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SECTION 3. FINDINGS. It is hereby found and determined <br />as follows: <br />A. It is necessary and desirable to complete the <br />reconstruction, alteration, furnishing and equipping of existing <br />capital facilities of the County for use as an Administration <br />Building, Courthouse and Annexes (hereinafter referred to as <br />"Project"), in accordance with the plans and specifications of <br />Connell Metcalf & Eddy, Coral Gables, Florida, Architects, now on <br />file with the Clerk 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 forth. <br />Said Race Track Funds and Jai Alai Fronton Funds are not pledged <br />or encumbered in any manner except to the payment of the prin- <br />cipal of and interest on the Prior Lien Obligations. <br />C. The estimated cost of completing such Project, as <br />above described, is the sum of Seven Hundred Twenty -Five Thousand <br />Dollars ($725,000). Such cost, in addition to the specific items <br />contained in the plans and specifications, may be deemed to in- <br />clude the acquisition of any land or interest therein, or of any <br />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 expenses; <br />interest on the Obligations proposed to be issued prior to, during, <br />and for not exceeding one year following the completion of the <br />Project; establishment of reasonable reserves for debt service; <br />bond discount, if any; municipal bond insurance, if any; and such <br />other expenses as may be necessary or incidental for the financing <br />authorized by this Resolution, the undertaking of the Project, <br />and the placing of the same in operation. <br />-3- <br />