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Office of the <br />INDIAN RIVER COUNTY <br />ADMINISTRATOR <br />Jason E. Brown, County Administrator <br />Michael C. Zito, Assistant County Administrator <br />MEMORANDUM <br />TO: Members of the Board <br />of County Commissioners <br />FROM: Jason E. Brown <br />County Administrator <br />DATE: June 9, 2021 <br />SUBJECT: Indian River Lagoon Conservation Lands Bond Referendum <br />Capital Project and Land Purchase Options - Staff Report <br />BACKGROUND <br />On October 6, 2020, the Board of County Commissioners considered an agenda item regarding <br />the potential uses for a Conservation Lands Bond Referendum. Following discussion, the Board <br />directed staff to consider how bond referendum funds might be utilized in the most appropriate <br />and cost-effective manner to improve the health of the Indian River Lagoon and County -owned <br />conservation lands. Per this direction, staff is providing the following update. <br />CONSERVATION LAND BONDS GENERALLY <br />On two prior occasions, the County has issued conservation land bonds. The first issuance was <br />approved by voter referendum in November 1992 for $26 million for the purpose of acquiring <br />conservation lands. This issue was supported by a levy of up to % mill. The second issue was <br />approved by the voters in November 2004 for a total of $50 million for the purpose of acquiring <br />ownership and other interests in environmentally sensitive lands, agricultural and historic property, <br />which was supported by a levy of up to % mill. The last of these bonds was fully paid off last year. <br />During early 2020, there was some discussion about whether the County should consider another <br />bond issue of $50 million for such purchases which lead to the request for this staff report. <br />Article VII, Section 12 of the Florida Constitution requires voter approval of the issuance of bonds <br />or other debt that is supported by a pledge of ad valorem taxes. Like the previous conservation <br />133 <br />