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88ow 7c r iii: <br />Road Department pursuant to Chapter 338.14, Florida Statutes, and <br />Chapter 288, Florida Statutes, and the State Road Department of <br />Florida is authorized to lease and purchase said project: <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: <br />I. <br />The said County does hereby make application to the <br />Florida Development Commission for the financing and construction <br />of the above described project, under the authority of the laws <br />of Florida hereinabove referred to and substantially in accordance <br />with the provisions of this resolution; provided, that the Florida <br />Development Commission and the State Road Department of Florida <br />shall have authority to determine the amount of bonds to be <br />issued, and to determine the type and specific locations of the <br />highway improvement comprising the project, and other features of <br />an engineering, fiscal or technical nature necessary to the develop- <br />ment of the project. <br />II. <br />The Florida Development Commission is requested to <br />issue and sell revenue bonds, the proceeds thereof to be trans- <br />ferred to the State Road Department of Florida and to be expended <br />by the latter for the cost of constructing the project. Any such <br />.bonds shall be payable, both as to principal and interest, out of <br />rentals under a lease -purchase agreement, as hereinafter provided. <br />III. <br />The Florida Development Commission and the State Road <br />Department are requested to enter into a contract whereby the <br />latter will agree to lease and purchase the project from the <br />Commission and to pay therefor rentals sufficient in amount to <br />retire said revenue bonds -and interest thereon as the r*ame shall <br />2. <br />