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ORDINANCE NO. 2023 - facility, or the acquisition, construction, reconstruction, or renovation of a retained spring training franchise facility, either publicly owned and operated, or publicly owned and operated by the owner of a professional sports franchise or other lessee with sufficient expertise or financial capability to operate such facility, and to pay the planning and design costs incurred prior to the issuance of such bonds. (b) A minimum of Up -49 fifty (50) percent of the revenues to be derived from the tourist development tax levied pursuant to sections 210.01(b) and (c) of this chapter shall be used pledfed to seG ire and liquidate revenue bends issued by the Gou4* for the purposes set forth in section (a)(4) of this section. Up +o one_half (v_) of the The remaining revenue derived from the tourist development tax levied pursuant to sections 210.01(b) and (c) of this chapter may be used pledged to seGUre and liquidate reveR ie bends issued by the GG my for the purposes set forth in section (a)(1), (2), and (3). Section 3. Codification. It is the intention of the Board of County Commissioners that the provision of this ordinance shall become and be made part of the Indian River County Code, and that the sections of this ordinance may be renumbered or re -lettered and the word ordinance may be changed to section, article or such other appropriate word or phrase in order to accomplish such intention. Section 4. Severability. If any part of this ordinance is held to be invalid or unconstitutional by a court of competent jurisdiction, the remainder of this ordinance shall not be affected by such holding and shall remain in full force and effect. Section 5. Conflict. All ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 6. Effective Date. This ordinance shall become retroactively effective October 1, 2023. Ell 185