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Memorandum <br />DOLLAR BOND ISSUE AUTHORIZED BY REFERENDUM IN NOVEMBER 2002 FOR SUCH <br />ACQUISITION AND MANAGEMENT HAS BEEN SPENT? Passed with 82% <br />This was fundamentally a straw ballot to assess whether voters would support the Commission <br />using its budgetary authority to raise the property tax by 0.25 mills to continue to purchase and <br />manage land. <br />2. November, 2008 Bond in Flagler County <br />Flagler County, Florida Clean Water and Environmentally Sensitive Land Preservation <br />Clean Water and Environmentally Sensitive Land Preservation5EP�5EP <br />To continue to acquire and improve land to protect drinking water sources, preserve wildlife <br />habitat and environmentally sensitive lands, reduce risk of wildfires, improve water quality of <br />lakes, streams and the Intracoastal Waterway, and seek matching funds, shall Flagler County be <br />authorized to levy 0.25 mill ad valorem tax for twenty years and issue bonds not exceeding $40 <br />Million at interest rates not exceeding the legal maximum, subject to an annual independent <br />audit? Passed with 65%. <br />Imposing a mill levy with bond authority in Indian River County <br />The table to the right illustrates the <br />revenue potential from levies ranging <br />from 0.20 mills to 0.30 mills. A 0.22 <br />mill levy, for example, would generate <br />approximately $4.5 million annually at <br />a cost of roughly $51 a year to the <br />average homeowner in the county. A <br />$50 million with a 15 -year maturity <br />would require roughly $4 million of <br />this annual revenue stream, leaving <br />approximately $527,000 per year to <br />support restoration and maintenance. <br />Estimated Revenue & Costs of Property Tax Increase <br />Indian River County <br />Mill Levy Total County Annual <br />CosVAvg. <br />Increase Taxable Valuation Revenue <br />Homeowner <br />0.20 $20,577,735,527 $4,115,547 <br />$46 <br />0.22 $20,577,735,527 $4,527,102 <br />$51 <br />C.25 $20,577,735,527 $5,144,434 <br />$58 <br />0.30 $20,577,735,527 $6,173,321 <br />$70 <br />Source: Florida Dept. of Revenue Ad Valorem & Tax Data Book <br />Average residential property taxable value $232,400. <br />Assumes 100% collection rate. <br />November 2, 2004 bond in Indian River County, Florida <br />WATER RESOURCES PROTECTION, ENVIRONMENTALLY SIGNIFICANT LANDS, OPEN <br />SPACE AND WILDLIFE HABITAT PRESERVATION <br />Approved with 67% yes <br />To acquire and preserve land to protect water resources, drinking water resources, <br />environmentally significant lands, historic sites, agricultural lands, open spaces, and/or wildlife <br />habitat, shall Indian River County be authorized to issue general obligation bonds with maturities <br />not exceeding 15 years at interest rates not exceeding the legal maximum in an amount not <br />exceeding $50 million payable from ad valorem taxes not exceeding 1/2 mill, with project <br />spending subject to annual independent audit? <br />10 <br />