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