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CHAPTER 209. LOCAL OPTION GAS TAX TABLE INSET: Sec. 209 01 Short title. Sec. 209.02. Levy of tax. Sec. 209.03. Effective date. Sec. 209.04. Sec. 209.05. Disposition of proceeds. Utilization of proceeds. Section 209.01. Short title. This article shall be known and may be cites as the "Indian River County Local Option Gas Tax Ordinance.' (Ord. No. 92-26, § 4, 7-14-92) Section 209.02. Levy of tax. There is hereby imposed a six cent ($0.06) local option gas tax upon every gallon of motor fuel and special fuel sold in Indian River County and taxed under the provisions of F.S Ch. 206. (Ord. No. 92-26, § 4, 7-14-92) Section 209.03. Effective date. The tax imposition hereby made shall be effective from September 1, 1996 to August 31, 2026 both inclusive. (Ord. No. 92-26, § 4, 7-14-92; Ord. No. 96-11, § 1, 4-23-96) Section 209 04. Disposition of proceeds. (a) The disposition of proceeds shall be pursuant to interlocal agreement with one or more of the municipalities located therein, representing a majority of the population of the incorporated area within the county. Said agreement shall provide a distribution formula for dividing the entire proceeds of the local option gas tax among the county government and all eligible municipalities within the county Said formula is set forth in paragraph (b) of this section. The method of distribution of the local option gas tax revenues shall be reviewed and a public hearing held in May at least every two (2) years by the parties to the agreement. (b) Each year, during the term of the imposition of this tax, the division and distribution of tax proceeds under this article shall be evaluated and recalculated based upon the following formula: The percentage of total revenue allocated to each eligible entity equals one-third (1/3) of the entity's percentage of total equivalent lane miles of road plus one-third (1/3) of the entity's percentage of transportation expenditures over the previous five (5) years plus MAY 21, 2002 -40-