and interest on the Obligations or to make any other <br />payments provided for herein. The Obligations issued pursuant to <br />
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