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FF__ -7 <br />BOOK 98 PAGE <br />MOTION WAS MADE by Commissioner Eggert, SECONDED by <br />Chairman Adams for discussion, that the Board agree <br />to appoint a task force to prepare a corridor plan <br />for CR -512; direct Planning staff to return a <br />recommended list of potential task force members in <br />a timely manner that will allow the CR -512 task <br />force to begin its work as soon as the Board <br />considers the recommendations of the SR -60 Corridor <br />Plan Task Force; and direct staff to continue to <br />encourage developers of new non-residential projects <br />along CR -512 to incorporate into their development <br />plans the design principles of the Wabasso Corridor <br />Plan; all pursuant to staff's recommendations. <br />Deputy County Attorney Collins advised the Board there is no <br />legal problem with the motion on the floor simply to appoint a task <br />force and put the process in motion. <br />THE CHAIRMAN CALLED THE QUESTION and the Motion <br />passed unanimously. <br />$38,900,000 UTILITIES BOND ISSUE <br />The Board reviewed a Memorandum of May 29, 1996: <br />TO: Members of the -Board <br />of County Commissioners <br />DATE: May 29, 1996 <br />SUBJECT: $39,900,000 UTILITY BOND ISSUE <br />OFFICE OF MANAGEMENT AND BUDGET - AGENDA ITEM <br />FROM: Joseph A. Baird <br />OMB Director <br />Indian River County was scheduled to issue a Water and Sewer Revenue bond issue on March 11, <br />1996. The Preliminary Official Statement was printed on Thursday, March 7, 1996. Unfortunately <br />on Friday, March 8, there was a significant change in the interest rates upwards which did not benefit <br />the County. Due to this change and the volatile interest market, County staff, the County Financial <br />Advisor and the Underwriter decided not to market the bonds on Monday, March 11, 1996. <br />Because of the recent volatility of the bond market, staff wanted the ability to move rapidly to take <br />advantage of the market if the interest rates dropped. On March 13, 1996 the Board of County <br />Commissioners passed a resolution, 96-042, to give the Chairperson or Vice Chairperson and the <br />County Administrator or the Budget Director the authority to approve the issuance of bonds provided <br />the 30 year bond issue had a true interest cost that did not exceed 5.8% per annum. <br />JUNE 1996 ds - <br />