§ 48-71. 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 48-81 hereof, approving an assessment roll for a specific fiscal year.

Assessment means a special assessment imposed by the village pursuant to this article to fund the project cost of local improvements or the service cost of related services that provide a special benefit to property as a consequence of a logical relationship to the value, use, or characteristics of property identified in an initial assessment resolution.

Assessment area means any of the areas created by resolution of the council pursuant to section 48-74 hereof, 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 48-80 hereof or an annual assessment resolution pursuant to section 48-81 hereof.

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. "Assessment units" may include, by way of example only and not limitation, one or a combination of the following: front footage, equivalent dwelling units, platted lots or parcels of record, vested lots, land area, improvement area, equivalent residential connections, permitted land use, trip generation rates, rights to future trip generation capacity under applicable concurrency management regulations, property value or any other physical characteristic or reasonably expected use of the property that has a logical relationship 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 village for any funds advanced for capital cost and interest on any interfund or intrafund loan for such purposes.

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

Council means the village council for the village.

County means Monroe County, Florida.

Final assessment resolution means the resolution described in section 48-80 hereof, 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 village.

Government property means property owned by the United States of America, the State of Florida, 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 48-76 hereof, which shall be the initial proceeding for the imposition of an assessment.

Local improvement means a capital improvement constructed or installed by the village for the special benefit of a neighborhood or other local area.

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

Ordinance means this capital project and related service assessment ordinance.

Pledged revenue means, as to any series of obligations:

(a)

The proceeds of such obligations, including investment earnings;

(b)

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

(c)

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

Project cost means:

(a)

The capital cost of a local improvement;

(b)

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

(c)

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

(d)

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

(e)

Any other costs or expenses related thereto.

Property appraiser means the property appraiser of the county.

Related service means the provision within an assessment area of operations and maintenance services or other related services that provide a special benefit to properties within an assessment area.

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

Service cost means the amount necessary in any fiscal year to fund the provision of a related service that provides a special benefit to properties within an assessment area, and shall include, but not be limited to all or any portion of the expenses that are properly attributable to related services and imposition of the related assessments under generally accepted accounting principles, including, without limiting the generality of the foregoing, reimbursement to the village for any funds advanced for related services, and interest on any interfund or intrafund loan for such purpose.

Tax collector means the tax collector of the county.

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 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 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 executive officer of the village or such person's designee.

(Ord. No. 05-16, Art. I(1.01), 8-23-2005)