Okaloosa County BOCC — July 2, 2013 — Final 2012 Initial Assessment Resolution JT Revisions 7 29 2013 — reading text

OKALOOSA COUNTY, FLORIDA INITIAL ASSESSMENT RESOLUTION FOR THE OKALOOSA COUNTY BEACH RESTORATION PROJECT MUNICIPAL SERVICES BENEFIT UNIT FISCAL YEAR 2013-2014 ADOPTED AUGUST 6, 2013  RESOLUTION 13-_____ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA, RELATING TO THE CONSTRUCTION AND FUNDING OF BEACH RESTORATION WITHIN THE BEACH RESTORATION MUNICIPAL SERVICE BENEFIT UNIT; PROVIDING RECITALS, AUTHORITY AND DEFINITIONS; ADOPTING THE INITIAL ASSESSMENT RESOLUTION; PROVIDING FOR THE ASSESSMENT ROLL; PROVIDING FOR THE IMPOSITION OF THE ASSESSMENTS TO FUND THE BEACH RESTORATION IN THE DESTIN SUBAREA; PROVIDING FOR COLLECTION OF THE ASSESSMENTS PURSUANT TO THE UNIFORM ASSESSMENT COLLECTION ACT; PROVIDING FOR THE EFFECT OF THIS RESOLUTION; PROVIDING SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Okaloosa County, Florida (the “County”) adopted Ordinance 07-71 on December 4, 2007 (the “Ordinance”), to create the Okaloosa County Beach Restoration Project Municipal Service Benefit Unit (the “MSBU”) and to authorize the imposition of special assessments to partially fund the Beach Restoration Project within the boundaries of the MSBU; and WHEREAS, the Ordinance has been amended periodically to remove certain areas from the boundaries of the MSBU and to exclude certain properties from the special assessments; and WHEREAS, pursuant to the Original Assessment Resolutions, the Assessments are to be collected over an eight (8) year Assessment Period, beginning in Fiscal Year 2008. Throughout the Assessment Period the methodology established in the Original Assessment Resolutions is to be applied within the boundaries of the MSBU established pursuant to the Ordinance; and 1  WHEREAS, at a duly noticed public hearing to be held on, the Board will consider the adoption of the “Final Assessment Resolution.” Such Final Assessment Resolution would confirm the terms and provisions of this Initial Assessment Resolution and approve the final Assessment Roll for Fiscal Year 2013-2014. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA, AS FOLLOWS: SECTION 1. RECITALS. The above recitals are adopted and incorporated as part of this Resolution. SECTION 2. AUTHORITY. This Initial Assessment Resolution (“Resolution”) is adopted pursuant to the Ordinance, Chapter 125, Florida Statutes, Article VIII, Section 1, Florida Constitution, and other applicable provisions of law. SECTION 3. DEFINITIONS. All capitalized words and terms not otherwise defined herein shall have the meanings set forth in the Ordinance. As used in this Resolution, the following terms shall have the following meanings, unless the context hereof otherwise requires: "Assessment" means an annual special assessment imposed against property located within the Destin Subarea of the MSBU to fund the Project Cost of Beach Restoration within that subarea, and related expenses. “Assessment Coordinator” means the Director of the Okaloosa County Tourist Development Department, or his designee, to administer and coordinate Assessments. "Assessment Period" means the time period estimated by the County during which Assessments are imposed for any portion of the Obligations that remain 2 outstanding unless otherwise prepaid. The Assessment Period shall be established as eight (8) years commencing with Fiscal Year 2008. "Assessment Roll" means the non-ad valorem assessment roll, as amended and supplemented, relating to the Project Cost of the Beach Restoration within the Destin Subarea, and related expenses. "Beach Restoration" means the select clearing and grubbing, fill and sand mining, shoreline, berm, and dune stabilization and restoration, and provision of infill sand. "Board" means the Board of County Commissioners of Okaloosa County, Florida. "Building" means any structure, whether temporary or permanent, built for support, shelter or enclosure of persons, chattel, or property of any kind. "Capital Cost" means all or any portion of the expenses that are properly attributable to the acquisition, design, construction and installation (including demolition, environmental mitigation and relocation) of the Beach Restoration and imposition of the Assessments under generally accepted accounting principles; and including reimbursement to the County for any funds advanced for Capital Cost and interest on any interfund or intrafund loan for such purposes. "Collection Cost" means the estimated cost to be incurred by the County during any Fiscal Year in connection with the collection of Assessments. "County" means Okaloosa County, a political subdivision of the State of Florida. "County Administrator" means the administrative head of the County which the Board has authority to control or such person's designee. 3  "Dwelling Unit" means a building, or portion thereof, which is lawfully used for residential purposes, consisting of one or more rooms arranged, designed, used, or intended to be used as living quarters for one family only. “Feasibility Study” means the study adopted pursuant to Section 5(E) of this Resolution. "Final Assessment Resolution" means the resolution described in Section 10 of the Ordinance that imposes Assessments within the Destin Subarea of the MSBU. "Fiscal Year" means the period commencing on October 1 of each year and continuing through the next succeeding September 30, or such other period as may be prescribed by law as the fiscal year for the County. "MSBU" means the Okaloosa County Beach Restoration Municipal Service Benefit Unit, a description of which is attached hereto and incorporated herein as Appendix A. “Obligations” means notes, bonds or other evidence of indebtedness secured by proceeds of the Assessments that are issued to finance the Project Cost. "Ordinance" means Ordinance 07-71, as amended. “Project” means the Beach Restoration of those portions of the beaches within the Destin Subarea and located within or adjacent to the boundaries of the MSBU which have been classified as critically eroded areas by the State of Florida. "Project Cost" means (A) the Capital Cost of the Beach Restoration, (B) the Transaction Cost associated with any Obligations attributable to the Beach Restoration, (C) interest accruing on such Obligations for such period of time as the County deems appropriate, (D) the debt service reserve fund or account, if any, established for the 4 Obligations attributable to the Beach Restoration, and (E) any other costs or expenses related thereto. "Property Appraiser" means the Okaloosa County Property Appraiser. "Tax Parcel" means a parcel of property to which the Property Appraiser has assigned a distinct ad valorem property tax identification number. "Tax Roll" means the real property ad valorem tax assessment roll maintained by the Property Appraiser for the purpose of the levy and collection of ad valorem taxes. "Transaction Cost" means the costs, fees and expenses incurred by the County in connection with the issuance and sale of any series of Obligations, including but not limited to (A) rating agency and other financing fees; (B) the fees and disbursements of bond counsel and disclosure counsel, if any; (C) the underwriters' discount; (D) the fees and disbursements of the County's financial advisor; (E) the costs of preparing and printing the Obligations, the preliminary official statement, the final official statement, and all other documentation supporting issuance of the Obligations; (F) the fees payable in respect of any municipal bond insurance policy; (G) administrative, development, credit review, and all other fees associated with any pooled commercial paper or similar interim financing program; and (H) any other costs of a similar nature incurred in connection with issuance of such Obligations. "Uniform Assessment Collection Act" means Sections 197.3632 and 197.3635, Florida Statutes, or any successor statutes authorizing the collection of non- ad valorem assessments on the same bill as ad valorem taxes, and any applicable regulations promulgated thereunder. 5  SECTION 4. INTERPRETATION. Unless the context indicates otherwise, words importing the singular number include the plural number, and vice versa; the terms "hereof," "hereby," "herein," "hereto," "hereunder" and similar terms refer to this Resolution; and the term "hereafter" means after, and the term "heretofore" means before, the effective date of this Resolution. Words of any gender include the correlative words of the other gender, unless the sense indicates otherwise. SECTION 5. LEGISLATIVE FINDINGS. It is hereby ascertained, determined and declared that: (A) Article VIII, Section 1 of the Florida Constitution, and Sections 125.01 and 125.66, Florida Statutes, grant to a board of county commissioners all powers of local self-government to perform county functions and to render services for county purposes in a manner not inconsistent with general law, or with special law approved by vote of the electors, and such power may be exercised by the enactment of county ordinances. (B) The Board of County Commissioners of Okaloosa County, Florida, has enacted the Ordinance providing for the creation of an MSBU and authorizing the imposition of Assessments to fund the construction of the Project to serve the property located therein. (C) The MSBU created two subareas, however, assessments are only imposed within the Destin Subarea, the proceeds of which are to be used to fund construction of the Project in that Destin Subarea. (D) The Project provides a special benefit to all property located within the Destin Subarea of the MSBU including improving and securing road access, protecting the natural environment associated with the beach, providing enhanced storm 6 protection, protecting and enhancing the market value and marketability of properties within the Destin Subarea of the MSBU, and enhancing the use and enjoyment of such property through the provision of aesthetic benefits and recreational beach amenities. The Project will provide property owners within the Destin Subarea of the MSBU with a greatly expanded beach area for their use and enjoyment. The presence of the beach also serves as a primary motivator for people to live in the Destin Subarea of the MSBU or to visit those properties. (E) The Board hereby adopts and incorporates by reference that certain study entitled “Okaloosa County Funding Feasibility Study for Beach Restoration on Okaloosa Island and City of Destin,” dated October 1, 2007, prepared by Coastal Tech (the “Feasibility Study”), including particularly the assumptions, methodology, conclusions and findings in such study as to the allocation of anticipated benefits and costs of the Project amongst properties within the Destin Subarea of the MSBU. The Feasibility Study is available for inspection at the Emerald Coast Convention & Visitors Bureau, located at