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Although the Series 2025 Bonds are not payable from ad valorem taxation, approximately 80.6% of governmental fund revenues which were collected by the County in Fiscal Year 2024 were derived from ad valorem taxes. To the extent that the future collection of ad valorem tax revenues is adversely affected, a larger portion of Non -Ad Valorem Revenues would be required to balance the budget and provide governmental services. This could impact the County 's ability to pay debt service on the Series 2025 Bonds. The County is permitted by the State Constitution to levy ad valorem taxes at a rate of up to $10 per $1,000 of assessed valuation for general governmental expenditures. The County's General Fund ad valorem tax millage rate for the Fiscal Year ending September 30, 2025 is $3.5475 per $1,000. For the Fiscal Year ending September 30, 2026, the County's General Fund ad valorem tax millage rate is budgeted to be $[3.4751 per $1,000. The County is also permitted by the State Constitution to levy ad valorem taxes above the $10 per $1,000 limitation to pay debt service on general obligation long-term debt if approved by a voter referendum. Currently, the County has one such levies with a total millage rate for the Fiscal Year ending September 30, 2025 equal to $0.0639 per $1,000. For the Fiscal Year ending September 30, 2026, such levy is budgeted to be equal to $[0.06101 per $1,000. On April 29, 2025, the Speaker of the Florida House of Representatives announced the creation of the Select Committee on Property Taxes (the "Select Committee") to consider various property tax reforms in the State that may be included on the ballot in the November 2026 general election. On May 2, 2025, the Select Committee convened for its first meeting to discuss five proposals offered for talks on providing property tax relief. Among the property tax reforms that the Select Committee is considering are (i) eliminating foreclosures on homestead properties due to property tax liens, (ii) requiring a referendum on eliminating property taxes on homestead properties, (iii) creating a $500,000 homestead exemption for non -school property taxes, which would increase to $1 million for residents 65 and older or those who have had a homestead in the State for 30 years or more, (iv) authorizing the legislature to increase the homestead exemption to any value by general law, and (v) changing the caps on annual increases for homestead property. Recommendations from the Select Committee are expected to be considered during the 2026 regular Florida legislative session and if enacted, placed on the November 2026 general election ballot. There can be no assurance that any such proposals, or similar or additional proposals, will not be introduced or enacted by the legislature or approved by the electors, if applicable, in the future that would or might apply to, or have a material adverse effect upon, the County or its finances. Budget Process The County's annual budget is prepared pursuant to Chapters 129 and 200 of the Florida Statutes and represents the County's legal authority to levy taxes and expend funds 41