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political subdivision thereof (except for the County, to the limited extent described <br />above) and neither the faith and credit nor the taxing power of the State of Florida or <br />any political subdivision thereof (except for the County, to the limited extent described <br />above) are pledged to the payment of the principal of the Bonds or any interest or <br />redemption premium thereon. <br />The Bond Resolution creates and establishes a Debt Service Fund, which will be <br />held and administered by the County solely for the purpose of paying the principal, <br />premium, if any, and interest on the Bonds, as they become due. <br />The 1/2 mil ad valorem tax levied to pay the Bonds, as collected by the County <br />Tax Collector, must be deposited into the Debt Service Fund. Money deposited in the <br />Debt Service Fund must be held by the County for the payment of the principal, <br />premium, if any, and interest on the Bonds as they severally become due, and may be <br />expended for no other purpose. The Debt Service Fund may be invested in "Authorized <br />Investments" as defined in the Bond Resolution, the form of which is included herein <br />as Appendix B. <br />THE REFERENDUM LIMITS THE MILLAGE RATE FOR THE ANNUAL <br />PAYMENT OF PRINCIPAL AND INTEREST ON THE BONDS TO 1/2 MILL, BASED <br />ON THE ASSESSED VALUE OF ALL REAL PROPERTY IN THE COUNTY <br />SUBJECT TO AD VALOREM TAXES. <br />The 1/2 mill would currently generate $7.1 million annually based upon the <br />January 1, 2005 valuation for the current (2005/2006) fiscal year. <br />14 <br />