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80pK This project is to be funded through the assessment of property owners along the- proposed water line route. In the interim, financing will be from the assessment fund. RECOMMENDATION The staff of the Department of Utility Services recommends that the Board of County Commissioners approve the attached Resolutions, which approve the preliminary assessment roll and establish the public hearing date. ON MOTION by Commissioner Adams, SECONDED by Commissioner Ginn, the Board unanimously adopted Resolution 97-46 providing for water service to 12? Street (between Old Dixie Highway and Riverside Drive); providing the total estimated cost, method of payment of assessments, number of annual installments, and legal description of the area specifically served. Providing (First Reso.) 4/97(reso/129street)Vk/DC RESOLUTION NO. 97- 46 A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR WATER SERVICE TO 129th STREET (between Old Dixie Highway and Riverside Drive); PROVIDING THE TOTAL ESTIMATED COST, METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF ANNUAL INSTALLMENTS, AND LEGAL DESCRIPTION OF THE AREA SPECIFICALLY SERVED. WHEREAS, the Board of County Commissioners of Indian River County has determined that the improvements herein described are necessary to promote the public welfare of the county and has deter -mined to defray the cost thereof by special assessments against certain properties to be serviced by a water main extension to 129th Street_ (between Old Dixie Highway and Riverside Drive), hereinafter referred to as Project No. UW -96 -05 -DS; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: 1. The County does_hereby determine that a water line shall be installed to benefit 13 properties on 129th Street (between Old Dixie Highway and Riverside Drive), and that the cost thereof shall be specially assessed in accordance with the provisions of Sections 206.01 through 206.09 of the Code of Indian River County. 2. The total estimated cost to be assessed is $23,850 or $0.201741 per square foot to be paid by the property specially benefited as shown on the assessment plat on file with the Department of Utility Services. Assessments are to be levied against all lots and lands adjoining and contiguous or bounding and abutting upon the improvements or specially benefited thereby and further designated by the assessment plat with respect to the special assessments. 3. A special assessment in the amount of $0.201741 per square foot shall be assessed against each of the properties designated on the assessment plat. This assessment may be raised or lowered by action of the Board of County Commissioners after the public hearing, at the same meeting, as required by the referenced County Code. 4. The special assessments shall be due and payable and may be paid in full within 90 days after the date of the resolution of the Board with respect to credits against the special assessments after completion of the improvements (the "Credit Date") without interest. If not paid in full, the special assessments may be paid in ten equal yearly installments of principal plus interest. If not paid when due, there shall be added a penalty of 1-1/2% of the principal not paid when due. The unpaid balance of the special assessments shall bear interest until paid at a rate to be determined by the Board of County Commissioners when the project is completed. MAY 6, 1997 102 1_01 PAGE 85