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• this bond issue was a debt payment on an old bond issue which the County defeased on September 1'. That money will not have an impact on the taxpayers. The Tourist Tax, which is referred to as a "bed tax", is paid when people stay in hotels or any accommodation less than six months. Those are the two funding sources. The State allocation comes from the State as an appropriation. If we do not get it, someone else will. Vice Chairman Ginn stated that the $823,000 which comes in from the half -cent sales tax would go into the general fund. That could be used for anything else if it were not going to be used to support the new bond issue. She thought that was our cost from a tax base over which we have control. Mr. Gross then asked if it would cost the residents of Indian River County anything to proceed with this. Vice Chairman Ginn responded that there would be no additional cost, but also there would be no reduction. That $823,000 could be used for parks, libraries, emergency services, or other things. Commissioner Macht asked whether it would show up in the property owner's tax bills, and Mr. Gross understood and stressed that this will not cost the taxpayers any more money for this project. Vice Chairman Ginn agreed there would be no ad valorem taxes,- but on the other hand the $823,000 would not be available to reduce taxes. Chairman Adams clarified further by stating that this bond issue will not be seen on property tax bills such as the land acquisition bond issue is. Wayne Kleinstiver, 4080 8' Place, asked what the cash amount paid on the bonds per year will be, and Assistant Administrator Baird responded that it would be $1,145,000 to be pledged toward the $11 million bond issue; the rest will come from the State. Assistant Administrator Baird also pointed out that on the $1,145,000 we have September 7, 2000 21 •