24-3426 Interlocal Agreement Relating to the Fourth Generation One Cent Local Government Infrastructure Surtax

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Section 1. Recitals. The foregoing recitals are hereby incorporated herein by reference, are a material part of this Agreement, and represent the administrative findings of COUNTY, SCHOOL BOARD, and MUNICIPALITIES with regard to the actions taken herein. Section 2. Term. This Agreement shall become effective when approved by the governing bodies of COUNTY, MUNICIPALITIES, and SCHOOL BOARD pursuant to section 212.055(2)(c) ], Florida Statutes (2023), and upon approval by a majority of electors voting in the 2024 Referendum. This Agreement will remain effective for the life of the Surtax imposed under the Surtax Ordinance, and until all Net Revenues, as defined in Section 3 below, are expended by the respective parties. Section 3. Distribution of Proceeds. (a) It is the parties' intent to improve the infrastructure of the Seminole County public school system and other public infrastructure within COUNTY and MUNICIPALITIES to provide acceptable levels of services to its residents. "Infrastructure" means those capital expenditures defined in section 212.055(2)(d), Florida Statutes (2023), and more particularly described in Exhibits A, B, C, and D to this Agreement, which are incorporated herein by reference. The parties recognize the importance of and agree to regularly communicate about the use of Surtax revenues, and infrastructure project needs and timing, as set forth in Exhibits A, B, C, and D. (b) The Net Revenues (meaning the collected Surtax less the amounts retained by the Florida Department of Revenue for administrative expenses under section 212.054(4)(b), Florida Statutes (2023)) from the Surtax levied and imposed by COUNTY will be distributed directly to the parties of this Agreement by the Department of Revenue, according to the terms outlined in Subsection 3(f) below. Seminole County Infrastructure Sales Surtax 2024 Interlocal Agreement Page 3