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City of Sebastian, Florida, 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 combined estimated cost for projects Phases III -D and III -E is $3,166,394.30 (rounded) For Phases III -D and III -E the estimated cost to be assessed is $0.217507 (rounded) 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 and specially benefited thereby and further designated by the assessment plat with respect to the special assessments. 3. A special assessment in the amount of $0.217507 (rounded) per square foot shall be assessed against each of the specially benefited 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. 5. There is presently on file with the Department of Utility Services a plat showing the area to be assessed, plans and specifications, and an estimate of the cost of the proposed improvements. All of these are open to inspection by the public at the Department of Utility Services. 6. An assessment roll with respect to the special assessments shall promptly be prepared in connection with the special assessments. 7. Upon the adoption of this resolution, the Indian River County Utility Services Department shall cause this resolution (along with a map showing the areas to be served) to be published at least one time in the Vero Beach Press Journal before the public hearing as required by Section 206.04. The resolution was moved for adoption by Commissioner Adams and the motion was seconded by Commissioner Gi nn and, upon being put to a vote, the vote was as follows: Chairman Ruth M. Stanbridge Vice Chairman John W. Tippin Commissioner Caroline D. Ginn Commissioner Kenneth R Macht Commissioner Fran B. Adams Aye Aye Aye Aye Aye The Chairman thereupon declared the resolution duly passed and adopted this day of Apri 1 , 2002 Attest: J. K. Barton, Clerk By'`. Deputy Clerk April 9, 2002 54 9th BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA By: /-P-271 feta_ -(_--.r. Ruth M. Stanbnda Chairman Lay