HomeMy WebLinkAboutO-96-23 RIVERFR WATERLINE DEBT SVC AGENCY FUND ORDINANCE NO. 0-96-23
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA
ESTABLISHING AN AGENCY FUND FOR THE RIVERFRONT
WATERLINE ASSESSMENT PROGRAM;
SEVERABILITY; PROVIDING FOR
PROVIDING FOR AN EFFECTIVE DATE.
PROVIDING FOR
CONFLICTS; AND
WHEREAS, the City of Sebastian, Indian River County, Florida, entered into an
agreement with Indian River County to construct the riverfront waterline project; and
WHEREAS, the City initiated the procedure to impose a special assessment in the
amount of $700,378 for the project; and
WHEREAS, the City retains the right to collect the revenue from the special
assessment, but must pay the principal and interest on the loan to the Barnett Bank of the
Treasure Coast;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, THAT:
Section 1. There is hereby established and created a Riverfront Waterline
Assessment Agency Fund. All monies collected as a result of the payment of assessments
are specifically appropriated to the Fund.
Section 2. If any clause, section, or other part of this Ordinance shall be held by any
Court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or
invalid part shall be considered as eliminated and shall in no way affect the validity of the
other provisions of this Ordinance.
Section 3. All Ordinances or parts of Ordinances in conflict herewith are hereby
repealed to the extent of such conflict.
Section 4. This Ordinance shall become effective upon the date of adoption.
Section 5. This Ordinance was advertised in the Vero Beach Press Journal for a
public hearing on September 25,
Councilmember .~//~tT_jL~5
1996, at which time it was moved for adoption by
The motion was seconded by Councilmember
being put to a vote, the vote was as follows:
Mayor Louise Cartwright
Vice Mayor Walter Barnes
Councilmember Norma Damp
Councilmember Richard Taracka
Councilmember Ray Halloran _ J
Thg~vlayor thereupon declared this Ordinance duly passed and adopted this o~?5~day of
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' Kathi~.'O~mb%ran, CMC/AAE
City.Clerk '~..,'"
By:
CITY OF SEBASTIAN, FLORIDA
Louise Cartwright, Mayo/~
Approved as to Form and Content:
Valerie Femandez Settles,
City Attorney 2