§ 24-331. Definitions.

When used in this article, the following terms shall have the following meanings, unless the context clearly requires otherwise:

Annual assessment resolution means the resolution described in section 24-364, approving an assessment roll for a specific fiscal year.

Assessment means a special assessment imposed by the town pursuant to this article to fund the project cost of local improvements or the operating cost of related services.

Assessment area means any of the areas created by resolution of the town council pursuant to section 24-357, that specially benefit from a local improvement or related service.

Assessment roll means the special assessment roll relating to local improvements or related services, approved by a final assessment resolution pursuant to section 24-363 or an annual assessment resolution pursuant to section 24-364.

Assessment unit means the unit or criteria utilized to determine the assessment for each parcel of property, as set forth in the initial assessment resolution. The term "assessment unit" may include, by way of example only and not limitation, one or a combination of the following:

(1)

Front footage;

(2)

Platted lots or parcels of record;

(3)

Land area;

(4)

Improvement area;

(5)

Equivalent residential connections;

(6)

Permitted land use;

(7)

Trip generation rates;

(8)

Rights to future trip generation capacity under applicable concurrency management regulations;

(9)

Property value;

(10)

Boat slips;

(11)

Docks; or

(12)

Any other physical characteristic or reasonably expected use of the property that the town determines is related to the local improvement or related service to be funded from proceeds of the assessment.

Capital cost means all or any portion of the expenses that are properly attributable to the acquisition, design, construction, installation, reconstruction, renewal or replacement (including demolition, environmental mitigation and relocation) of local improvements and imposition of the related assessments under generally accepted accounting principles; and including reimbursement to the town for any funds advanced for capital cost, including, but not limited to:

(1)

Engineering fees;

(2)

Architect fees;

(3)

Planning fees;

(4)

Permitting fees and materials and labor costs; and

(5)

Interest on any interfund or intrafund loan for such purposes.

Final assessment resolution means the resolution described in section 24-363, which shall confirm, modify or repeal the initial assessment resolution and which shall be the final proceeding for the imposition of an assessment.

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 town.

Government property means property owned by the United States of America, the state, a county, a special district, a municipal corporation, or any of their respective agencies or political subdivisions.

Initial assessment resolution means the resolution described in section 24-359, which shall be the initial proceeding for the imposition of an assessment.

Local improvement means a capital improvement constructed or installed by the town for the special benefit of a localized area.

Obligations means bonds or other evidence of indebtedness including, but not limited to, notes, commercial paper, capital leases, reimbursable advances by the town, or any other obligation issued or incurred to finance any portion of the project cost of local improvements or related services and secured, in whole or in part, by proceeds of the assessments.

Operating cost means all or any portion of the expenses that are properly attributable to related services under generally accepted accounting principles, including, without limiting the generality of the foregoing, reimbursement to the town for any funds advanced for related services, and interest on any interfund or intrafund loan for such purpose.

Pledged revenue means, as to any series of obligations:

(1)

The proceeds of such obligations, including investment earnings;

(2)

Proceeds of the assessments pledged to secure the payment of such obligations; and

(3)

Any other legally available non-ad-valorem revenue pledged, at the town council's sole option, to secure the payment of such obligations, as specified by the ordinance and resolution authorizing such obligations.

Project cost means:

(1)

The capital cost of a local improvement;

(2)

The transaction cost associated with the obligations which financed the local improvement;

(3)

Interest accruing on such obligations for such period of time as the town deems appropriate;

(4)

The debt service reserve fund or account, if any, established for the obligations which financed the local improvement; and

(5)

Any other costs or expenses related thereto.

Property appraiser means the county property appraiser.

Related service means the operation and maintenance of a local improvement.

Resolution of intent means the resolution expressing the town council's intent to collect assessments on the ad valorem tax bill required by the Uniform Assessment Collection Act.

Tax collector means the county tax collector.

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 town in connection with the issuance and sale of any series of obligations, including, but not limited to:

(1)

The rating agency and other financing fees;

(2)

The fees and disbursements of issuer's counsel, bond counsel and disclosure counsel, if any;

(3)

The underwriters' discount;

(4)

The fees and disbursements of the town's financial advisor;

(5)

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;

(6)

The fees payable in respect of any municipal bond insurance policy;

(7)

Administrative, development, credit review, and all other fees incurred by or paid for by the town, associated with any pooled commercial paper or similar interim financing program; and

(8)

Any other costs of a similar nature incurred in connection with issuance of such obligations.

Uniform Assessment Collection Act means F.S. §§ 197.3632 and 197.3635, 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.

(Ord. No. 08-07, § 1.01, 6-16-2008)