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RESOLUTION NO. 2014- A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, REITERATING ITS SUPPORT OF THE SALE OF THE CITY OF VERO BEACH ELECTRIC UTILITY BY THE CITY OF VERO BEACH TO FLORIDA POWER & LIGHT COMPANY; DIRECTING COPIES OF THIS RESOLUTION TO BE PROVIDED TO APPROPRIATE PARTIES. WHEREAS, on November 3, 1981, the Florida Public Service Commission approved a Territorial Agreement between the City of Vero Beach" the "City") y) and Florida Power & Light ("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, approximately 61% of the City's present customers reside outside the City of Vero Beach. The City has approximately 34,000 total customers, of which approximately 21,000 are non-resident customers. This percentage of non-resident customers (61%) is believed to be the highest percentage of any municipal electric system in Florida; and WHEREAS, Indian River County, as well as several other taxing bodies such as the Town of Indian River Shores, the Indian River County School Board and the Indian River County Hospital District, are customers of the City electric system and as such pay higher City rates. These increased costs result in higher taxes being imposed on Indian River County taxpayers; and WHEREAS, the City and FPL have entered into an agreement for the City to sell the City's electric utility to FPL; and WHEREAS, on March 11, 2014, a representative from FPL explained to the Indian River County Board of County Commissioners (the "Board") that as a result of additional negotiations and discussions with the Florida Municipal Power Agency ("FMPA") that FPL would agree to pay FMPA $26 million and that an additional $26 million would be paid to FMPA by the present customers of the City of Vero Beach electric utility over an approximately three year period; and WHEREAS, even with such an additional charge to the customer, the overall savings to the electric utility customer would be substantial; and WHEREAS, at the March 11, 2014 meeting, the FPL representative stated that FPL would honor all of its obligations under the contract between the City and FPL; and WHEREAS, the Board, 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 several occasions and now reiterates its support of the sale by the City to FPL as outlined above; and F. UrtornrylLindalG£NFRALIResolufions & Ordinances ResolutionslCOVB (£/ecMc Utility Sok) (Monk 20)4). do Page 1 of 2 172