§ 9-184. Creation of a fund.

The county manager, or designee, is authorized to create the following separate and segregated fund to receive and disburse monies in accordance with the provisions established herein. The fund shall have two (2) sub-funds and the balance of each sub-fund shall be carried forward at the end of each fiscal year for the purposes described as follows:

(1)

Acquisition sub-fund. The acquisition sub-fund shall receive monies from the following sources:

a.

Monies in the form of federal, state, or other governmental grants, allocations, or appropriations, foundation or private grants, donations for acquisition of environmentally significant lands and payments provided for mitigation activity associated with such acquisition activity.

b.

All interest generated from the sources identified herein, except where monies received have been otherwise designated or restricted.

c.

Eighty-five (85) percent of all ad valorem revenues collected pursuant to this program for years 1-19, and fifty (50) percent in year twenty (20) will be used for acquisition of up to sixty million dollars ($60,000,000.00) of land approved by the board. If the program is reauthorized, then year twenty (20) shall remain eighty-five (85) percent. Once the Board of County Commissioners has determined that land purchase is complete, all ad valorem revenues collected under this subsection, and not required for the payment of debt service during the next year, will be allocated to the management sub-fund until the board determines that the funds on deposit therein will adequately provide for management of environmentally significant lands acquired under the program. Thereafter, eighty-five (85) percent of all ad valorem revenues collected for years one (1) through nineteen (19), and fifty (50) percent in year twenty (20) will be allocated for acquisition. If the program is re-authorized, then year twenty (20) shall remain eighty-five (85) percent for acquisition.

d.

The proceeds of any property acquired with funds from the program that is subsequently leased or sold by the county.

Disbursements from the acquisition sub-fund shall be made only for the following authorized purposes:

a.

Acquisition of properties approved by the board.

b.

Costs associated with each acquisition including, but not limited to, appraisals, surveys, title search work, real property taxes, documentary stamps and surtax fees, and other transaction costs.

c.

Costs of administering the program, including any loans from the general fund for funding start-up costs until such time as the fund is closed.

d.

To identify species, natural geological or hydrological values on land that would be appropriate acquisitions.

e.

To acquire and dispose of land and personal property, or any interest therein, pursuant to this program.

f.

In cooperation with other local, regional, state, or federal public land acquisition programs. In such cases, the county may enter into contractual or other agreements to acquire lands jointly or for eventual resale to other public land acquisition programs in the county.

g.

To borrow money through the issuance of bonds for the purposes provided herein, to provide for and secure the payment thereof, and to provide for the rights of the holders thereof.

h.

To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement.

i.

To procure insurance against any loss in connection with the fund's operations.

j.

To engage the services of private consultants on a contract basis for rendering professional and technical assistance and advice.

k.

To do any and all things necessary or convenient to carry out the purposes of, and exercise the powers given, pursuant to the program.

All available proceeds of any bonds issued to fund the acquisition of environmentally significant land shall be expended before funds on deposit in the acquisition sub-fund are used for acquisition.

(2)

Management sub-fund. The management sub-fund shall receive monies from the following sources.

a.

Fifteen (15) percent of all ad valorem revenues collected pursuant to this program for years one (1) through nineteen (19), and fifty (50) percent of year twenty (20). If the program is re-authorized, then year twenty (20) shall remain fifteen (15) percent.

b.

All monies accepted by the county in the form of federal, state, or other governmental grants, allocations or appropriations, as well as foundation or private grants and donations, for management of lands acquired through this program or otherwise approved for management.

c.

All interest generated from the sources identified herein, except where monies received have been otherwise designated or restricted.

Disbursements from the management sub-fund shall be made to carry out the management of land acquired pursuant to the program; provided however, that to the extent funds available from the annual levy of up to .25 mill of ad valorem taxes authorized by the referendum conducted on November 2, 2004 and funds on deposit in the acquisition sub-fund are insufficient to pay the debt service on bonds issued to fund the acquisition of environmentally significant land, disbursements from the management sub-fund shall be made for the payment of debt service, as required by the resolution authorizing issuance of such bonds. All costs associated with operating and maintaining land acquired under this article, including the attributable personnel costs of the county's staff, shall be paid from this fund.

(3)

The full .25 mill of ad valorem taxes authorized by the referendum conducted on November 2, 2004 to fund the Osceola County Environmental Lands Conservation Program shall be pledged to secure the payment of bonds issued to fund the acquisition of environmentally significant land. Notwithstanding any other provision of this section to the contrary, the proceeds of such tax shall be applied first to the payment of debt service for the next year, as required by the resolution authorizing issuance of such bonds, and thereafter to the acquisition sub-fund and maintenance sub-fund in the percentages established in this section, provided that the amount applied to the payment of debt service shall be deemed to have been deposited in the acquisition sub-fund for the purpose of computing such percentages.

(Ord. No. 04-28, § 4, 7-26-04; Ord. No. 06-25, § 1(C)—(F), 6-26-06; Ord. No. 2016-23-A, § 1, 7-11-16)