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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 3 - CASH AND INVESTMENTS - Continued <br />D. OPEB Trust Investments - Continued <br />The County has the following recurring fair value measurements for investments in the <br />OPEB Trust as of September 30, 2020: <br />Level 1 <br />Level 2 Level 3 Total <br />Index funds $ 16, 523,170 $ $ $ 16, 523,170 <br />U.S. government securities funds 12,843,800 - - 12,843,800 <br />Money market fund 3,210,957 - - 3,210,957 <br />Total investments $ 32,577,927 $ - $ $ 32,577,927 <br />Investments classified as Level 1 of the fair value hierarchy are valued using quoted prices <br />in active markets from the County's custodian bank. <br />NOTE 4 - PROPERTY TAX REVENUES <br />Taxable values for all property are established as of January 1, which is the date of lien, for <br />the fiscal year starting October 1. Property tax revenues recognized for the 2019-2020 fiscal <br />year were levied in October 2019. All taxes are due and payable on November 1 or as soon <br />as the assessment roll is certified and delivered to the Tax Collector. Discounts are allowed <br />for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in <br />February. Taxes paid in March are without discount. All unpaid taxes become delinquent as <br />of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior <br />to June 1; therefore, there were no material taxes receivable at fiscal year end. <br />70 <br />