RESOLUTION NO. 2008-01 A RESOLUTION OF THE CITY OF NORTH BAY VILLAGE, FLORIDA AUTHORIZING THE CITY COMMISSION TO UTILIZE FUNDS ANTICIPATED TO BE GENERATED BY ADVALOREM TAX REVENUES FROM SIGNIFICANT GROWTH OF LARGE DEVELOPMENT PROJECTS WITHIN THE CITY OF NORTH BAY VILLAGE, TO ROLL BACK THE MILLAGE RATE TO AN AMOUNT. NOT TO EXCEED THE OVERALL CURRENT MILLAGE INCLUDING THE CURRENT DEBT SERVICE, FOR THE BENEFIT. OF THE RESIDENTS OF NORTH BAY VILLAGE; SETTING AN EFFECTIVE DATE. (INTRODUCED BY COMMISSIONER OSCAR ALFONSO) WHEREAS, it is the desire of the City Commission to provide tax relief to the citizens of North Bay Village; and WHEREAS, the City expects to receive revenues from large developments, which will be added to the City’s tax base; and WHEREAS, it is the intent of the City Commission to roll back the millage rate at such time when the City Administration receives the revenues from large developments, NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF NORTH BAY VILLAGE, FLORIDA AS. FOLLOWS: Section 1. That the foregoing “Whereas” clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution upon adoption hereof, Section 2. That the City Manager is hereby authorized and directed to take the necessary action to decrease the millage rate when the advalorem tax revenues are received by the City. Section 3. This resolution shall take effect immediately upon approval. ‘The motion to adopt the foregoing Resolution was offered by Commissioner Oscar Alfonso, seconded by Vice Mayor George A. Kane. Page 1 of 2FINAL VOTE AT ADOPTION: Mayor Joseph S, Geller Yes Commissioner George A. Kane Yes Commissioner Oscar Alfonso Yes Commissioner Reinaldo Trujillo Yes Commissioner Paul Vogel ‘Absent PASSED and ADOPTED this 8th day of January, 2008, ‘ [AOR JOSEPH S. GELLER ROBERT. | City Attorney City of North Bay Village Resolution: Roll Back of Millage Ret, Page 2 of 2