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TABLE OF CONTENTS <br />INTRODUCTION 1 <br />AUTHORITY FOR BONDS 3 <br />PURPOSE OF ISSUANCE 3 <br />THE ACQUISITION PROGRAM 3 <br />DESCRIPTION OF THE BONDS 6 <br />General 6 <br />Book -Entry Only System 6 <br />Discontinuance of Securities Depository 9 <br />Optional Redemption 10 <br />SOURCES AND USES OF FUNDS 12 <br />DEBT SERVICE SCHEDULE 13 <br />SECURITY AND SOURCES OF PAYMENT FOR THE BONDS 13 <br />OUTSTANDING GENERAL OBLIGATION BONDS 15 <br />AD VALOREM TAX MATTERS 15 <br />Property Assessment Procedure 15 <br />Ad Valorem Tax Rates 17 <br />Levy and Collection of Ad Valorem Taxes 17 <br />Historical Table of Assessed Value 19 <br />Historical Ad Valorem Millage Rates 20 <br />Property Tax Levies and Collections 21 <br />Comparative Ratios of Bonded Debt 22 <br />Ten Largest Taxpayers 23 <br />MUNICIPAL BOND INSURANCE 24 <br />THE COUNTY 24 <br />General 24 <br />County Government 24 <br />COUNTY FINANCIAL MATTERS 25 <br />Financial Statements and Annual Audit 26 <br />REFERENDUM 26 <br />LITIGATION 27 <br />General 27 <br />The Bonds 27 <br />LEGAL MATTERS 27 <br />TAX EXEMPTION 28 <br />Federal Income Tax Matters 28 <br />Tax Treatment of Original Issue Discount 29 <br />iii <br />