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ORDINANCE NO. 2023 - <br />SECTION 2 PURPOSE <br />This assessment is for the purposes of funding water infrastructure improvements <br />within the boundaries of the assessment area; and funding design, engineering and <br />construction of those improvements deemed necessary or desirable. <br />SECTION 3 LEVY OF ASSESSMENT, ADOPTION OF BUDGET <br />A. The Indian River County Board of County Commissioners ("Board") hereby <br />authorizes a levy of a non ad valorem assessment in an amount determined annually <br />based on estimated costs of providing water services to the benefited North County area <br />properties for the ensuing County fiscal year as defined under this ordinance for any or all <br />of those purposes above described, on an assessment per parcel. <br />B. Pursuant to said authority, the Board hereby further authorizes the levying and <br />collection of non ad valorem assessments in a uniform manner under section 197.3632, <br />Florida Statutes. <br />C. Non ad valorem assessments authorized under this section shall be assessed, <br />levied, collected, remitted to and accounted for at the same time and in the same manner <br />as the assessments, levies, collection, and remittance of taxes to the General Fund by the <br />Board as provided by law. <br />SECTION 4 DISPOSITION OF PROCEEDS FROM LEVY OF TAXES <br />All funds obtained by the levy of a non ad valorem assessment on the property <br />within the boundaries set forth in this ordinance shall be maintained in a separate account <br />and used solely for the purpose of providing those services set forth above. <br />SECTION 5 ADOPTION OF ASSESSMENT ROLL AMOUNT AND UNIT OF <br />MEASUREMENT <br />The Board hereby adopts the assessment roll attached to this ordinance and <br />incorporated herein; adopts the amount of the assessment as being $2,247.76. Residents <br />will have the option to pay in full within 90 days of the adoption of Resolution IV, which is <br />the final as -built resolution confirming the final assessment amount; otherwise, the amount <br />will be levied over 10 years at a maximum annual percentage rate (APR) of 3.25%. <br />SECTION 6 SEVERABILITY <br />If any portion of this ordinance is held or declared by a court of competent <br />jurisdiction to be unconstitutional, inoperative, or void, such holding shall not affect the <br />remaining portions of this ordinance, which shall remain in full force and effect. <br />12 <br />255 <br />