§ 2-334. Pasco County multi-modal transportation fund.

(1)

[Established.] There is hereby established a Pasco County multi-modal transportation fund, a special revenue fund. Funds allocated to and deposited into this fund shall be used by the county to finance or refinance transportation capital improvements, transportation capital expenses, and transportation operation and maintenance expenses. The annual funding of the Pasco County multi-modal transportation fund shall be in an amount not less than the tax increment. The first fiscal year that a tax increment shall be calculated pursuant to this division shall be the fiscal year commencing October 1, 2013, based on an application of the millage rate in effect for the fiscal year commencing October 1, 2013, to 33.33 percent of the difference between the taxable valuation for the fiscal year commencing October 1, 2013, and the base taxable valuation. The tax increment shall be separately calculated for each participating municipality and the Villages of Pasadena Hills. The participating municipality tax increment revenues and Villages of Pasadena Hills tax increment revenues are a subset of, and not in addition to, the Pasco County transportation district tax increment revenues. Villages of Pasadena Hills tax increment revenues and participating municipality tax increment revenues shall be placed under separate account numbers within the fund. The priority of expenditures from the fund shall be:

(a)

Repayment of any outstanding bonds,

(b)

Transfer of the mobility fee subsidy and any mobility fee subsidy deficiency to the mobility fee funds, if required, and

(c)

Other transportation operation and maintenance expenses and transportation capital expenses.

(2)

Repayment of bonds.

(a)

The county shall annually appropriate to the fund for so long as any indebtedness pledging tax increment revenues is outstanding (but not to exceed 35 years) an amount equal to the tax increment accruing to the county.

(b)

Notwithstanding the provisions of subsection (a), the obligation of the county to fund the fund annually shall continue until all bonds, loans, advances, leases, and indebtedness, if any, and interest thereon, of the county incurred as a result of the transportation capital improvements have been paid.

(c)

The revenue bonds and notes of every issue under this section are payable out of revenues pledged to and received by the county and deposited to the fund. The lien created by such bonds, notes or other forms of indebtedness shall not attach until the revenues referred to herein are deposited in the fund at the times [that], and to the extent that, such tax increment revenues accrue. The holders of such bonds, notes or other forms of indebtedness have no right to require the imposition of any tax or the establishment of any rate of taxation in order to obtain the amounts necessary to pay and retire such bonds, notes or other forms of indebtedness.

(d)

Revenue bonds issued under the provisions of this part shall not be deemed to constitute a debt, liability, or obligation of the county or state or any political subdivision thereof, or a pledge of the faith and credit of the county or the state or any political subdivision thereof, but shall be payable solely from the tax increment funds. All such revenue bonds shall contain on the face thereof a statement to the effect that the county shall not be obligated to pay the same or the interest thereon except from the revenues of the county held for that purpose and neither the faith and credit nor the taxing power of the county or of the state or of any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bonds.

(e)

In each fiscal year of the county, sufficient moneys from the Pasco County multi-modal transportation fund shall be applied to make provisions for required deposits in the current fiscal year with respect to principal, amortization, premium, if any, interest, and other costs for bonds, notes or other obligations having a lien upon the moneys in the fund, all as provided by resolution of the county prior to the application of moneys in the fund for other purposes hereunder.

(3)

Mobility fee subsidy.

(a)

On or before April 1 of each year, if any money remains in the fund after the required bond repayments, the county shall transfer the mobility fee subsidy from the fund into the mobility fee funds. No mobility fee subsidy transfer shall be required for any collection/benefit district if the amount of (a) bond repayments in the collection/benefit district during the prior fiscal year, plus (b) gas tax revenues, ad valorem revenues, and sales tax revenues expended in the collection/benefit district during the prior fiscal year is greater than (c) the difference between the total amount of all mobility fees collected in the collection/benefit district during the prior fiscal year (not including any administration fees) and the amount of mobility fees that would have been collected in the collection/benefit district during the prior fiscal year (not including any administration fees) had there not been any subsidy or buydown, plus the interest on such difference; however, a transfer from the fund to the mobility fee funds may still be required if there is an outstanding mobility fee subsidy deficiency in any collection/benefit district from a prior fiscal year. Notwithstanding the foregoing, the first mobility fee subsidy shall not be transferred into the mobility fee funds until April 1, 2014, and shall be calculated based on the mobility fees collected after March 1, 2011, and before October 1, 2013, and based on the gas tax revenues and sales tax revenues expended between October 1, 2011 and October 1, 2013. For the fiscal year commencing October 1, 2011, the county shall calculate whether a mobility fee subsidy transfer would have been required based on the mobility fees collected after March 1, 2011, and before October 1, 2012; however, such calculation shall be solely for estimating the required mobility fee subsidy for the fiscal year commencing October 1, 2012, and no mobility fee subsidy transfer shall be required for the fiscal year commencing October 1, 2011.

(b)

Reserved.

(c)

If a mobility fee subsidy surplus occurs in a collection/benefit district in any fiscal year, the amount of such surplus shall roll over to the following fiscal years, and may be utilized to satisfy any future mobility fee subsidies, or mobility fee subsidy deficiencies within the same collection/benefit district.

(d)

If a mobility fee subsidy deficiency occurs in any collection/benefit district for any fiscal year, the amount of such deficiency shall roll over to the following fiscal years and shall be transferred from the fund, along with future mobility fee subsidies, to the mobility fee fund containing the deficiency, until the full amount of such deficiency has been transferred from the fund to the mobility fee fund containing the deficiency. The mobility fee subsidy deficiency transfer shall include any interest on the amount of such deficiency. If a mobility fee subsidy deficiency exists at the time mobility fees are reevaluated pursuant to the mobility fee ordinance, a nonmobility fee repayment source for the deficiency shall be identified in next fiscal year following the completion of the reevaluation, and the amount of such deficiency shall be transferred to the mobility fee fund containing such deficiency within a reasonable time period, not to exceed five years from the date of the reevaluation.

(e)

The mobility fee subsidy and mobility fee subsidy deficiency transfers shall be used solely for transportation capital expenses. If any portion of the Villages of Pasadena Hills tax increment revenues is utilized for a mobility fee subsidy or mobility fee subsidy deficiency transfer, such revenues shall be separately accounted for in the mobility fee funds, or transferred to another fund earmarked for the Villages of Pasadena Hills, and shall be utilized solely for Villages of Pasadena Hills transportation capital improvements. If any portion of a participating municipality's tax increment revenues is utilized for a mobility fee subsidy or mobility fee subsidy deficiency transfer, such revenues shall be transferred to a fund earmarked for the participating municipality, or transferred to the participating municipality, and shall be utilized solely for the participating municipality's transportation capital improvements, as more fully set forth in the county interlocal agreement with the participating municipality.

(4)

Other transportation capital expenses and transportation operation and maintenance expenses. If any tax increment funds remain in the fund after bond repayments and transfer of the mobility fee subsidy and any mobility fee subsidy deficiency, the remaining tax increment funds may be used for any of the following purposes:

(a)

Transportation operation and maintenance expenses.

(b)

Transportation capital expenses.

(c)

Reduction of the amount of any indebtedness to which tax increment funds are pledged.

(d)

Reserved for future mobility fee subsidy or mobility fee subsidy deficiency transfers.

Notwithstanding the foregoing, Villages of Pasadena Hills tax increment revenues remaining in the fund after bond repayments and transfer of the mobility fee subsidy and any mobility fee subsidy deficiency shall only be utilized for Villages of Pasadena Hills transportation capital improvements or reduction of any indebtedness for Villages of Pasadena Hills transportation capital improvements. In addition, participating municipality tax increment revenues remaining in the fund after bond repayments and transfer of the mobility fee subsidy and any mobility fee subsidy deficiency shall only be utilized for the participating municipality's transportation capital improvements and the participating municipality's transportation operation and maintenance expenses, as more fully set forth in the interlocal agreement with the participating municipality. Tax increment funds shall not be utilized to purchase or buy back transportation or mobility fee impact fee credits.

(Ord. No. 11-09, § 4, 7-12-11; Ord. No. 12-17, § 2, 7-10-12; Ord. No. 14-30, § 3, 11-5-14)