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On January 15, 2008, the County entered into a locally funded agreement with the Florida Department of Transportation (FDOT) to advance the 6-laning of State Road 60 from 82nd Avenue to 66th Avenue (Segment One). The agreement obligates the County to pay $34,669,601 to the FDOT in three installments: $3,466,960 in February 2008, $13,867,840 in March 2008, and $17,334,801 in May 2008 with funding coming from gas taxes. The FDOT will reimburse the County in eight quarterly installments over a two-year period beginning no sooner than July 2009. Repayments to the County will include principal and any accumulated interest earnings that have not been used for supplemental costs of the project. In March 1989, Indian River County voters passed the optional one -cent sales tax which is effective for a fifteen year period. In November 2002, a voter referendum approved extending the optional one -cent sales tax another 15 years until December 31, 2019. Many capital projects have been completed with this funding that otherwise would have been funded by ad valorem dollars. In 2007, $14.5 million was received and will be used towards funding numerous capital projects including the following construction projects: 6e Avenue — One of the main arterials of the County that connects the north and south areas is increasing from two to four lanes from State Road 60 to County Road 510 with construction costs estimated at over $80 million. Construction of a portion of this roadway is scheduled in the five-year plan for $38 million with funding also from traffic impact fees and gas taxes. South County Park - The expansion of this park is necessary to provide recreation facilities and programs to the growing population in the County. A multi-purpose facility will be constructed at a cost of $2.3 million. Ad valorem tax proceeds and user fees will fund increased operating costs. The impact to ad valorem taxpayers could be reduced through the use of possible public- private partnerships to operate this facility. Indian River County Jail - The Indian River County jail has reached capacity. The existing 453 -bed jail is being expanded to accommodate an additional 256 beds and infirmary space. To date, $23.8 million has been spent. Operating costs associated with the expansion are estimated at $4 million per year and will be funded by ad valorem tax dollars. Fire/EMS Stations - Fire/EMS Station 12 (located in the south, central area) construction began during fiscal year 2006-2007 at a cost of $2.2 million including land acquisition, with a $750,000 CDBG grant providing additional funding. Construction of Fire/EMS Station 13 is scheduled for fiscal year 2008-2009 at a cost of $2.6 million. Relevant Financial Policies In accordance with Section 218.415, Florida Statutes, the County adopted an investment policy, which guides the investment of County surplus funds. This policy establishes investment objectives, maturity and liquidity requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet anticipated cash flow needs. The secondary objective is to obtain competitive returns on the investment of County surplus funds. During FY 2007, County investments had yields ranging from 1.88% to 5.75%. The average yield of the portfolio as of September 30, 2007 was 5.17%.