The URL can be used to link to this page

Home My WebLink About1993-214A JOINT RESOLUTION OF THE CITY OF VERO BEACH AND THE COUNTY OF INDIAN RIVER SETTING FORTH AN AGREEMENT ON THE APPROPRIATE USE OF TOURIST TAX REVENUES; PROVIDING FOR USE OF FIFTY PERCENT OF THE TOTAL TOURIST TAX REVENUES FOR BEACH PRESERVATION; AND PROVIDING FOR THE ISSUANCE ,OF REVENUE BONDS FOR A BEACH PRESERVATION PROJECT.' WHEREAS, pursuant to Florida Statutes, the Board of County Commissioners of Indian River County have the authority to expend tourist tax revenues for those purposes set forth in Florida Statutes 125.0104 and Indian River County Ordinances, Chapter 210; and WHEREAS, beach preservation is an authorized use of tourist tax revenues; and WHEREAS, the majority of the tourist tax revenue is collected within the City of Vero Beach (District 1); and WHEREAS' .studies have shown that the primary attraction of Vero Beabh and Indian River County for tourists is the beaches; and WHEREAS, both the City Council of the City of Vero Beach and the County Commission of County of Indian River have agreed that the highest priority for the use of tourist tax revenue is for beach preservation; and WHEREAS, the Beach Committee of Indian River County has determined that a project requiring the expenditure of significant amount of capital will be necessary for the protection and preservation of the beaches of Indian River County, and ;_j } specifically within District 1 where the most severe problem with <; erosion exists and the largest number of tourist -related facilities are. located. { NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 1 OF VERO BEACH, FLORIDA, AND THE BOARD OF COUNTY COMMISSIONERS OF t: INDIAN RIVER COUNTY, FLORIDA, THAT: } j P{ F 1MM OSA. R•TAXFFA - z CITY OF VERO BEACH RESOLUTION NO. 93- 30 INDIAN RIVER COUNTY RESOLUTION NO 9 3 - 214 A JOINT RESOLUTION OF THE CITY OF VERO BEACH AND THE COUNTY OF INDIAN RIVER SETTING FORTH AN AGREEMENT ON THE APPROPRIATE USE OF TOURIST TAX REVENUES; PROVIDING FOR USE OF FIFTY PERCENT OF THE TOTAL TOURIST TAX REVENUES FOR BEACH PRESERVATION; AND PROVIDING FOR THE ISSUANCE ,OF REVENUE BONDS FOR A BEACH PRESERVATION PROJECT.' WHEREAS, pursuant to Florida Statutes, the Board of County Commissioners of Indian River County have the authority to expend tourist tax revenues for those purposes set forth in Florida Statutes 125.0104 and Indian River County Ordinances, Chapter 210; and WHEREAS, beach preservation is an authorized use of tourist tax revenues; and WHEREAS, the majority of the tourist tax revenue is collected within the City of Vero Beach (District 1); and WHEREAS' .studies have shown that the primary attraction of Vero Beabh and Indian River County for tourists is the beaches; and WHEREAS, both the City Council of the City of Vero Beach and the County Commission of County of Indian River have agreed that the highest priority for the use of tourist tax revenue is for beach preservation; and WHEREAS, the Beach Committee of Indian River County has determined that a project requiring the expenditure of significant amount of capital will be necessary for the protection and preservation of the beaches of Indian River County, and ;_j } specifically within District 1 where the most severe problem with <; erosion exists and the largest number of tourist -related facilities are. located. { NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 1 OF VERO BEACH, FLORIDA, AND THE BOARD OF COUNTY COMMISSIONERS OF t: INDIAN RIVER COUNTY, FLORIDA, THAT: Sg 3� 3 �t �t; f ,5 c z t 1. The Board of County Commissioners of Indian River County shall pledge for beach preservation, fifty percent of the total county -wide tourist tax revenues received for beach preservation, until such time as those revenues exceed the debt service requirements for the District 1 PEP Reef project. 2. The Board pf County Commissioners of Indian River County shall issue the maximum amount of revenue bonds possible with a pledge of fifty percent of the total tourist tax revenue to amortize said bonds over 20 years. 3. The additional one -cent tourist tax revenue received by Indian River County shall be placed in an escrow account and expended solely for beach preservation until the revenue bonds are issued. Then the balance, if any, shall be used for debt service payments as such become due or for the reduction of bond principal. 4. Any part of the fifty percent of the tourist tax revenue pledged as security for bond debt service that is not actually used for debt service payments, shall be placed in an escrow account and expended for beach preservation within District 1 or District 2 or for other authorized uses within District 1, and upon 60 days, prior notice to the City of Vero Beach. That any reimbursements or grants received from any federal or state agency for beach preservation shall not be used to offset in any manner the fifty percent pledge of tourist tax revenue, but shall be used for additional beach preservation projects. S. Until such time as the tourist tax funds pledged for beach preservation are expended for projects outside of District 1, the City of Vero Beach shall accept as its fair share of the tourist development tax, the tourist tax revenue funds used for beach preservation or debt service on the bonds issued to finance beach preservation projects in District 1. 1 by and 1993, by ea++DOW = CITY OF VERO BEACH, FLORIDA Cit Clerk• Sign: ei4!A� civ Titles Vice Mayor inn Signs , Titles Councilman J rd n Approved as to form and legal sufficiency: City Attorney Mayor 77 Sign: dJ11 Titles Councilman Pease Signs Title ilman Grossett Approved as to technical requirements: City Manager/Ut ities Director This Resolution was moved for adoption by Commissioner Vice Chairman Tinoin , seconded by Commissioner Fran Adams—, and adopted on the 14th day of December , 1993, by the following vote: Chairman Richard N. Bird Absent Vice Chairman John W. Tippin Aye Commissioner Fran B. Adams Aye Commissioner Carolyn K. Eggert Commissioner Kenneth R. Macht Ays r; �}"aEti�i ik �_ k � a - ATTB,S'l��4 � .... By:_�: Je key'oK t.r arton, Clerk 40 Approved as to form and i I Jj legal sufficiency: zrl-( Z"��tC-1 County Attorney BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA By: Richard N. Bird, Chairman Signs t@a1V j6 0,00 Title: Commissioner Adams Sign Ti s Commi sioner Macht Approved as to technical requirements: a...-- s unty Administrator