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5 / 29/92 (legal) RESO/Vk/ RD <br />RESOLUTION NO. 92- 76 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, OPPOSING SENATE BILL 1850 <br />REGARDING TITLE XI - NATIONAL FLOOD <br />INSURANCE MITIGATION AND EROSION <br />MANAGEMENT ACT OF 1992, AS IT IS CURRENTLY <br />WORDED, AND RECOMMENDING CERTAIN CHANGES <br />WHICH WOULD MAKE THE PROPOSED LAW <br />ACCEPTABLE. <br />WHEREAS, the United States House of Representatives overwhelmingly <br />passed H. R. 1236, which, if enacted in the U.S. Senate, would materially <br />change the scope of the original National Flood Insurance Program <br />established in 1968; and <br />WHEREAS, the bill is currently being deliberated in the U.S. Senate as <br />S. 1650 (now Title XI - National Flood Insurance Mitigation and Erosion <br />Management Act of 1992); and <br />WHEREAS, the bill would require the establishment of 10 -year, 30 -year, <br />and 60 -year erosion control zones for every coastal community in the nation; <br />and <br />WHEREAS, the bill would ultimately prevent all structures within these <br />coastal erosion zones from being insured under the National Flood Insurance <br />Program; and <br />WHEREAS, the bill would prohibit mortgage financing institutions from <br />financing structures within flood -prone areas unless such structures are <br />insured under the National Flood Insurance Program; and <br />WHEREAS, the bill would therefore greatly diminish the value of <br />property within virtually every coastal community in the nation because <br />owners could not insure the structures on their property or sell to buyers <br />having to finance the purchase of such property; and <br />WHEREAS, the Property Appraiser of Indian River County has projected <br />the loss of value of this property for land on the barrier island alone, <br />without consideration of our mainland riverine areas, to be over $750,000,000 <br />and has concluded that the bill would drastically reduce the tax base of <br />Indian River County; and <br />WHEREAS, the bill would impose no similar prohibitions on the <br />insurability of structures within other areas of the nation which are <br />flood -prone, such as riverine areas, even though statistics show that the <br />