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OUTSTANDING GENERAL OBLIGATION BONDS <br />The Resolution and the Referendum authorize the issuance of not to exceed <br />$50,000,000 aggregate principal amount of limited general obligation bonds, to be <br />issued in one or more series, payable from ad valorem taxes not exceeding 1/2 mil and <br />having a maturity not exceeding fifteen years. The Bonds are the first series to be <br />issued under the Resolution and the Referendum. The County has previously issued <br />its $11,000,000 Indian River County General Obligation Bonds, Series 2001 (the "2001 <br />Bonds") which are currently Outstanding in the aggregate principal amount of <br />$8,685,000 and its $7,800,000 Indian River County General Obligation Bonds, Series <br />2003 (the "2003 Bonds"), which are currently Outstanding in the aggregate principal <br />amount of $5,700,000, neither of which issues is subject to an annual limitation on the <br />millage amount for repayment. <br />AD VALOREM TAX MATTERS <br />Property Assessment Procedure <br />Under Florida (the "State") law the assessment of all properties and the <br />collection of all county, school district and other taxing authorities property taxes are <br />consolidated in the offices of the County Property Appraiser and County Tax Collector. <br />The laws of the State regulating tax assessment are designed to assure a consistent <br />property valuation method statewide. <br />All taxable real property and tangible personal property must be assessed at just <br />value, with certain exceptions. Real and personal property valuations are determined <br />each year as of January 1 by the Property Appraiser's office. The assessment roll is <br />prepared between January 1 and July 1, with each taxpayer given notice of any <br />increase in assessment. <br />The property owner has the right to file an appeal with the Value Adjustment <br />Board, which considers petitions relating to assessments and exemptions. The Value <br />Adjustment Board certifies the assessment roll upon completion of the hearing of all <br />appeals; however, provision is made by law for certification of the assessment roll prior <br />to completion of the hearings. Millage rates are computed by the various taxing <br />authorities and certified to the Property Appraiser, who applies the millage rates to the <br />assessment roll. This procedure creates the tax roll, which is then turned over to the <br />Tax Collector on or about the first Monday in October. <br />15 <br />