§ 8. Funding.

(1)

The board of directors is hereby authorized to recommend to the board of county commissioners, the levy of annual assessments against all property in the MSBU with the following limitations.

(a)

The current assessment unit amount for financing the operation of the MSBU is established at $63.00.

(b)

The assessment unit amount cannot increase by more than five percent from the previous year.

(c)

The assessments collected shall be used to provide services and improvements within the MSBU that specially benefit the properties within the MSBU ("Assessment Projects").

(d)

The assessments may be used to fund reasonable expenditures related to the provision of management services for the benefit of the MSBU and the properties therein.

(e)

The assessments may be used to fund reasonable administrative costs related to the provision of the services and improvements and the operation of the MSBU.

(2)

Method of establishing the assessment. The assessment unit is the standard for imposing the annual assessment. The assessment unit shall be determined by dividing the approved cost for Assessment Projects by the total number of residential lots and commercial and institutional residential lot equivalents to determine the assessment unit, then applying that amount to each residential lot and commercial and institutional parcel as set forth below. The cost of Assessment Projects as set forth in the approved budget shall be allocated as follows among the parcels:

(a)

Residential:

-1-

Each lot which is platted residential property, whether built on or not, will be assessed the same, one assessment unit.

-2-

Tracts of land intended for development as residential property but not yet improved will be assessed one assessment unit per acre (rounded to the nearest tenth acre) until platted, after which they will be assessed as in -1- above.

-3-

Each townhouse unit, condominium unit, or other property division intended as a residential dwelling or rental unit, shall be assessed one assessment unit.

(b)

Commercial:

-1-

Commercial property will be assessed one assessment unit per 1,000 square feet of building space constructed (property appraiser adjusted square footage figures will be used).

-2-

Parcels used as commercial property but without a building will be assessed one assessment unit per acre (rounded to the nearest tenth acre).

-3-

Parcels intended for use as commercial property but not yet developed will be assessed one assessment unit per acre (rounded to the nearest tenth acre). When built on or placed into use as commercial property the parcel will be assessed as per -1- or -2- above.

(c)

Institutional:

-1-

Institutional property will be assessed one assessment unit per 1,000 square feet of building space constructed (property appraiser adjusted square footage figures will be used).

-2-

Parcels used as institutional property but without a building will be assessed one assessment unit per acre (rounded to the nearest tenth acre).

-3-

Parcels intended for use as institutional property but not yet developed will be assessed one assessment unit per acre (rounded to the nearest tenth acre). When built on or placed into use as institutional property the parcel will be assessed as per -1- or -2- above.

(3)

In each year that an annual assessment is imposed, the board of directors shall adopt a preliminary assessment resolution which will set forth the proposed annual assessment to be considered by the board for the upcoming fiscal year. Upon adoption, the preliminary assessment resolution will be provided to the Property Appraiser of Okaloosa County and Tax Collector of Okaloosa County for inclusion on the Truth in Mileage (TRIM) bill. Such preliminary assessment resolution shall be adopted and provided to the property appraiser in sufficient time to allow inclusion on the TRIM.

(4)

Prior to September 1 of each year, the annual assessment shall be approved by the board of directors by the adoption of a final assessment resolution which shall be reduced to writing. The final assessment resolution shall recommend to the board of county commissioners the amount of the annual assessment that the board of directors recommends. The board of directors shall make a specific finding within the final assessment resolution that the assessment projects to be funded by the annual assessment will specially benefit the properties within the MSBU. In addition to the adoption of the final assessment resolution, the board of directors shall approve the budget for the MSBU for the fiscal year. The approval of the annual assessment and the budget may be approved within a single resolution. A copy of such final assessment resolution shall forthwith be forwarded to the Property Appraiser of Okaloosa County, the Tax Collector of Okaloosa County and the board of county commissioners. The board of directors shall comply with all state laws relative to the levy of the annual assessment.

(5)

All annual assessments to be levied and collected pursuant hereto shall be due and assessed and certified by the Property Appraiser of Okaloosa County and collected by the Tax Collector of Okaloosa County in the same manner as property taxes of governmental entities within the State of Florida and shall be collected on the tax bill.

(6)

The annual assessment hereby authorized to be levied, assessed, and imposed shall thereupon become a lien upon property within the MSBU and enforced in the same manner as liens for ad valorem taxes. Such lien for such MSBU annual assessment shall be a first lien superior in dignity to all other liens except ad valorem tax liens.

(7)

The MSBU designates the property appraiser or his designate and the tax collector or his designate to act as agent for the MSBU to modify the final annual assessment if changes are made to the tax roll after final notification is sent to property owners.

( Ord. No. 16-05 , § 2, 3-15-16)