HomeMy WebLinkAbout1993-030_COVBA 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
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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:
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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:
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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
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aEti i ik
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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