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RESOLUTION NO. 93-173 Y A gESOLUTION OF THE BOARD OF COUNTY COUNTY, isslo s NSRS OF IAN RIVER R IND coHa FLORIDA, OPPOSING SENATE BILL 1405 .. REGARDING THE NATIONAL FLOOD INSURANCE rF REFORM ACT OF 1993 AS IT IS CURRENTLY WORDED, AND RECOMMENDING CERTAIN CHANGES WHICH WOULD MARE THE PROPOSED LAW ACCEPTABLE. WHEREAS, the current Bill is being deliberated in the U.S. Senate as the National Flood Insurance Reform Act of 1993; and ' WHEREAS, the Bill recognizes the need for reform of the present National Flood Insurance program to be more actuarially sound; and WHEREAS, the Bill would require mapping the entire U.S. coastline at a coat of 25 million dollars from policy premiums to establish 30 year and 60 year erosion control zones; and WHEREAS,the establishment of said 30 and 60 year erosion control zones is arbitrary and unpredictable throughout the entire cost of the United States on a standardized basis and is highly controversial; and WHEREAS, the Bill does not permit flood insurance for any new construction or additions to existing structures in the 30 year zone; and WHEREAS, the Bill does not permit flood insurance for any non-residential structure or residential structure that is not readily movable in the 60 year zone; and WHEREAS, existing structures are grandfathered into the Bill but will ultimately be denied insurance after two claims totaling 50 per cent within ten years; and yHEREAS, this Bill would prohibit federally backed mortgage financing institutions from financing structures within flood prone areas unless such structures were insured under the National Flood Insurance program; and 3 l' WHEREAS, this Bill would therefore greatly diminish the ivalue of property within virtually every coastal community in the nation because owners could not insure the structures on their property or sell to buyers having to finance the purchase of such property; and WHEREAS, the Property Appraiser of Indian River County has determined that the coastal properties of said county generate over 48 million dollars in tax revenue and this amount is 43 per cent of the entire Indian River County budget and has concluded that this Bill would drastically reduce the tax base of Indian River County; and WHEREAS, this Bill would impose no similar prohibitions on 4 the insurability of structures within other areas of the nation z which are chronically and predictably flood prone, such as the riverine areas, even though statistics show that number and value of flood insurance claims from riverine areas have exceeded those from coastal areas; and WHEREAS, the severe economic impact of the Bill on coastal tax bases has not been considered and this impact far exceeds the intent of the Bill; and t