§ 761.106. Purposes of surtax.

(a)

All The Better Jacksonville ½ Cent Sales Surtax revenues and any interest accrued thereon received in The Better Jacksonville Trust Fund shall be appropriated, by separate legislative action by the City Council, only for the following purposes:

(1)

To finance, plan and acquire and construct those capital projects described in The Better Jacksonville Plan in Section 761.102 hereof, but subject to any limitations set forth in F.S. § 212.055(2); and

(2)

To pay, and pledge to secure, new bond indebtedness issued (but not more frequently than once each year) for any of the above purposes, or refinancings thereof.

(b)

All The Better Jacksonville ½ Cent Sales Surtax revenues distributed to the Cities of Jacksonville Beach, Atlantic Beach and Neptune Beach and to the Town of Baldwin shall be used for the purposes described in Section 761.102 hereof, and to pay, and pledge to secure, new bond indebtedness issued (but not more frequently than once each year) for any of such purposes, as authorized by F.S. § 212.055(2), or refinancings thereof.

(c)

None of The Better Jacksonville ½ Cent Sales Surtax revenues shall be used for any of the following purposes:

(1)

The operational expenses of any infrastructure project specified in Section 761.102, including operational expenses in connection with Targeted Economic Development projects;

(2)

To supplement or replace user fees or to reduce ad valorem taxes existing prior to the effective date of the surtax;

(3)

To service or refund any indebtedness incurred prior to the effective date of The Better Jacksonville ½ Cent Sales Surtax; or

(4)

Any other purpose prohibited by law.

(d)

The Better Jacksonville ½ Cent Sales Surtax shall take effect on January 1, 2001, and shall remain in effect no longer than December 31, 2030, subject to earlier termination, which must occur on a December 31 date when The Better Jacksonville Plan has been fully funded and all indebtedness pledging The Better Jacksonville ½ Cent Sales Surtax has been paid. To implement the earliest practicable termination of The Better Jacksonville ½ Cent Sales Surtax, consistent with accomplishing the project goals of The Better Jacksonville Plan described in Section 761.101, it is the intent of the Mayor and the City Council to devote all The Better Jacksonville ½ Cent Sales Surtax revenues, provided under Section 761.103, only to the cost of the projects of The Better Jacksonville Plan described in Section 761.102, excluding the $750,000,000 roadway program that is presently funded by existing revenues; or to repayment of bond indebtedness, maturing not later than December 31, 2030, issued to pay for such specific costs, including early prepayment of such bond indebtedness with all available surplus The Better Jacksonville ½ Cent Sales Surtax revenues in The Better Jacksonville Trust Fund.

(Ord. 2000-572-E, § 1)