Ordinance 96-1296ORpINANCE NO. 9fi-1396
FLORIDA,
T (i.85 $)
PREMIDMc
ROPERTY OL
APPROPRIATION Oo
LONCwaopCEN oVIDINCNO FOR V
OODZFICATION•R;
WHEREAS, by Resolution adopted the 4th day of December,
29 he City of Longwood establisned a Retirement Plan and Trust
for the Frref fighters of the City of Longwood; and
wxeaexs, ea.a Plan ana Trust was aoly enaotea pursuant to
see. l~s.ss 1, Florian statutes, ana ,n compliance with ch. 1>s,
Florins statutes, ana
wxeaexs, seCtron Ins. Iol, eloriaa statutes, a~tnorizee
the City of Longwood to levy a 1.85 percent (1.85&) excise tax on
Insurers Receipts of Premiums from policy holders on all premiums
collected on property insurance policies covering property within
the corporate limits of the City of Longwood to fund said
Retirement Plan and Trust; and
WHEREAS, 1t is the in[ent of the Commission of the City
of Longwood to levy said excise tax,
R i mere is herer,y asaeasea ana impooea
on every insurance company, corporation, or other insurer now
engaged in oz carrying on, or who snail hereafter engage in or
carry on, the business of property insurance as shown by the
records of the state Department of Insurance, an excise or l.i tense
tax amounting to 1.6 percent (1.a 5$) of the gross amount of
receipts of premiums from policyholders on all premiums collected
on property insurance policies covering property within the
corporate limits of the City. In the case of multiple peril
policies with a single premium for both, the property and casualty
coverage in such policies, seventy percent (]0&) of such premium
shall be used as the basis for the 1.65 percent (1.85$) tax above.
ordinance is hereby appropriated to the eiref.ight ers' Retirement
and Trust of tRe City which shall be administered in accordance
with the applicable provisions of chaptee i 5, Florida Statutes.
The excise or license tax herein
provided for shall be payable and collectea in ine manner provided
for by Chapter 1]5, Florida Staiu[e.,.
Approved a o Yora and legality fc .e of tl~e
City o£ Longwood, Florida, only.