Laserfiche WebLink
Comprehensive Plan Capital Improvements Element <br />grants and excise, or other specified non -ad valorem taxes. A public referendum is not required prior <br />to issuance or validation of such obligations. <br />The county has issued revenue bonds to finance improvements to its sanitary sewer, potable water, <br />and golf course facilities. Revenue bonds have been issued by the Housing Authority to help finance <br />the provision of more low-income housing units in the county. Also, revenue bonds have been issued <br />to finance the cost of construction of various capital improvement projects. Deposits from bond <br />revenues are put into the respective bond fund accounts for these projects, whereby funds are <br />specifically designated for a particular project, and user charges are used to pay off the debt. <br />Special assessment bonds are bonds issued to pay for capital improvements that impact specific areas <br />or groups of property owners. Proceeds from the assessments levied against benefiting property <br />owners are used to pay off the bond debt. The issuance of these bonds does not need to be approved <br />by voter referendum. <br />Revenue bonds and special assessment bonds are similar in nature, except that special assessment <br />bond debt is paid -off by assessments levied against benefiting property owners and not from ongoing <br />user charges. The county has issued special assessment bonds for solid waste disposal. <br />The issuance of tax anticipation or bond anticipation notes is an example of a short-term (less than <br />five years) method of financing. Notes usually have higher interest rates than bonds and have shorter <br />maturity dates than bonds. Tax anticipation notes are issued in advance of a new fiscal year to cover <br />gaps in the budget before property taxes are received, while bond anticipation notes are issued in <br />anticipation of the receipt by the county of proceeds from the sale of corresponding future bond <br />issues. The county currently has no outstanding tax or bond anticipation notes. <br />• Additional Optional Local Revenue Sources <br />Use of additional revenue sources may occasionally be necessary, depending on priorities mandated <br />by the Board of County Commissioners and the availability of existing revenue sources. Indian River <br />County has two options to increase local revenues. These are to implement new taxes that are <br />permitted by state regulation and/or to increase existing taxes and fees that are imposed by the county. <br />Additional local revenue sources available to Indian River County include the Ninth Cent Fuel Tax, <br />the One to Five Cent Local Option Fuel Tax, and the Professional Sports Franchise Facility Tax. <br />Both the Ninth Cent Fuel Tax and the One to Five Cent Local Option Fuel Tax are taxes on the <br />purchase of fuel. With the Ninth Cent Fuel Tax, a one cent per gallon tax on motor fuel and special <br />fuel can be levied on fuel purchases in the county. Revenue from the Ninth Cent Fuel Tax may be <br />shared with municipalities, but counties are not required by law to share the proceeds. Authorized <br />uses for revenue collected from the Ninth Cent Fuel Tax include paying the costs and expenses of <br />establishing, operating, and maintaining a transportation system and related facilities. Additional uses <br />include funding the acquisition, construction, reconstruction, and maintenance of roads. <br />Community Development Department Indian River County <br />12 <br />