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