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2006-323
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2006-323
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Last modified
8/30/2016 2:20:09 PM
Creation date
9/30/2015 10:03:54 PM
Metadata
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Template:
Official Documents
Official Document Type
Plan
Approved Date
09/19/2006
Control Number
2006-323
Agenda Item Number
9.A.3.
Entity Name
IRC 2020 Comprehensive Plan
Subject
Capital Improvements Element-Chapter 6
Supplemental fields
SmeadsoftID
5834
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Comprehensive Plan Capital Improvements Element <br /> Counties and municipalities may exercise their home rule authority to impose a fee upon a utility for <br /> the grant of a franchise and the privilege of the utility using the local government' s rights-of-way to <br /> conduct the utility ' s business . Franchise fees are typically levied through a franchise agreement <br /> negotiated between the local government and the utility provider. Indian River County receives <br /> franchise revenue from electric, water, sewer, garbage, and cable television franchises. <br /> Table 6 . 1 shows that franchise fee revenue represented 3-343 . 13 % of all funds collected by Indian <br /> River County in FY 20034/045 . Figure 6 .9 shows that over the last six fiscal years franchise fee <br /> revenue collected by Indian River County increased 21 .2141 .42% . <br /> • Other Miscellaneous Revenue <br /> Included in this category are various administrative fees, licenses and permits, fines, interest income, <br /> rental income, private contributions, and other miscellaneous revenues. This source of revenue for <br /> Indian River County represented 3$20 . 63 % of all funds collected by Indian River County in FY <br /> 20034/045 . <br /> • Borrowing <br /> The county uses borrowing as a financing vehicle to raise money for public purposes that are beyond <br /> the realm of current cash reserves, operating revenue and reasonable taxation. Borrowing money to <br /> pay for capital improvements can be done through either short-term or long-term financing. Short <br /> term financing is usually accomplished by the use of bond pools, notes, private placements with <br /> banks, and the public placement of Voted General Obligation debt. Long term financing is usually <br /> achieved through the issuance of bonds sold on the public market. <br /> The county may sell bonds for capital improvements without a referendum of the voters if the pledge <br /> used for the bond is a non-ad valorem revenue source. Conversely, any bond issue pledging ad <br /> valorem taxes requires approval through a voter referendum. <br /> General Obligation Bonds are bonds that are secured by the full faith and credit of the county . These <br /> bonds are secured by a pledge of the issuer' s ad valorem taxing power. According to state law, the <br /> amount of ad valorem taxes necessary to pay the debt service on general obligation bonds is not <br /> subject to the constitutional property tax millage limits . Such bonds constitute debts of the issuer and <br /> require approval through a voter referendum prior to issuance . <br /> Revenue bonds are bonds payable from a specific source of revenue, where the full faith and credit of <br /> the issuer is not pledged to repay the bonds. Because revenue bonds are payable from identified <br /> sources of revenue, bond holders may not compel taxation or legislative appropriation of funds for <br /> payment of debt service. Pledged revenues may be derived from operation of financed projects, <br /> Community Development Department Indian River County <br /> 11 <br />
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