2025-061 - Laserfiche WebLink

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Annual Audit The County shall, immediately after the close of each Fiscal Year, cause the books, records and accounts relating to the County to be properly audited by a recognized independent firm of certified public accountants, and shall require such accountants to complete their report of such Annual Audit in accordance with applicable law. Each Annual Audit shall be in conformity with generally accepted accounting principles as applied to governmental entities. The County shall also provide the Annual Audit to any Holder or Holders of Series 2025 Bonds upon written request. The County shall be permitted to make a reasonable charge for furnishing such information to such Holder or Holders. Rebate Account The County has created and established pursuant to the Resolution a special fund to be known as the "Indian River County, Florida Capital Improvement Revenue Bonds, Series 2025". "Moneys in the Rebate Account are not subject to a lien and charge in favor of the holders of the Series 2025 Bonds. GENERAL INFORMATION REGARDING NON -AD VALOREM REVENUES General The County generally receives two primary sources of general governmental revenue: ad valorem taxes and non -ad valorem revenues. Ad valorem taxes may not be pledged for the payment of debt obligations of the County maturing more than twelve months from the date of issuance thereof without approval of the electorate of the County. While the Series 2025 Bonds are payable from the Non -Ad Valorem Revenues budgeted and appropriated for purposes of payment of the debt service on the Series 2025 Bonds in the manner and to the extent provided in the Resolution, the County currently intends to pay the debt service on the Series 2025 Bonds from revenues derived from the operation of the Golf Course. The ad valorem tax revenues of the County are not pledged as security for the payment of the Series 2025 Bonds and the County is not obligated to budget and appropriate ad valorem tax revenues for the payment of the Series 2025 Bonds. Non -Ad Valorem Revenues of the County may be pledged and/or used, subject to certain limitations disclosed herein, for the payment of debt obligations of the County. Such Non -Ad Valorem Revenues include a broad category of revenues, including, but not limited to, certain taxes, revenues received from the State, investment income and income produced from certain services and facilities of the County, as described below. The Holders of the Series 2025 Bonds do not have a lien on any specific Non -Ad Valorem Revenues of the County. 17