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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
Fields
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 /> grants and excise, or other specified non-ad valorem taxes. A public referendum is not required prior <br /> to issuance or validation of such obligations . <br /> The county has issued revenue bonds to finance improvements to its sanitary sewer, potable water, <br /> and golf course facilities. Revenue bonds have been issued by the Housing Authority to help finance <br /> the provision of more low-income housing units in the county . Also, revenue bonds have been issued <br /> to finance the cost of construction of various capital improvement projects . Deposits from bond <br /> revenues are put into the respective bond fund accounts for these projects, whereby funds are <br /> specifically designated for a particular project, and user charges are used to pay off the debt. <br /> Special assessment bonds are bonds issued to pay for capital improvements that impact specific areas <br /> or groups of property owners . Proceeds from the assessments levied against benefiting property <br /> owners are used to pay off the bond debt. The issuance of these bonds does not need to be approved <br /> by voter referendum . <br /> Revenue bonds and special assessment bonds are similar in nature, except that special assessment <br /> bond debt is paid-off by assessments levied against benefiting property owners and not from ongoing <br /> user charges . The county has issued special assessment bonds for solid waste disposal. <br /> The issuance of tax anticipation or bond anticipation notes is an example of a short-term (less than <br /> five years) method of financing. Notes usually have higher interest rates than bonds and have shorter <br /> maturity dates than bonds . Tax anticipation notes are issued in advance of a new fiscal year to cover <br /> gaps in the budget before property taxes are received, while bond anticipation notes are issued in <br /> anticipation of the receipt by the county of proceeds from the sale of corresponding future bond <br /> issues . The county currently has no outstanding tax or bond anticipation notes . <br /> • Additional Optional Local Revenue Sources <br /> Use of additional revenue sources may occasionally be necessary, depending on priorities mandated <br /> by the Board of County Commissioners and the availability of existing revenue sources . IndianRiver <br /> County has two options to increase local revenues. These are to implement new taxes that are <br /> permitted by state regulation and/or to increase existing taxes and fees that are imposed by the county. <br /> Additional local revenue sources available to Indian River County include the Ninth Cent Fuel Tax, <br /> the One to Five Cent Local Option Fuel Tax, and the Professional Sports Franchise Facility Tax. <br /> Both the Ninth Cent Fuel Tax and the One to Five Cent Local Option Fuel Tax are taxes on the <br /> purchase of fuel . With the Ninth Cent Fuel Tax, a one cent per gallon tax on motor fuel and special <br /> fuel can be levied on fuel purchases in the county . Revenue from the Ninth Cent Fuel Tax may be <br /> shared with municipalities, but counties are not required bylaw to share the proceeds. Authorized <br /> uses for revenue collected from the Ninth Cent Fuel Tax include paying the costs and expenses of <br /> establishing, operating, and maintaining a transportation system and related facilities. Additional uses <br /> include funding the acquisition, construction, reconstruction, and maintenance of roads. <br /> Community Development Department Indian River County <br /> 12 <br />
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