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ONE MILL ON ALL OF THE TAXABLE PROPERTY IN THE COUNTY. PURSUANT <br />TO THE BOND RESOLUTION, BUT SUBJECT TO THE FOREGOING LIMITATION, <br />THE COUNTY IS OBLIGATED TO LEVY AD VALOREM TAXES ON ALL TAXABLE <br />PROPERTY IN THE COUNTY, IN EACH YEAR, AT A RATE AS SHALL BE <br />NECESSARY TO PROVIDE FOR THE PROMPT PAYMENT OF ALL PRINCIPAL OF, <br />REDEMPTION PREMIUMS, IF ANY, AND INTEREST ON THE BONDS. THE <br />BONDS ARE NOT A DEBT, LIABILITY OR OBLIGATION OF THE STATE OF <br />FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF (EXCEPT FOR THE <br />COUNTY, TO THE LIMITED EXTENT DESCRIBED HEREIN) AND NEITHER THE <br />FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA OR <br />ANY POLITICAL SUBDIVISION THEREOF (EXCEPT FOR THE COUNTY, TO THE <br />LIMITED EXTENT DESCRIBED HEREIN) ARE PLEDGED TO THE PAYMENT OF <br />THE PRINCIPAL OF THE BONDS OR ANY INTEREST OR REDEMPTION' <br />PREMIUMS THEREON. <br />Capitalized terms used herein shall have the same meanings as given to them in <br />the Resolution, unless otherwise defined herein or where the context would clearly <br />indicate otherwise. The references, excerpts and summaries of all documents <br />referenced herein do not purport to be complete statements of the provisions of such <br />documents, and reference is made to the originals of all such documents for full and <br />complete statements of all matters of fact relating to the Bonds, the security for the <br />payment of the Bonds, and the rights and obligations of owners thereof. Copies of such <br />documents may be obtained from Jeffrey K. Barton, Clerk of the Circuit Court, 1840 <br />25th Street Vero Beach, Florida 32960, upon payment of reproduction costs and <br />postage and handling expenses. <br />The assumptions, estimates, projections and matters of opinion contained in this <br />Official Statement, whether or not so expressly stated, are set forth as such and not as <br />matters of fact, and no representation is made that any of the assumptions or matters <br />of opinion herein are valid or that any projections or estimates contained herein will be <br />realized. Neither this Official Statement nor any other statement which may have been <br />made verbally or in writing in connection with the Bonds, other than the Bond <br />Resolution, is to be construed as a contract with the owners of the Bonds. <br />2 <br />