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Indian River County, Florida <br /> Notes To Financial Statements <br /> ' Year Ended September 30 , 2002 <br /> NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br /> 3 . Investments - Continued <br /> ' Except for the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the Florida Local Govern- <br /> ment Investment Trust Fund (Trust), investments are reported at fair value based on the average price obtained from <br /> three broker/dealers . Fair value of the Pool and the Trust are based on the fair value per share of the underlying <br /> portfolio. <br /> Upon issuance of the Water and Sewer Bonds , Series 1993A and 1993B , the County invested the required <br /> sinking fund reserve monies , $ 3 , 139 ,285 , in a guaranteed investment contract with AIG Matched Funding <br /> Corporation. This contract is for the life of the bonds and has a rate of earnings slightly less than the arbitrage <br /> yield of the bonds . <br /> All of the County's U. S . Treasury Securities and U. S . Government Agencies are held in trust by the County's custodial <br /> ' bank, in the County 's name . <br /> Schedule of Investments at September 30, 2002 <br /> Category Fair <br /> ' 1 Value <br /> U . S . Treasury Securities $ 1200 , 737 $ 12 , 8805737 <br /> ' U . S . Government Agencies 9296529026 929652 , 026 <br /> $ 105 , 5325763 $ 10595329763 <br /> Local Government Surplus Funds Trust Fund 94 ,498 ,258 <br /> Florida Local Government Investment Trust Fund 790009000 <br /> Guaranteed Investment Contract 39139 ,285 <br /> Total Investments $ 2105170 , 306 <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 <br /> starting October 1 . Property tax revenues recognized for the 2001 -2002 fiscal year were levied in October, 2001 . All <br /> ' taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax <br /> Collector. Discounts are allowed for early payment at the rate of 4% in November, 3 % in December, 2% in January, <br /> and 1 % in February. Taxes paid in March are without discount. All unpaid taxes become delinquent as ofApril 1 . <br /> ' Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to June 1 ; therefore , there were no <br /> material taxes receivable at fiscal year end. <br /> 55 <br />