HomeMy WebLinkAbout5/7/1973MONDAY, MAY 7, 1973
THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA MET IN SPECIAL SESSION AT THE COURTHOUSE, VERO BEACH,
FLORIDA ON MAY 7, 1973 AT 5:25 O'CLOCK P.M. PRESENT WERE ALMA
LEE LOY, CHAIRMAN: EDWARD J. MASSEY, VICE CHAIRMAN; WILLARD W.
SIEBERT; .JACK U. DRITENBAS AND RICHARD P. BOGOSIAN. ALSO PRESENT
WERE .JACK G. JENNINGS, COUNTY ADMINISTRATOR: PAUL D. BURCH ATTORNEY
TO THE BOARD OF COUNTY COMMISSIONERS AND L.S. THOMAS DEPUTY
CLERK.
DR. DAVID SMITH AND .JAMES BEINDORF, COUNTY CONSULTING
ENGINEERS WERE BOTH PRESENT.
CHAIRMAN Loy OPENED THE MEETING AND REQUESTED DR. DAVID
SMITH TO BRING THE TWO MEMBERS OF THE BOARD, WHO WERE NOT PRESENT
AT THE GAINESVILLE, FLORIDA MEETING, UP TO DATE WITH RESPECT TO
THE APPLICATION TO FARMERS HOME ADMINISTRATION.
DR, SM°ITH EXPLAINED THE RATE SCHEDULES, INTEREST RATES, ETC.
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THE REPAYMENT SCHEDULES WERE NOT TO EXCEED 40 YEARS AT 5% INTEREST.
DR. SMITH STATED THAT THE FARMERS HOME ADMINISTRATION HAD REQUIRED
A LOWER MINIMUM RATE THAN THE ONE SHOWN IN THE ENGINEER'S REPORT. -
AT THIS POINT, THE ENGINEERS SUBMITTED THEIR RECOMMENDATIONS FOR
A NEW RATE SCHEDULE WHICH IS BEING MADE A PART OF THESE MINUTES.
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ATTORNEY BURCH ASKED DR. SMITH IF THE FARMERS HOME
ADMINISTRATION WOULD ALLOW ADJUSTMENTS IN RATES FROM TIME TO TIME.
DR. SMITH STATED THIS WAS ALL RIGHT WITH THE FARMERS HOME ADMINISTRATION
PROVIDED THEY COULD SHOW THAT THE SYSTEM WOULD PRODUCE SUFFICIENT
INCOME TO DO SO,
CHAIRMAN LOY ASKED DR. SMITH IF THE CONSUMPTION RATES
SHOWN IN THIS REPORT WERE ACTUALLY LOW. DR. SMITH SAID THEY WERE.
AND FURTHER EXPLAINED THAT, IN HIS OPINION, ALMOST ALL OF THE GROWTH
WOULD BE IN LIVING UNITS - NOT COMMERCIAL AND OTHER TYPES OF DEVELOP-
MENT.
COMMISSIONER MASSEY ASKED, WHAT IF WE HAVE A DEPRESSION?
THERE WAS NO ANSWER,
COMMISSIONER BOGOSIAN SAID HE DID NOT BELIEVE INCREASED
VOLUME WOULD REDUCE THE RATES. DR SMITH SAID THAT THERE WILL
BE AN INCREASE OF INCOME, AND ALSO AN INCREASE IN THE COST OF
OPERATION.
COMMISSIONER DRITENBAS ASKED IF THERE IS A RESERVE
FOR REPLACING THE SYSTEM AND DR. SMITH STATED THERE IS AND IT IS
CALLED "R AND R FUND".
COMMISSIONER MASSEY ASKED DR. 'SMITH HOW WELL WERE
INFLATIONARY COSTS OF CONSTRUCTION FIGURED IN THIS REPORT, DR,
SMITH SAID, THEY HAVE INCLUDED THIS IN THE 1974 CONSTRUCTION COSTS.
ON MOTION BY COMMISSIONER SIEBERT, SECONDED BY COMMISSIONER
MASSEY;, THE BOARD UNANIMOUSLY ACCEPTED THE MINIMUM RATES AS SHOWN IN THE
f ABOVE REPORT AND DIRECTED THE ENGINEERS TO SUBMIT THIS TO THE FARMERS
HOME ADMINISTRATION.
.JAMES BEINDORF MADE A PRESENTATION OF THE ADJUSTED LINEAL"
ASSESSMENT LEVIED ON A FRONT FOOT BASIS. IN ADDITION, CUSTOMERS
WOULD BE GIVEN UP TO 20 YEARS TO REPAY THE ASSESSMENT AT AN INTEREST
RATE OF NOT LESS THAN 6%.
ON MOTION BY COMMISSIONER BOGOSIAN, SECONDED BY
COMMISSIONER DRITENBAS, THE BOARD UNANIMOUSLY APPROVED THE ENGINEER'S
RECOMMENDATION FOR ASSESSMENTS,
DR. SMITH EXPLAINED THAT HE NEEDED FORMAL ACTION
AUTHORIZING THE ENGINEERS TO APPLY FOR THE $19,0000000.00 LOAN FOR
THE WATER AND SEWER PROGRAM. HE EXPLAINED THAT THE COUNTY HAD THE
RIGHT TO WITHDRAW FROM THIS AGREEMENT AT ANY TIME.
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s�o -7 FAC[ 44
�� MAY 71973 J
ON MOTION BY COMMISSIONER SIEBERT, SECONDED BY
COMMISSIONER MASSEY, THE BOARD UNANIMOUSLY AUTHORIZED THE ENGINEERS
TO APPLY FOR A LOAN IN THE AMOUNT OF $19,000,000.00 FROM FARMERS
HOME ADMINISTRATION FOR THE INDIAN RIVER COUNTY WATER AND SEWER
PROJECT
DR. SMITH THEN STATED THAT WHEN THE LETTER AND THE
APPLICATION IS COMPLETED IT WILL BE RETURNED TO THE COUNTY
COMMISSIONERS FOR SIGNATURES.-
COMMISSIONER
IGNATURES.COMMISSIONER MASSEY THEN INDICATED HIS CONCERN WITH
RESPECT TO KEEPING THE DESIGN ENGINEERING.GOING.
DR. SMITH ADVISED THE COMMISSION THAT THEY COULD APPLY TO
THE STATE OF FLORIDA FOR INTERIM FUNDS FOR THIS PURPOSE,
THERE BEING NO FURTHER BUSINESS, ON MOTION MADE, SECONDED
AND CARRIED THE BOARD ADJOURNED AT 7:25 O'CLOCK P.M.
ATTEST:
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HAIRMAN