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<br />RESOLUTION NO. 2002- L/ 3~ <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, EXPRESSING SUPPORT FOR CS/SB <br />1418 THAT AUTHORIZES CREA TION OF A CITIZEN PROPERTY <br />INSURANCE CORPORATION TO PROVIDE FOR WINDSTORM <br />INSURANCE RA TE ACCOUNTABILITY ; STRONGLY ENCOURAGING <br />GOVERNOR BUSH TO SIGN THE LEGISLATION; AND DIRECTING <br />THE CITY CLERK TO FORWARD A COpy OF THIS RESOLUTION TO <br />GOVERNOR JEB BUSH, AND TO SENATOR RONALD A. SILVER, <br />REPRESENT A TIVE SALLY A. HEYMAN AND REPRESENTATIVE DAN <br />GELBER; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, property owners of the State of Florida, particularly those in South Florida <br />including the City of Sunny Isles Beach, face yearly threats of hurricane and tropical storm <br />damage to their homes and property; and <br /> <br />WHEREAS, the Florida State Legislature has adopted CS/SB 1418 that authorizes <br />creation of a Citizen Property Insurance Corporation to provide for windstorm insurance rate <br />accountability; and <br /> <br />WHEREAS, if the Citizen Property Insurance Corporation (CPIC) is established, it will <br />have Federal Tax Exempt Status that can provide a savings to property owners within the State of <br />Florida of approximately $80 million; and <br /> <br />WHEREAS, if said State legislation is signed into law, it will eliminate the proposed <br />40% premium increase scheduled for July 1, 2002, and cap the insurance premium rates at 10%; <br />and <br /> <br />WHEREAS, this legislation will provide re-insurance protection for covered properties, <br />and will require public hearings on the rate formula; and <br /> <br />WHEREAS, establishment of the CPIC would benefit all property owners in Sunny Isles <br />Beach; and <br /> <br />WHEREAS, the City Commission of the City of Sunny Isles Beach wishes to lend its <br />strong support to CS/SB 1418, creating the new Citizen Property Insurance Corporation. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1: Expression of Support. The City Commission of the City of Sunny Isles Beach <br />hereby expresses support for the enactment of CS/SB 1418 authorizing the creation of a Citizen <br />Property Insurance Corporation to provide for windstorm insurance rate accountability, and <br />strongly encourages Governor Jeb Bush to sign the legislation. <br /> <br />1 <br /> <br />R2002- CSSB 1418 Citizen Property Ins Corp windstorm ins rate acct <br />