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WHEREAS, the TOWN is a municipality located within <br />Indian River County, Florida and the TOWN represents that the <br />TOWN is eligible to receive a portion of the local gas tax as <br />imposed by the Indian River County Local Option Gas Tax <br />Ordinance, and desires to jointly establish with the COUNTY a <br />distribution formula pursuant to Florida Statutes 336.025(3)(x)(1). <br />NOW, THEREFORE, in consideration of the mutual terms, <br />conditions, promises, covenants and premises hereinafter set forth <br />and pursuant to the statutory authority set forth herein, the <br />COUNTY and the TOWN agrees as follows: <br />1. The proceeds of the local gas tax shall be divided <br />among and distributed to the COUNTY and the eligible <br />municipalities within the county as follows: <br />RECIPIENT SHARE OF PROCEEDS <br />Indian River County 67.9217% <br />City of Vero Beach 16.8350% <br />City of Sebastian 11.9333% <br />City of Fellsmere 2.0974% <br />Town of Indian River Shores 1.2053% <br />Town of Orchid 0.0073% <br />2. The division and distribution of tax proceeds as <br />' <br />stated in paragraph 1 above shall be based upon the following <br />formula: <br />cn <br />The percentage of total revenue allocated to each eligible <br />~" <br />entity equals 1/3 of the entity's percentage of total equivalent lana <br />CD <br />miles of road plus 1/3 of the entity's percentage of transportation <br />2 <br />