The District plans to issue 30-year, fixed-rate, tax exempt, bonds to finance the acquisition of the Country Club, associated recreational facilities, and +/- 100 acres of conservation and open space land in the District. An overwhelming 81% vote of district homeowners approved the issuance of up to $24,000,000 in long term bonds to acquire the Club and its associated facilities and land. The District has filed for bond validation to authorize issuing the bonds. Despite opposition, the District is confident that it will be able to validate and sell the bonds within the two-year term of the Bond Anticipation Note. The bonds are fully secured by special assessments already approved and in place. Payments of principal and interest would be funded from the assessments. The assessments are collected along with all other property taxes by the Manatee County Property Tax Collector.