HomeMy WebLinkAbout1994-038RESOLUTION NO. 94 - 3$_
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A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, ESTABLISHING ITS INTENT TO
REIMBURSE CERTAIN EXPENDITURES FOR THE
PREFABRICATED EROSION PREVENTION (PEP)
REEF WITH THE PROCEEDS OF BORROWING TO
BE MADE IN THE FUTURE.
WHEREAS, Indian River County has plans to issue revenue bonds or borrow
proceeds from an institution in an aggregate principal amount not to exceed $4,000,000
for the purposes of financing the cost of a Prefabricated Erosion Prevention (PEP) Reef
in the County; and
WHEREAS, certain expenditures are contemplated to be paid from the Tourist
Tax fund of the County prior to the issuance of the bonds; and
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WHEREAS, the County intends to reimburse the Tourist Tax fund for those
expenditures with the proceeds from the borrowing,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that:
1. Indian River County will make certain expenditures looking toward the
construction of the Prefabricated Erosion Prevention (PEP) Reef. Said expenditures
shall include without limitation expenditures for permitting fees, expenses and costs of
environmental experts, consultants and advisors, monitoring costs, surveying, engineering,
and construction costs directly relating to the Prefabricated Erosion Prevention (PEP)
Reef project. Said expenditures will occur prior to the issuance of the bonds. These
expenditures, therefore, will perforce be provided by the Tourist Tax fund.
2. The County intends to reimburse the Tourist Tax fund for said expenditures
with a portion of the proceeds of the bond sale referred to herein.
3. This resolution shall constitute a "Declaration of Official Intent" within the
meaning of Section 1.103-18 of the Income Tax Regulations.
4. The Clerk of the Board of County Commissioners is hereby directed to make
a copy of this Resolution available for public inspection, during regular business hours,
at the office of the Clerk in the County Administration Building, beginning no later than
thirty (30) days following the adoption of the Resolution, and to keep the same available
RESOLUTION NO. 94-38
for public inspection at such place and during such hours until the date upon which the
bonds herein mentioned are issued and delivered by the County.
The resolution was moved to adoption by Commissioner A d a m c and
the motion seconded by Commissioner M a c h t , and upon being put
to a vote was as follows:
Chairman John W. Tippin Aye
Vice Chairman Kenneth R. Macht Aye
Commissioner Carolyn K. Eggert Aye
Commissioner Fran B. Adams Aye
Commissioner Richard N. Bird Aye
The Chairman thereupon declared the resolution duly passed and adopted this
22 th day of February , 1994.
Etta,
BOARD OF COUNTY COMMISSIONERS
Attest: it; `` INDIAN RIVER COUNTY, FLORIDA
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