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Comprehensive Plan Capital Improvements Element negotiated between the local government and the utility provider. Indian River County receives franchise revenue from electric, water, sewer, garbage, and cable television franchises. Table 6.1 shows that franchise fee revenue represented 4.29% of all funds collected by Indian River County in FY 2009/10. Figure 6.9 shows that over the last six fiscal years franchise fee revenue collected by Indian River County increased 16.55%. • Other Miscellaneous Revenue Included in this category are various administrative fees, licenses and permits, fines, interest income, rental income, private contributions, and other miscellaneous revenues. This source of revenue for Indian River County represented 4.57% of all funds collected in FY 2009/10. • Borrowing As needed, the county uses borrowing as a financing vehicle to raise money for public purposes that are beyond the realm of current cash reserves, operating revenue and Figure 6.9: Franchise Fee/Tax Revenue $12,000 $10,000 $ 9,3 1g $ 9,733 $ 9,443 $ 9,670 $ 9,255 $ 7,941 $8,000 $6,000 - $4,000 — $2,000 - --- $- 2005 2006 2007 2008 2009 2010 N Revenue (in thousands) reasonable taxation. Currently, borrowing Source: Indian River County Finance Department money to pay for capital improvements can be done through either short-term or long-term financing. Short term financing is usually accomplished by the use of bond pools, notes, private placements with banks, and the public placement of Voted General Obligation debt. Long term financing is usually achieved through the issuance of bonds sold on the public market. According to state law, local governments may sell bonds for capital improvements without a referendum of the voters if the pledge used for the bond is a non -ad valorem revenue source. Conversely, any bond issue pledging ad valorem taxes requires approval through a voter referendum. General Obligation Bonds are bonds that are secured by the full faith and credit of the issuing government. These bonds are secured by a pledge of the issuer's ad valorem taxing power. According to state law, the amount of ad valorem taxes necessary to pay the debt service on general obligation bonds is not subject to the constitutional property tax millage limits. Such bonds constitute debts of the issuer and require approval through a voter referendum prior to issuance. Community Development Department Indian River County Adopted November_, 2011, Ordinance 2011-_ 11