HomeMy WebLinkAbout1967-007HO 67- 7
BOARD OF COUNTY COMMISSIONERS' RLSOLUTION
REQUEST TO HOARD OF HIGHWAY SECONDARY FUNDS
TRUSTEES FOR THE INVESTMENT OF THE HIGHWAY
SECONDARY 'TRUST FUNDS IN FUEL TAX ANTICIPATION
CERTIFICATES,
IiIDIAN RIVER COUN"T"Y
Upon Motion by Commissioner Macdonald -, seconded
by Commissioner MCCullers , the following resolution was
unanimously adopted:
WHEREAS, by Chapter 63-630, Lawes of Florida, 1963, a Board of
Highway Secondary Funds Trustees was created to review applications
from counties of the State of Florida to determine the desirability,
necessity, and fiscal sufficiency for the investment of Highway sec-
ondary Trust Funds for proje=cts of the counties, and
WHEREAS, by the Rules and Regulations of the Board of Highway
Secondary Funds Trustees preliminary approval has been secured from the
State Road Department and a formal. resolution by the Board of County
commissioners is necessary to apply to the hoard of Trustees of the
Highway Secondary Trust Funds for the investment of the Highway Second-
ary Trust Funds in Nuel tax anticipation certificates to be issued
by the State Road Department on behalf of said county in order to
provide funds for the purchase of right of way for primary and secondary
roads within the county, or for the construction or reconstruction of
primary and secondary roasts within the county; and
WLER£AS, SAID RESOLUTION IS TO BE Dlfti';CTF:D TO the Chairman of
the: Board of Highway Secondary Trust Funds Trustees, in care of the
State Road Department, Tallahassee, Florida, in Order that there may
be initiated action by the Board of fTighuay Secondary Funds Trustees
to determines
a. 'rhe desirahlility of tine pooj€w€V t.;
b. The necessity of tine project,
C. The ability of the borrowing county to repay
the loan within five (S) years, and
my 10��,ar
•
Resolution of Board of County Commissioners
Page 2
d. Any other criteria necessary to test the
advisability of continuing with the processing
of the application, which criteria shall be
based upon the project contemplated and may
include, but shall not be limited to, recom-
mendations by the State Road Department engineers
and fiscal officers of the State Road Department.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Indian River County, at regular meeting assembled
thig 8th day of February _# 1967:
Section 1. That the Trustees of the Board of Ifighway Secondary
Trust Funds are authorized to consider this resolution as a formal
request for the investment of Highway Secondary Trust Funds in fuel
tax anticipation certificates to be issued the the State Road Depart-
ment an behalf of the County of Indian River, in the amount of
,5-00-t-0001 in order to provide funds for the purpose of acquiring
the following projects:
SECTION ROAD NO, DESCRIPTION TYPE WORK
88030 605 Glendale Road to 19th Street RAI
(Old Dixie) (Vero Beach)
88050 510 SH 5 to West Shore Indian River
(Wabasso Road)
86060 60 Proposed Interchange 1-95 to FEC RR
88520 S-611 Citrus Road to SR GO RAI & Construction
(Clemanns Ave.)
80570 5-607 south Relief Canal to SR 60 RAi
(Emerson Ave.)
BOOK 10 FAG( 50
Resolution of Board of County Commissioners
HE Page 3
•
Section 2. That the county understands and agrees, upon receipt
of such application by the Chairman of the Board of Highway Secondary
Funds Trustees, a meeting of the Board of Highway Secondary Funds
Trustees will be called for the purpose of determining%
a. The desirability of the project;
b. The necessity of the project;
c. The ability of the borrowing county to repay
the loan within five (5) years; and
d. Any other criteria necessary to test the
advisability of continuing with the processing
of the application, which criteria shall be
based upon the project contemplated and may
include, but shall not be limited to, recom-
mendations by the State Road Department engineers
and fiscal officers of the State Road Department.
Section 3. The County further understands and agrees that if
a majority of the Board of Highway Secondary Funds Trustees approves
and recommends the project, said Board shall, by resolution indicating
approval, report to the State Road Department and in said resolution
shall report their expenses incurred in attending any meeting in the
performance of their duties, which expenses shall be paid from the
proceeds of the sale of fuel tax anticipation certificates.
Section 4. The County consents and agrees to the pledge and
the use of eighty (80) per cent surplus gas tax accruing to or for
use in the County for the payment of the debt service requirements of
the fuel tax anticipation certificates to be issued by the State Road
Department on behalf of the County to finance the proposed project.
Section 5. The County requests that the fuel tax certificates
to be issued mature in the amounts and on the dates as follows
1968 $100,000
1969 100,000
1970 100,000
1971 100,000
1972 100,000
WK rACE25J
Resolution of Board of County Commissioners
Page 4
Section 6. That a certified copy of this Resolution be
immediately transmitted to the Chairman of the Board of highway
Secondary Funds Trustees, and directed to its headquarters office
40
in care of the State Road Department, Tallahassee, Florida
Section 7. That the Resolution of this Hoard pertaining to the
foregoing subject, adopted at its meeting on January 18, 1967, is
herewith rescinded.
5d1TNLSSFS: BOARD OP COUNTY COMMISSICMSM of
INDIAN RIVER COUNTY
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Chaff. rMan
0'6 4( to w
STATE OF FWAIDA
COUNTY OF INDIAN RIVER
R
I, RALPH HARRIS, Clem of the Ci.:rcuit court and ex -officio
Clerk of the Board of County Commissioners of Indian River County,
Florida, do hereby certify that; the above and foregoing is a true
and correct copy of a resolution adopted by the Board of County
Commissioner: of Indian River County,, Florida, at its meeting of
1967, as the same appears of record in
Minute hook Paye
public records of Indian River
County, Florida.
WITNESS my hand and official seal. this » , .'flay of
1967.
RALPH HARRIS
Clerk of the CircuitCCrtlrt I s
ex -officio Clear of the Board
of County Commissioners,
INDIAN RIVER COUNTY
By Deputy Clerk