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Home My Public Portal About1997-01 Amending Chapter 25 Taxation reviewing all aspects of the Village's existing financial policiesORDINANCE NO,. 97-1 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AMENDING CHAPTER 25 OF THE VILLAGE CODE "TAXATION"; PROVIDING DEFINITIONS; PROVIDING LIMITS ON LONG TERM DEBT OF THE VILLAGE; PROVIDING LIMITS ON RESERVE FUNDS; REQUIRING SURPLUS FUNDS TO BE USED EITHER TO REDUCE DEBT OR TAXES; PROVIDING THAT LONG TERM DEBT LIMITS MAY BE EXCEEDED WITH VOTER APPROVAL; PROVIDING FOR SEVERABILITY, INCLUSION IN THE CODE AND AN EFFECTIVE DATE. WHEREAS, on April 9, 1996, the Financial Policy Committee was established for the purpose of reviewing all aspects of the proposed Charter Amendments as well as the Village's existing financial policies; and WHEREAS, on June 18, 1996, a report was issued by the Financial Policy Committee which contained a series of recommendations; and WHEREAS, this Council wants to formally adopt those recommendations and to make them part of the Code of the Village of Key Biscayne. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, as follows: Section 1. That Chapter 25 of the Village Code is hereby amended to read as follows:1 Sec. 25-1. Definitions: (a) Debt. Any financial obligation of the Village which is not required to be repaid within one year of its incurrence, excluding Debt payable from an Enterprise Fund. If a financial obligation is payable from an Enterprise Fund and from other sources, that portion payable from the Enterprise Fund shall not be included in the calculation of Debt. 1/ Underlined text has been added. (b) Enterprise Fund. A fund established to account for operations which are financed and operated in an independent and self-liquidating manner, including depreciation. To constitute an Enterprise Fund, the expense of providing goods or services to the public on a continuing basis must be financed or recovered entirely through user fees and charges. Sec. 25-2. Limits on Debt. The total principal of Debt of the Village shall be limited to the greater of the following: (a) 10 of the total assessed value of all property within the Village, as certified to the Village by the Dade County Property Appraiser, for the current fiscal year; or (b) That amount which would require annual principal and interest payments on Debt during any fiscal year to exceed 15% of general fund expenditures for the previous full fiscal year. Sec. 25-3. Reserve Funds. To provide for emergencies, the Village shall maintain non -restricted reserve funds in an amount not less than $2,000,000 or in an amount greater than $2,000,000 but not greater than 20% of general fund expenditures for the previous full fiscal year. Sec. 25-4. Surplus Funds Surplus funds in the general fund at the end of each fiscal year not placed by the Council in a restricted reserve fund shall be used either to reduce Debt or to reduce taxes in the next fiscal year. The allocation of surplus funds between restricted reserve funds, Debt reduction and tax reduction shall be at the discretion of the Village Council. Sec. 25-5. Policy Exceptions. The Debt limits established by Sec. 25-2 may not be exceeded by the Village unless and until approved by a majority of the qualified electors of the Village voting in a referendum election. Section 2. Severability. The provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be 2 VILLAGE CLERK invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clauses, and phrases of this Ordinance but they shall remain in effect, it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part. Section 3. Inclusion in the Code. It is the intention of the Village Council, and it is hereby ordained that the provisions of this Ordinance shall become and made a part of the Code of Key Biscayne, Florida; that the sections of this Ordinance may be renumbered or relettered to accomplish such intentions; and that the word "Ordinance" shall be changed to "Section" or other appropriate word. Section 4. Effective Date. Section 25-1, 25-2, 25-4, and 25-5 of this Ordinance shall be effective upon adoption on second reading. Section 25-3 shall be effective October 1, 2001. PASSED AND ADOPTED on first reading this 10th day of December , 1996. PASSED AND ADOPTED on second reading this 16th day of January , 1997. JOHN F. FESTA, MAYOR APPROVED AS TO FORM AND LEGAL SUFFICIENCY: D JAY WEISS, VILLAGE ATTORNEY 103001\ordinance\L.T Debt.12 3 MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Sookle Williams, who on oath says that she is the Vice President of Legal Advertising of the Miami Daily Business Review flkla Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of VILLAGE OF KEY BISCAYNE PUBLIC NOTICE ORDINANCE "TAXATION" JANUARY 14, 1997 In the XXXXX Court, was eclish d ,n s1 9 9 newspaper in the issues of 23 Affiant further says that the said Miami Daily Business Review is a newspaper published at Miami in said Dade County, Florida, and that the said newspaper has heretofore been continuously published in said Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mall matter at the post office in Miami in said Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that she has nel r • Id nor promised any person, firm or corporation an disc • nt, rebate, commission or refund for the purpose of ecu g this advertisement for publication in the said ne o• •er. 23 day (SEAL) Sookle Williams 1 • m to and subscribed • fore met9s6 ecemDer 19 OFFICIAL NOTARY SEAL JANETT LLERENA Ofht to EMISSION NUMBER CC566004 F •�'" �� MY COMMISSION EXPIRES OF F1.O JUNE 23,2000 .Notice is hereby *led- on Second ,iiiteetkigtobe 'Council Chamber, Biscayne., °P Y, BcA will be cons*. COSirelet a 7 o.., in the reek Seoond Floor, AN ORM -Atidili VIDE OF KEY BISCAYNE, FLORIDA, 25 OF THE VILLAGE CODE "T =;.:PRt4a130,3 DEFINITIONS; PRO- VIDING LEA • . - DEBT OF THE VILLAGE; PROVIDING LIMITS � _ FUNDS; REQUIRING SURPLUS FUNDS TO BE USED EITHER TO REDUCE DEBT OR TAXES; PROVIDING THAT LONG TERM DEBT LIMITS MAY BE EXCEEDED WITH VOTER APPROVAL; PROVIDING FOR SEVERABILLTY. INCLUSION IN THE CODE AND AN EFFECTIVE DATE. . Interested parties are invited to appear and be heard. A copy of the proposed ordinance may be obtained at Village Hall, Office of the Vil- lage Clerk, 91 West McIntyre Street, Suite 201, Key Biscayne, Florida 33149. Interested parties may appear at the Public Hearing and be heard with respect to the proposed ordinance. In accordance with the Americans With Disabilities Act of 1990, all persons who are disabled and who need special accommodations to participate in this proceeding because of thardisability should contact the Office of the Village Clerk, 91 West McIntyre Street, Suite 201, Key Biscayne, Florida 33149, telephone number (305) 365-5506, not later than two business days prior to such proceeding. Should any person desire to appeal any decision of the Village Council with respect to any matter to be considered at this meeting, that person shall insure that a verbatim mooed of the proceedings is made including all testimony and evidence upon which any appeal may be based (F.S. 286.0105). Conchita H. Alvarez Village Clerk - 12/23 96-4-122307M