§ 23-234. Distribution of proceeds.

(a)

The proceeds of the tax levied in section 23-230 shall be distributed among Monroe County, the City of Islamorada, the City of Key West, the City of Key Colony Beach, the City of Layton, and the City of Marathon based on interlocal agreements or F.S. § 336.0255 absent interlocal agreements.

(b)

No recalculation of the tax distribution shall under any circumstances adversely affect the rights of holders of bonds outstanding on July 1, 1990, which are backed by the tax authorized by this article; and the amounts distributed to Monroe County and each municipality shall not be reduced below the amount necessary for the payment of principal and interest and reserves for principle interest as required under the covenants of any bond resolution outstanding on July 1, 1990.

(Code 1979, § 2-319; Ord. No. 16-1989, § 5; Ord. No. 26-1989, § 2; Ord. No. 016-2009, § 2 )

State law reference

Use of proceeds, F.S. § 336.025(4).