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RESOLUTION NO. 2013- o0 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, STATING ITS POSITION ON THE REFERENDUM QUESTION RELATING TO THE SALE OF THE CITY OF VERO BEACH ELECTRIC UTILITY TO FLORIDA POWER & LIGHT COMPANY, TO BE SUBMITTED TO THE VOTERS OF THE CITY OF VERO BEACH ON MARCH 12, 2013 WHEREAS, on November 35 19815 the Florida Public Service Commission approved a Territorial Agreement between the City of Vero Beach (the "City") and Florida Power & Light o ("FPL") which established electric service areas for the City and FPL in Indian River County. Specifically, the electric service area for the City was defined to include the City itself, the Town of Indian River Shores, the south barrier island, and other unincorporated areas of the County, and the service area for FPL was defined to include all other areas of the County; and WHEREAS, since 2010, the City and FPL have been engaged in discussions relating to the sale of the City's electric utility to FPL; and WHEREAS, the Board of County Commissioners, as the elected representative of all residents of Indian River County, including, those customers of the City's electric utility whose residence or business is located outside of the City limits, has consistently supported the sale of the City's electric utility to FPL, having previously adopted supporting resolutions on three prior occasions; and WHEREAS, at a referendum held on November 8, 2011, over 65% of City voters voted "Yes, for avvroval" for the leasing of the City power plant to FPL in connection with the sale of the City's electric utility to FPL, if the City Council finds that such sale is beneficial to the citizens of Vero Beach; and WHEREAS, on January 8, 2013, the City Council adopted Ordinance 2013-01 calling for a second referendum relating to the sale of the electric utility to FPL, to be held on March 12, 2013, submitting the following question to the voters of the City of Vero Beach. "Don" approve of the sale and disposition of the City of Vero Beach electri c utility and substantially all of its assets for the purpose of exiting the electric utility business under terms substantially similar to the asset purchase and sale agreement between the City and Florida Power & Light Company? Yes, for approval No, for rejection" WHEREAS, it is clear that the sale of the City's electric utility to FPL will result in substantial benefits to the residents and businesses of Indian River County, including, (1) substantial rate savings (in excess of $20 million per year), which will boost economic activity, Page 1 of 3