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RESOLUTION NO . 2011 -026 1 . Recitals . The findings set forth in the "whereas " clauses above are true and correct and are hereby adopted as the findings of the Board . 2 . Position of the Board . The Board hereby adopts and publishes the following positions : a . Higher Rates . The higher rates charged by the City of Vero Beach electric system are taking substantial funds out of the hands of local residents — estimated at $ 16 , 000 , 000 per year , approximately $ 9 , 760 , 000 ( 61 % ) of which is taken from non - resident customers . These higher rates are having a negative impact on the local economy and are impeding economic development and recovery efforts . Given the apparent willingness of FPL to serve City customers , these impacts are unnecessary ; b . Subsidy Practice . The subsidy practice of the City of Vero Beach places an unfair burden on non - resident customers who pay approximately $ 3 , 660 , 000 ( 61 % ) of the $ 6 , 000 , 000 transferred each year from the City electric system to the City general fund . This practice amounts to "taxation without representation " for non - resident customers ; CM Sale of System . On April 4 , 20111 FPL submitted a letter of intent expressing its interest in purchasing the City electric system for a cash payment of up to $ 100 million . The Board urges the City Council seriously to consider the transaction proposed in the letter of intent . To the extent the transaction impacts non - resident customers of the City electric system , the Board offers its support and assistance to FPL and the City with respect to negotiations for a definitive agreement . If a definitive agreement is reached , and if the agreement provides for FPL rates for City customers which are consistent with FPL ' s rates to its other customers , the Board urges the PSC to approve the agreement and include County areas now served by the City within FPL ' s new service area ; d . Change in City Practices . If a sale of the City electric system to FPL does not occur , the Board urges the City Council to ( i ) reduce electric rates to the lowest level possible , consistent with prudent practices , and ( ii ) stop the subsidy practice which places an unfair burden on non - resident customers ; e . PSC Case . The Board supports the positions asserted by Dr . Stephen J . Faherty , Sr . and Glenn Heran in the PSC case . If a sale of the City electric system to FPL does not occur , the Board urges the PSC to accept jurisdiction of the issues raised and to take appropriate action to protect non - resident customers of the City electric system from the unfair subsidy burden which they currently endure ; . 3 -