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Indian River County , Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br /> C . Investments - Continued <br /> Concentration Risk <br /> The County ' s investment policy has established asset allocation and issuer limits to reduce <br /> concentration of credit risk in the County ' s investment portfolio . All investments are stated at fair <br /> value . <br /> The County ' s investment policy does not allow for more than 20% of the entire portfolio to be invested <br /> in any one issuer, with the exception of United States Treasury Obligations and state authorized pools . <br /> No more than 10% of the portfolio may be placed in certificates of deposit (CD) and no more than $ 3 <br /> million of the portfolio may be placed in certificates of deposit with any one financial institution. With <br /> the exception of state authorized pools , no more than 10 % of the portfolio may be placed in any one <br /> money market fund . The Tax Collector does allow 25 % of the portfolio to be invested in CDs and/or <br /> money market funds . See investment list and percentages on previous page . <br /> Custodial Credit Risk <br /> The County ' s investment policy pursuant to Section 218 . 415 ( 18 ) , Florida Statutes requires securities to <br /> be registered and shall be held with a third party custodian and all securities purchased by, and all <br /> collateral obtained by, the County shall be held in the name of the County . The securities must by held <br /> in an account separate and apart from the assets of the financial institution. As of September 30 , 2007 , <br /> the County ' s investment portfolio in U . S . Treasuries and U . S . Agencies was held by the Bank of New <br /> York . <br /> NOTE 5 - PROPERTY TAX REVENUES <br /> Taxable values for all property are established as of January 1 , which is the date of lien, for the fiscal <br /> year starting October 1 . Property tax revenues recognized for the 2006 -2007 fiscal year were levied in <br /> October 2006 . All taxes are due and payable on November 1 or as soon as the assessment roll <br /> is <br /> certified and delivered to the Tax Collector . Discounts are allowed for early payment at the rate of 4 % <br /> in November, 3 % in December, 2 % in January , and 1 % in February . Taxes paid in March are without <br /> discount . All unpaid taxes become delinquent as of April 1 . Virtually all unpaid taxes are collected via <br /> the sale of tax certificates on or prior to June 1 ; therefore , there were no material taxes receivable <br /> at <br /> fiscal year end . <br /> 66 <br />