HomeMy WebLinkAbout2129 (ii) it is praperty either of a character subject to
t~ie allowance for depreciation provided in Section 167 of
tlie Internal Revenue Co~e of 1954, as amended, or land,
(iii) a Federal, State or local agency exercising
jurisdiction has certified that the facility, as designed,
is in furtherance of the purpose of abating or controlling
atriospheric pollutants or contaminants, or ~vater polltition.
as the case may be,
(iv) the expenditure for property would not be made
but for the purpose of controlling pollution, and
(v) the expenditure has no significant purpose.other
than the purpose of pollution control inasmuch as it is not
desiqr.ed to result in an increase in production or capacity,
or in a material extension of the useful life of a manu-
facturing or production facility or a part thereof.
(g) The County has made the necessary arrangements with
Florida Power & Lirht•Company (herein sometimes called the "Company"),
a corporation organized anc? existing under the laws of the State of
~ Florida, for the acquisition, construction and installation by the
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; County of the project, described in ~x'~ibit A attached to the
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~ Cantract (hereinafter r,tentioned), to be located in or or. the
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~ properties of the Company, as further described in said Exhibit
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~ which Project will be located in St. Lucie County, Florida, and
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~ will be of the character and accomplish the purposes of_the Act.
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(h) The Countl, as required by the Act and by Article VII,
~ Section 10 of the Florida Constitution, has deterr,iined that
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the interest on the revenue bonds to be issuecl initially by the
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? County to pay that part of the cost of the Project identified as
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Items I, ~lI, VII, VIII and XII in Exhibit R. attached to the
- Contract and which are to be acquired, consi:ructed and installed
in or on or are to benefit Jnit *Io. 1 at the Cor?pany's St. Lucie
~j Piant (herein called the "First Phase Project") c~~ill be exempt
_ fro~ income taxes under existing laws of the United States based
on its receipt of the following docum~ents establishing compliance
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~-2 _ Boo~ 222 P~~E 2129
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