February 2022 edition 22 is in an amount no greater than Seventeen Million Dollars ($17,000,000.00). Beginning October 1, 2003 and each October 1 thereafter, the amount of the bonding limitation in effect shall be adjusted to reflect the percentage change in the Consumer Price Index (U.S. City Average All Workers) by using the most recent available information for the prior 12-month period. Any issuance of such notes, bonds, certificates of participation or other instrument of indebtedness in a principal amount exceeding that fiscal year's bonding limitation must have prior approval by majority vote at a referendum specifically authorizing the issuance of such an instrument of indebtedness in excess of that year's bonding limitation. For purposes of this section, certificates of participation are obligations evidencing an undivided proportionate interest in rental payments made pursuant to a lease entered into by the County whereby such rental payments made by the County are payable from the tax revenues of the County. The County may not avoid the requirements hereof by issuing or causing to be issued notes, bonds, certificates of participation or other instruments of indebtedness which reflect a single, simultaneous or concurrent undertaking but which have been divided in such fashion so as to avoid the limitations as herein set forth. (Section 5.2 Amended 11/6/1984, 11/8/1994, 3/14/2000, and 9/10/2002, and Renumbered 8/31/2004.) Section 5.3 Compensation on Fee Basis Forbidden. No officer or employee of this government may personally receive compensation for his or her service on a fee basis. (This section shall not apply to services performed by an independent contractor.) (Renumbered 8/31/2004.) Section 5.4 Audit. The Board of County Commissioners shall provide for an annual audit of all the fiscal transactions of the County Government by independently certified public accountants. The audit report shall become public record. (Renumbered 8/31/2004.)
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