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ORDINANCE NO. 2015- on <br />AN ORDINANCE OF INDIAN RIVER COUNTY, FLORIDA, AMENDING <br />SECTION 201.09.D "IMPACT FEES" OF CHAPTER 201, COUNTY WATER <br />AND SEWER SERVICES, OF THE CODE OF INDIAN RIVER COUNTY TO <br />PROVIDE UNDER CERTAIN CIRCUMSTANCES THAT THE DEPARTMENT <br />OF UTILITY SERVICES OF INDIAN RIVER COUNTY MAY REDUCE THE <br />INTEREST RATE WITH REGARD TO IMPACT FEE LOANS, AND <br />PROVIDING FOR SEVERABILITY, CODIFICATION, AND AN EFFECTIVE <br />DATE. <br />WHEREAS, section 201.09.D of the Code of Indian River County allows for impact fee <br />financing with the interest rate to be determined by the Board of County Commissioners; and <br />WHEREAS, in January of each year the Board of County Commissioners adjusts the <br />fixed interest rates charged by the County for financing, among other things, utility impact fees; <br />and <br />WHEREAS, County policy has been to set the interest rate equivalent to the prime interest <br />rate as published in the Wall Street Journal and other financial news outlets, with the exception <br />that the rate will not be set lower than 5.75% for County financing; and <br />WHEREAS, in the past ten years the interest rates set by the Board have been higher than <br />they are currently, causing hardship for some customers who financed during those years and who <br />have not yet fully paid their impact fees; <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, THAT: <br />Section 1. Enactment Authority. <br />Article VIII, section 1 of the Florida Constitution and chapter 125, Florida Statutes vest <br />broad home rule powers in counties to enact ordinances, not inconsistent with general or special <br />law, for the purpose of promoting the public health, safety and welfare of the residents of the <br />county. The Board specifically determines that the enactment of this ordinance is not inconsistent <br />with general or special law, and is necessary and appropriate to promote the health, safety and <br />welfare of the residents of Indian River County. <br />Section 2. Findings. <br />The Board finds that the above "Whereas" clauses are true and correct, and hereby <br />incorporates such clauses as findings of the Board. <br />1 <br />