§ 48-21. Definitions.

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

Annual rate resolution means the resolution described in section 48-34 hereof, approving a stormwater assessment roll for a specific fiscal year.

Assessed property means all parcels of real property included on the stormwater assessment roll that receive a special benefit from the stormwater improvements and stormwater management services identified in an annual rate resolution.

Capital cost means all or any portion of the expenses that are properly attributable to the acquisition, construction, design, installation, reconstruction, renewal or replacement (including demolition, environmental mitigation and relocation) of stormwater improvements under generally accepted accounting principles and including reimbursement to the village for any moneys advanced for capital cost and interest on any interfund or intrafund loan for such purposes.

Clerk means the village clerk, or such other person as may be duly authorized to act on such person's behalf.

Comprehensive plan means the comprehensive plan adopted by the village pursuant to F.S. ch. 163, pt. II.

Council means the village council for the village.

County means Monroe County, Florida.

Developed property means property that has been developed with impervious area including, but are not limited to, rooftops, sidewalks, walkways, patio areas, driveways, parking lots, storage areas and other surfaces which similarly impact the natural infiltration or runoff patterns which existed prior to development.

ESU means "equivalent stormwater unit," the standard unit used to express the stormwater burden expected to be generated by each parcel of property, after taking into consideration any mitigation of the stormwater burden that results from privately maintained stormwater management facilities and other factors affecting the quantity, quality, or rate of stormwater runoff.

Final assessment resolution means the resolution described in section 48-33 hereof, which shall confirm, modify or repeal the initial assessment resolution and which shall be the final proceeding for the imposition of the initial stormwater 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 village.

Government property means property owned by the United States of America, the State of Florida, a sovereign state or nation, 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 48-29 hereof, which shall be the initial proceeding for the imposition of the stormwater assessment.

Obligations mean a series of bonds or other evidence of indebtedness including but not limited to, notes, commercial paper, capital leases or any other obligations of the village issued or incurred to finance any portion of the capital cost of a stormwater improvement and secured, in whole or in part, by proceeds of the stormwater improvement assessments.

Ordinance means this stormwater ordinance as amended from time to time.

Pledged revenue means, as to any series of obligations:

(a)

The proceeds of such obligations, including investment earnings;

(b)

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

(c)

Any other legally available non-ad-valorem revenue pledged to secure the payment of such obligations, as specified by the resolution authorizing such obligations.

Project cost means:

(a)

The capital cost of a stormwater improvement;

(b)

The transaction cost associated with the obligations to finance the stormwater improvement;

(c)

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

(d)

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

(e)

Any other costs or expenses related thereto.

Property appraiser means the Monroe County Property Appraiser.

Stormwater means the flow of water which results from, and which occurs following, a rainfall event.

Stormwater assessment means either a stormwater improvement assessment, a stormwater service assessment, or both.

Stormwater assessment roll means the roll created that includes all parcels within the village and their assigned stormwater assessment relating to stormwater improvements or stormwater management services approved by a final assessment resolution or an annual rate resolution pursuant to section 48-30 hereof.

Stormwater basin means a part of the earth's surface that contributes stormwater runoff to a drainage system, which consists of diffuse surface waters, together with all natural or artificial tributary surface streams and/or bodies of impounded surface water.

Stormwater basin plan means a policy document that is adopted by the council for each stormwater basin or hydrologic subarea thereof in which stormwater improvements are proposed and that provides for implementation of the stormwater master plan.

Stormwater improvement means land, capital facilities and improvements acquired or provided to detain, retain, convey or treat stormwater.

Stormwater improvement area means one or more stormwater basins, or any portion or portions thereof, as identified in the initial assessment resolution, encompassing those parcels of property specially benefited by the construction, reconstruction or installation of all or any portion of a stormwater improvement that removes, detains, retains or treats, in whole or in part, the stormwater burden expected to be generated by the physical characteristics and use of the assessed property. Each stormwater improvement area will include either (a) the property which is hydrologically connected, directly or indirectly, to the stormwater improvement, or (b) all property located within a hydrologically defined area in which the village constructs one or more stormwater improvements pursuant to a stormwater basin plan to correct existing deficiencies with respect to a specific level of service and provide a consistent level of stormwater management.

Stormwater improvement assessment means a special assessment imposed by the village within a stormwater improvement area to fund the capital cost or the debt service and related cost of obligations issued to finance the project cost of a stormwater improvement.

Stormwater management service means:

(a)

Management and administration of the village's stormwater utility;

(b)

Stormwater program engineering;

(c)

Stormwater basin planning;

(d)

Stormwater improvements to be acquired or constructed during a single fiscal year without the issuance of any obligations;

(e)

Operating and maintaining the village's capital facilities for stormwater management, including extraordinary maintenance;

(f)

Billing and collection of stormwater assessments, including customer information services and reserves for statutory discounts; and

(g)

Legal, engineering and other consultant services.

Stormwater master plan means a policy document adopted by the council which identifies the levels of service for water quality and quantity management in the village, based upon the criteria in the comprehensive plan and applicable state and federal law, and the methods for prioritizing expenditures within the village. The stormwater master plan shall designate those stormwater basins for which a stormwater basin plan will be prepared.

Stormwater service area means the geographic area described in the initial assessment resolution that encompasses all parcels within the village which specially benefit from the stormwater management service and all parcels to which stormwater management services are provided.

Stormwater service assessment means a special assessment imposed by the village within the stormwater service area to fund the stormwater service cost.

Stormwater service cost means the estimated amount for any fiscal year of all expenditures and reasonable reserves that are properly attributable to the stormwater management service provided within the stormwater service area under generally accepted accounting principles, including, without limiting the generality of the foregoing, reimbursement to the village for any moneys advanced for the stormwater management service, and interest on any interfund or intrafund loan for such purpose.

Stormwater utility means the entity established by section 48-24 hereof to implement the stormwater management program of the village.

Tax collector means the Monroe 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 village 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;

(c)

The underwriters' discount;

(d)

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

(e)

The costs of preparing or printing the obligations and the documentation supporting issuance of the obligations;

(f)

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

(g)

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.

Village means Islamorada, Village of Islands, Florida.

Village manager means the chief administrative officer of the village or such person's designee.

(Ord. No. 05-15, Art. I(1.01), 8-23-2005)