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"Maximum Assessment Rate" means the maximum rate of assessment <br />established by the Final Assessment Resolution for the service, facility, <br />program, or Local Improvement. <br />"Obligations" means bonds or other evidence of indebtedness including but <br />not limited to, notes, commercial paper, capital leases, reimbursable <br />advances by the County, or"any other obligation issued or incurred to finance <br />any portion of the Project Cost of Local Improvements and secured, in whole <br />or in part, by proceeds of the Assessments. <br />"Ordinance" means this Master Capital Project and Service Assessment <br />Ordinance, as it may be amended from time -to -time. <br />"Owner" shall mean the Person reflected as the owner of Assessed Property <br />on the Tax Roll. <br />"Person" means any individual, partnership, firm, organization, corporation, <br />association, or any other legal entity, whether singular or plural, masculine or <br />feminine, as the context may require. <br />"Preliminary Rate Resolution" means the resolution described in Section <br />206.22 hereof initiating the annual process for updating the annual <br />Assessment Roll and directing the reimposition of Service Assessments <br />pursuant to an Annual Rate Resolution. <br />"Project Cost" means (A) the Capital Cost of a Local Improvement, (B) the <br />Transaction Cost associated with the Obligations which financed the Local <br />Improvement, (C) interest accruing on such Obligations for such period of <br />time as the Board deems appropriate, (D) the debt service reserve fund or <br />account,. if -any, established for the Obligations which :financed=the Local <br />Improvement, and (E) any other costs or expenses related thereto. <br />"Property Appraiser" means the Property Appraiser of Indian River County. <br />"Service Assessment" means a special assessment imposed by the <br />County pursuant to this Ordinance to fund the Service Cost of services that <br />provide a special benefit to property as a consequence of a logical <br />relationship to the value, use, or characteristics of property identified in an <br />Initial Assessment Resolution. Service Assessments fund an annual budget <br />and are imposed annually by the Board. <br />"Service Cost" means the amount necessary in any Fiscal Year to fund the <br />provision of a defined service, facility, or program which provides a special <br />benefit to Assessed Property, and can include, but not be limited to: (A) the <br />cost of physical construction, reconstruction or completion of any required <br />facility or improvement; (B) the costs incurred in any required acquisition or <br />5 <br />