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HomeMy WebLinkAbout1962-040RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA REQUESTING FLORIDA DEVELOPMENT COMMISSION TO FINANCE A HIGMMY IWROV23MNT PROJECT BY A BOND ISSUE IN AMOUNT OF $400,000.00 WHEREAS, the Board of County Commissioners of INDIAN RIVER COUNTY, FLORIDA, is of the opinion that adequate highways are necessary and desirable to the progress and development of the State and County, and the following improvements are most urgently needed at this time and will be of great benefit to the County and State system of roads: APPROXIMATE SECTION NO. ROAD NO. LENGTH DESCRIPTION 88070 SR A -1-A 6.5 From a point approximately 0.8 miles north of SR 510 (Wabasso Road) to the Brevard County Line at the Sebastain Inlet. Length approximately 6.5 miles. WHEREAS, neither the State Road Department nor the County has sufficient funds to finance such construction; and WHEREAS, it appears that such a project embracing the above named improvements may be financed by means of a revenue bond issue of approximately $400,000.00 secured by a pledge of the 80% Surplus of the Second Gasoline Tax accruing for use in Indian River County under provision of Section 16, Article IR of the Constitution of Florida; and WHEREAS, the Florida Development Commission is authorized by law to construct such project and to finance the cost thereof by authority of Chapter 288, Florida Statutes, and is further authorized, as lessor, to lease and sell said project to the State Bauk 7 r�,; i uA Road Department pursuant to Chapter 338.14, Florida Statutes, and Chapter 288, Florida Statutes, and the State Road Department of Florida is authorized to lease and purchase said project: NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: I. The said County does hereby make application to the Florida Development Commission for the financing and construction of the above described project, under the authority of the laws of Florida hereinabove referred to and substantially in accordance with the provisions of this resolution; provided, that the Florida Development Commission and the State Road Department of Florida shall have authority to determine the amount of bonds to be issued, and to determine the type and specific locations of the highway improvement comprising the project, and other features of an engineering, fiscal or technical nature necessary to the develop- ment of the project. II. The Florida Development Commission is requested to issue and sell revenue bonds, the proceeds thereof to be trans- ferred to the State Road Department of Florida and to be expended by the latter for the cost of constructing the project. Any such .'bonds shall be payable, both as to principal and interest, out of rentals under a lease -purchase agreement, as hereinafter provided. III. The Florida Development Commission and the State Road Department are requested to enter into a contract whereby the latter will agree to lease and purchase the project from the Commission and to pay therefor rentals sufficient in amount to retire said revenue bonds and interest thereon as the Same shall 2. accrue, an& to establish reserve funds therefor# said rentals to be paid out of the unpledged 80% Surplus Second Gasoline Tax in-' come accruing to the State Road Department for expenditure in Indian River County, together with any earnings which may accrue' from investment of the Sinking Fund. Upon the full payment of said revenue bonds and all interest thereon, title to said project shall vest in the State of Florida in fee simple. IV. The Florida Development Commission and the State Road Department are requested to agree that the latter shall act as the agent of the Commission for the construction of the project, which construction shall include the planning, surveying, grading, draining, excavating, building and paving thereof, and also the cost of labor, materials, equipment and all lands or interest therein, and any other property, real or personal, appurtenant to or useful in the construction of said project, engineering and legal expense, administrative expense, the Commissionts fiscal fees and any other expenses necessary or incident to the financing authorized by this resolution, to the construction of the project and to the placing of same in operation, for all of which the proceeds of said revenue bonds may be expended. Said project shall be constructed according to the standards and specifications of the State Road Department appropriate to such class of construc- tion. V. The State Road Department is authorized to use county secondary funds for all of the expenses of preliminary engineering, surveying, investigation, and legal expenses, including costs of litigation; such costs to be reimbursed from bond funds. If for any reason the bonds herein requested are not issued and sold, the s. ve4 7 , : I u'.. County agrees and consents that any expenses incurred by the State Road Department or the Florida Development Commission may be re- imbursed from any secondary gas tax funds accruing to the State Road Department for use in the County. VI. It is agreed that this board shall adopt such further resolutions in such legal form as may be required to carry into effect the purposes and intent of this resolution. It is under- stood that any minor deviations, changes, or additions to the proposals outlined in this resolution which, in the judgment of the State Road Department and the Florida Development Commission, may be necessary to carry out the general purposes and intent of this resolution substantially in accord herewith shall not require additional resolutions or approval on the part of this Board. 4ir C airman A��Board of County Commissioners 6L- ` , Glerk Board.of County C• issioners Ind3.an ROer d.*nty, Florida The County Attorney -introduced the following Resolution for thq purchase of the Auxier property. Motion was made by Commissioner Waddell, Seconded by Commissioner Macdonald and unanimously carried, that the Resolution be adopted.