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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 w 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 . m . 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% . .. iii