HomeMy WebLinkAbout1997-043 RESOLUTION NO. 97- 43
A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA
APPROVING ISSUANCE OF NOT TO EXCEED
$10,000,000 INDIAN RIVER COUNTY, FLORIDA
INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES
[TO BE DETERMINED] (OCEAN SPRAY CRANBERRIES,
INC. PROJECT) PURSUANT TO SECTION 147(f) OF
THE INTERNAL REVENUE CODE OF 1986; PROVIDING
CERTAIN OTHER MATTERS IN CONNECTION THEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986,
as amended (the "Code") , requires as a condition of exclusion from
gross income for federal income tax purposes of the interest on
private activity bonds, that the issuance of private activity
bonds, as defined in Section 141(a) of the Code, such as the Indian
River County Industrial Development Revenue Bonds, Series [To Be
Determined] (Ocean Spray Cranberries, Inc. Project) in a principal
amount not to exceed $10,000,000 (the "Bonds") be approved, after
a public hearing following reasonable public notice, by the
governmental unit on behalf of which such obligation is to be
issued and the governmental unit having jurisdiction over the area
in which the private activity bond-financed facility is to be
located; and
WHEREAS, the Board of County Commissioners of Indian River
County on April 21, 1997, published a notice of a public hearing in
the Press Journal, a newspaper of general circulation in Indian
River County, Florida, to be held at 9:00 a.m. on May 6, 1997, in
the Commission Chambers, 1840 25`h Street, Vero Beach, Florida, to
consider the Bonds and the location and nature of the project to be
financed with the proceeds of the Bonds; and
WHEREAS, the public hearing so noticed, as indicated by the
affidavit of the publisher of the Press Journal attached hereto as
Exhibit A, was duly held on May 6, 1996.
BE IT RESOLVED, by the Board of County Commissioners of Indian
River County, Florida:
SECTION 1. TEFRA APPROVAL. The issuance by Indian River
County, Florida of its not to exceed $10,000,000 Indian River
County, Florida Industrial Development Revenue Bonds, Series [To Be
Determined] (Ocean Spray Cranberries, Inc. Project) , in one or more
series at one or more times, for the purpose of providing financing
for the acquisition, rehabilitation and expansion of an
approximately 23,000 square foot solid waste disposal facility (and
directly related office and support facilities) located at 925 74`"
Avenue, S.W. , Vero Beach, Florida, which facility will process
fruit and related waste peelings into cattle feed (the "Project") ,
all of which will be owned and operated by Ocean Spray Cranberries,
Inc. , is hereby approved pursuant to and in accordance with Section
147(f) of the Code.
SECTION 2. EFFECTIVE DATE. This resolution shall take effect
immediately.
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PASSED AND ADOPTED at a duly called meeting of the Board of
County Commissioners of Indian River County, Florida, at which a
7oTum- was present on May 6, 1997.
I C.CZF.1RSl:iS�.
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
Carolyny. Eggert airman
m
Jeffrey K. Barton
Cork t Circuit Cpurt
APPROVED AS TO E AL FORM
AND CONTENT
Charles P. Vitunac,
County Attorney
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