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r DEC 14 1943 <br />BOOK 91 pgf 261 -1 <br />CITY OF VERO BEACH RESOLUTION NO. 93- 30 <br />INDIAN*RIVER COUNTY RESOLUTION NO. 93-214 <br />WHEREAS, both the City Council of the City of Vero Beach and <br />the County Commission of County of Indian River have agreed that <br />the highest priority for the use of tourist tax revenue is for <br />beach preservation; and <br />WHEREAS, the Beach Committee of Indian River County has <br />determined that a project requiring the.expenditure of significant <br />amount of capital will be necessary for the protection and <br />preservation- of the beaches of Indian. River County, and <br />specifically within District 1 where the most severe problem with <br />erosion exists and the largest number of tourist -related facilities <br />are, located. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF VERO BEACH, FLORIDA, AND THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, THAT,s <br />1. The Board of County Commissioners of ,Indian River County <br />shall pledge for beach preservation, fifty percent of the total <br />county -wide tourist tax revenues received for beach preservation, <br />until such time as those revenues exceed the debt service <br />requirements for the District 1 PEP Reef project. <br />2. The Board pf County Commissioners of Indian River County <br />shall issue the maximum amount of revenue bonds possible with a <br />pledge of fifty percent of the total tourist tax revenue to <br />amortize said bonds over 20 years. <br />3. The additional one -cent tourist tax revenue received by <br />Indian River County shall be placed in an escrow account and <br />expended solely for beach preservation until the revenue bonds are <br />issued. Then the balance, if any, shall be used for debt service <br />payments as such become due or for the reduction of bond principal. <br />4. Any part of the fifty percent of the tourist tax revenue <br />pledged as security for bond debt service that is not actually used <br />for debt service payments, shall be placed in an escrow account and <br />expended for beach preservation within District 1 or District 2 or <br />for other authorized uses within District 1, and upon 60 days, <br />prior notice to the City of Vero Beach. That any reimbursements or <br />grants received from any federal or state agency for beach <br />42 <br />