1993-030_COVB - Laserfiche WebLink

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Sg 3 3 t t; f5 c z t 1. The Board of County Commissioners of Indian River County shall pledge for beach preservation, fifty percent of the total county -wide tourist tax revenues received for beach preservation, until such time as those revenues exceed the debt service requirements for the District 1 PEP Reef project. 2. The Board pf County Commissioners of Indian River County shall issue the maximum amount of revenue bonds possible with a pledge of fifty percent of the total tourist tax revenue to amortize said bonds over 20 years. 3. The additional one -cent tourist tax revenue received by Indian River County shall be placed in an escrow account and expended solely for beach preservation until the revenue bonds are issued. Then the balance, if any, shall be used for debt service payments as such become due or for the reduction of bond principal. 4. Any part of the fifty percent of the tourist tax revenue pledged as security for bond debt service that is not actually used for debt service payments, shall be placed in an escrow account and expended for beach preservation within District 1 or District 2 or for other authorized uses within District 1, and upon 60 days, prior notice to the City of Vero Beach. That any reimbursements or grants received from any federal or state agency for beach preservation shall not be used to offset in any manner the fifty percent pledge of tourist tax revenue, but shall be used for additional beach preservation projects. S. Until such time as the tourist tax funds pledged for beach preservation are expended for projects outside of District 1, the City of Vero Beach shall accept as its fair share of the tourist development tax, the tourist tax revenue funds used for beach preservation or debt service on the bonds issued to finance beach preservation projects in District 1. 1