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Sg 3� 3 <br />�t <br />�t; f <br />,5 <br />c <br />z <br />t <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 />preservation shall not be used to offset in any manner the fifty <br />percent pledge of tourist tax revenue, but shall be used for <br />additional beach preservation projects. <br />S. Until such time as the tourist tax funds pledged for <br />beach preservation are expended for projects outside of District 1, <br />the City of Vero Beach shall accept as its fair share of the <br />tourist development tax, the tourist tax revenue funds used for <br />beach preservation or debt service on the bonds issued to finance <br />beach preservation projects in District 1. <br />1 <br />