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01/31/2023
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01/31/2023
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3/16/2023 1:11:51 PM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
01/31/2023
Meeting Body
Board of County Commissioners
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Dylan Reingold, County Attorney <br />William K. DeBraaL Deputy County Attorney <br />Susan J. Prado, Assistant County Attorney <br />'Pi <br />Consent Agenda - B. C. C. 1. 31.23 <br />Oce of <br />INDIAN RIVER COUNTY <br />MEMORANDUM <br />TO: Board of County Commissioners <br />FROM: Dylan Reingold, County Attorney <br />DATE: January 24, 2023 <br />SUBJECT: General Obligation Bond Resolution <br />ATTORNEY <br />BACKGROUND. <br />On November 8, 2022, the voters of Indian River County approved a referendum to acquire and permanently <br />preserve environmentally significant lands to restore the Indian River Lagoon, protect water resources, natural <br />areas, wildlife habitat, drinking water resources, construct public access improvements related thereto and <br />authorizing Indian River County to issue general obligation bonds up to $50,000,000. In order to move <br />forward, outside counsel for the County has drafted the attached General Obligation Bond Resolution. Once <br />adopted, the resolution will serve as the base document and start the process for the County to be able to issue <br />up to $50,000,000 in general obligation bonds at one time or from time to time to finance the cost of acquiring <br />and preserving environmentally sensitive lands and constructing public access improvements reacted thereto <br />within the County, consistent with the referendum approved by the voters. <br />FUNDING. <br />Staff plans to bring an item before the Board for approval over the next few months regarding the land <br />advisory committee participants, the final land acquisition program guide as well as the ranking process each <br />parcel will be evaluated against. It is anticipated that once this process is established, acquiring <br />environmentally sensitive land parcels could occur as early as October of 2023. The process of issuing debt <br />is estimated to take approximately 3-4 months, which would need to occur prior to the purchase of lands. <br />Although subject to change, Staff anticipates the debt issuance process would need to be initiated sometime <br />around July of 2023. Since the first debt payment will occur during fiscal year 2023/2024, the corresponding <br />millage rate will need to be set at the fiscal year 2023/2024 budget workshop this summer. Staff intends to <br />issue the debt in two $25M tranches in order to ensure all funding is spent within the three required year <br />timeframe for each issuance. <br />RECOMMENDATION. <br />The County Attorney's Office recommends the Board approve the General Obligation Bond Resolution. <br />ATTACHMENT. <br />Draft General Obligation Bond Resolution <br />C:IGmnic=VeB or51L51Te pld5e7J023-982/J8j4-8392-8acJ86464867.d= <br />123 <br />
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