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Indian River County, Florida <br />NOTES TO FINANCIAL STATEMENTS - Continued <br />Year Ended September 30, 1995 <br />NOTE 2 - CASH AND INVESTMENTS - Continued <br />B. Investments - Continued <br />Collateralized mortgage obligations (CMOs) and adjustable rate mortgage pools (ARMs) are <br />investments used by the County to maximize yields and protect against rising interest rates. The CMOs <br />and the ARMs are based on cash flows from principal and interest payments on underlying mortgages. <br />The CMOs have a fixed interest rate; therefore, as interest rates rise, they will decline in value. The <br />ARMs have an adjustable interest rate based on an underlying index; therefore, they will normally retain <br />their value as interest rates change. Due to the increase in interest rates over the fiscal year, the CMOs <br />declined in value since their interest rates did not increase. <br />In addition to the cash and temporary cash investments listed above, employee deferred compensation <br />plan (see Note 11) cash and temporary cash investments were $2,497,314, which are carried at market <br />value. These investments are held separately from those of other County funds. As prescribed by the <br />plan documents, the investment portfolios include investment obligations of the U.S. Government, <br />mutual funds and money market accounts, and are held by the plan administrators but not in the <br />County's time. <br />NOTE 3 - PROPERTY TAX REVENUES <br />Property tax revenues recognized for the 1994-95 fiscal year were levied in October, 1994. Virtually all <br />unpaid taxes are collected via the sale of tax certificates prior to fiscal year end; therefore, there were no <br />material taxes receivable at fiscal year end. <br />Key dates in the property tax cycle (latest date where appropriate) are as follows: <br />Date of lien <br />Assessment roll certified <br />Property taxes levied <br />Beginning of fiscal year for which <br />taxes have been levied <br />Tax bills rendered <br />Collection period <br />31 <br />Revenues for Fiscal Year <br />Ending September 0, 1995 <br />January 1, 1994 <br />October 14, 1994 <br />October 31, 1994 <br />October 1, 1994 <br />October 31, 1994 <br />November 1, 1994 - <br />March 31, 1995 <br />