§ 2-29-144. Scope and purposes.

The scope and purposes of this ordinance are:

(a)

To amend Ordinance No. 93-50 to make consistent with the terms and provisions of the bond resolution.

(b)

To promote waterborne commerce at Port Manatee which will result in an economic benefit for all of Manatee County.

(c)

To assist the authority in achieving the lowest net interest rate cost for the port bonds issued by the authority pursuant to the bond resolution.

(d)

To provide a clear source of lawful authority for the county to budget and appropriate its legally available non-ad valorem revenues to cure a reserve account deficiency for the 2012 bonds and certain other port bonds issued under the bond resolution for which the county has agreed to provide financial assistance.

(e)

To declare such financial assistance by the county to the authority to be a public purpose under Florida law.

(Ord. No. 12-38, § 3, 10-18-12)