§ 2-29-140. Port Manatee Improvement Trust Fund.

(a)

There is hereby established a Port Manatee Improvement Trust Fund. Moneys deposited into the trust fund shall be used by the district for the purposes authorized in section 2-29-140(c). The annual funding of the Port Manatee Improvement Trust Fund shall be in an amount not less than an amount equal to one hundred (100) percent of the tax increment collected by the county in the district.

(b)

The county shall, by February 1 of each year in which the tax increment is a positive number, appropriate to such fund an amount equal to the tax increment, as defined and determined in section 2-29-138, accruing to the county.

(c)

Moneys in the trust fund may be used from time to time for the following purposes:

(1)

To pay debt service on, or the cost of retirement, refinancing or refunding of, indebtedness issued by Port Manatee prior to or after establishment of the district, as applicable.

(2)

To fund port-related economic development activities within the district authorized pursuant to Section 125.045, Florida Statutes, including without limitation payment of roads impact fees on behalf of port-related economic development projects.

(3)

To fund county-owned capital infrastructure improvements within the district.

(4)

To fund capital improvements to Port Manatee, through capital contributions funded directly with tax increment revenues, or capital contributions funded through issuance of indebtedness by the county or Port Manatee in accordance with applicable law and payable in whole or in part with tax increment revenues to pay the cost of such capital improvements. Such use shall be authorized pursuant to an interlocal agreement between Port Manatee, the county and the district.

(5)

The payment of principal and interest or any redemption premium for any outstanding loans, advances, bonds, bond anticipation notes, and any other form of indebtedness issued by the county or Port Manatee in accordance with applicable law, and cost of issuance thereof. In each fiscal year of the county, sufficient moneys from the trust fund shall be applied to make provision for required deposits in the current fiscal year in respect of principal, amortization, premium, if any, interest, and other costs for bonds, notes or other obligations having a lien upon the moneys in the trust fund, all as provided by resolution of the county, prior to the application of moneys in the trust fund for other purposes hereunder.

(6)

Administrative and overhead expenses of the district or the county necessary or incidental to the implementation of this Article XII.

(7)

Transfer to the general fund of the county to be used for any lawful public purpose.

The funding of capital improvements pursuant to this subsection may include, without limitation, the acquisition of real property or interest therein, including leaseholds, and including the costs incurred in connection with the exercise of eminent domain, the clearance and preparation of any site for a capital improvement and expenses of planning, surveys, and legal and other professional advice or financial analysis, including the reimbursement of the county for such expenses incurred before the issuance of any indebtedness to finance such capital improvements, and any other lawfully incurred capital costs of the county. Payment of the cost of issuance of indebtedness pursuant to this subsection may include, without limitation, expenses incidental to or connected with the issuance, sale, redemption, retirement, or purchase of bonds anticipation notes, or other form of indebtedness, including funding of any reserve, redemption, or other fund or account provided for in the ordinance or resolution authorizing such bonds, notes, or other form of indebtedness.

(Ord. No. 09-50, § 3(Exh. A), 11-17-09)