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1 (e.g., bonds). 2 3 Ad Valorem Taxes. Ad valorem taxes are based on the appraised value of property. Such 4 taxes are generally assessed in mills, thousandths of a dollar of assessed value. The State 5 mandated millage cap is 10 mills per local government, excluding voted millages. The 6 Board of County Commissioners' policies allow ad valorem tax revenues to be used for 7 both operating and capital expenditures. 8 User Fees and Charges. User fees and charges represent revenue received by the County 9 for providing various general services. Those fees and charges allow the County to keep 10 up with the increasing costs of services. An example of a user fee is a gate charge for 11 recreational facility use. 12 Tourist Development Tax. Any county may, subject to a vote, impose a Tourist 13 Development Tax. Indian River County currently levies four cents of Tourist Development 14 Tax. Per Florida Statute 125.0104, the first three cents of Tourist Tax collected can be used 15 towards any of the allowable expenses within the statute which includes convention 16 centers, sports stadiums, auditoriums, aquariums, zoos, tourism promotion, beach 17 restoration, lagoon improvements, shoreline protection, enhancement and cleanup or 18 infrastructure improvements. The fourth cent may only be used towards funding the debt 19 service for professional sports franchise facilities, retained spring training franchise 20 facilities, convention centers, the operation and maintenance of a convention center or 21 tourism promotion. Indian River County Code, Section 210 provides further clarification 22 regarding taxing districts, authorized uses of revenue, and local administration of the tax. 23 Mitigation Funds. Policies in the Conservation Element of the County Comprehensive 24 Plan allow, in certain circumstances, developers to mitigate impacts on environmentally 25 significant lands by paying a "fee -in -lieu" instead of carrying out other mitigation methods, 26 such as habitat creation, restoration, or preservation. As a result, a pool of funds is 27 accumulating, specifically ear -marked for use to purchase or restore environmentally 28 significant uplands and wetlands for the purpose of habitat conservation. The funds are 29 intended for use to purchase or restore specific habitat types similar to those types 30 adversely impacted by the development that warranted mitigation. 31 Borrowing. In 1992, the voters of Indian River County approved an ad valorem tax bond 32 of up to $26 million for the purchase of environmentally significant lands. In 2004, the 33 voters of Indian River County approved an additional $50 million towards the purchase of 34 environmental lands. The proceeds from both of these bonds have all been allocated. 35 According to the County's bond counsel, these bond funds can be used for initial resource 36 restoration and public access capital improvements in addition to land acquisition. The 37 bond funds cannot, however, be used for ongoing maintenance costs or to pay for county 38 personnel (i.e., staff salaries). On March 8, 2022 the BOCC approved Resolution 2022-16 39 calling for a Bond Referendum Election for the issuance of General Obligation Bonds to 40 be used for the purchase of environmentally significant lands to restore the Indian River 41 Lagoon, protect water resources, wildlife habitat, drinking water sources and natural areas, 42 and construct public access improvements related thereto. 20 9/6/2022 6:36:42 PM 339