Volusia County, FL. County of Volusia, Florida Subordinate Lien Sales Tax Refunding Revenue Bonds, Series 2008 $42,605,000, Dated: February 27, 2008

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1 Volusia County, FL County of Volusia, Florida Subordinate Lien Sales Tax Refunding Revenue Bonds, Series 2008 $42,605,000, Dated: February 27, 2008 County of Volusia, Florida Limited Tax General Obligation Bonds, $39,875,000, Dated: November 10, 2005 County of Volusia, Florida Gas Tax Revenue Bonds, Series 2004 $64,215,000, Dated: November 2, 2004 County of Volusia, Florida Tourist Development Tax Revenue Bonds, Series 2004 $55,451,335.75, Dated: September 2, 2004 County of Volusia, Florida Airport System Revenue Refunding Bonds (Daytona Beach International Airport), Series 2000 $30,795,000, Dated: August 1, 2000 Series 2008 Historical Half-Cent Sales Tax Distribution and Debt Service Coverage Combined Half-Cent Sales Combined Maximum Tax Distribution Maximum Annual Debt Fiscal Year to County Annual Debt Service Service Coverage $17,861,072 $8,705, Property Tax Levies and Tax Rates - Direct and Overlapping Governments School Board County of Volusia Municipalities: Daytona Beach Daytona Beach Shores DeBary DeLand Deltona Edgewater Flagler Beach Holly Hill Lake Helen New Smyrna Beach Oak Hill Orange City Ormond Beach Pierson Ponce Inlet Port Orange South Daytona Unincorporated Areas: Municipal Service District Special Other Districts: Independent:

2 Low High Dependent: Low High Assessed and Estimated Actual Value of Taxable Property Centrally Assessed Fiscal Real Property Personal Property Property Year Reisdential Commercial Manufacturing Agricultural Other Total $ 27,366,791,290 $ 3,721,041,244 $ 684,885,802 $ 1,081,918,683 $ 3,684,694,552 $ 2,984,673,361 $ 55,728,534 $39,579,733,466 Property Tax Levies and Collections Current Tax Percent of Fiscal Year Total Tax Levy Collections Levy Collected $214,332,368 $206,532, % Principal Taxpayers Ad Valorem Taxes Percent of Total Taxpayer Type of Business Taxable Value Taxable Value 1 Florida Power and Light Co. Electric Utility $929,416, % 2 Duke Energy Florid, Inc Electric Utility $229,306, % 3 Bellsouth Telecommunications Telecommunications $97,831, % 4 Bright House Networks, LLC Entertainment/Cablevision $75,336, % 5 HHA Borrower, LLC Real Estate Developer $69,558, % 6 Covidien, LTD Manufacturing $59,328, % 7 Ocean Walk II Condo Assn Timeshare Investments $58,750, % 8 Volusia Mall LLC Retail Sales/Mall $45,049, % 9 MSCI 2007 IQ16 Lodging 100, LLC Real Estate Developer $43,741, % 10 International Speedway Corp. Recreation $43,250, % All Other $25,439,952, % TOTAL $27,091,520, % Series 2004 Gas Six Cents Local Option Gas Tax Revenues Six Cents Local Option Gas Tax Percent Fiscal Year Revenues Received Increase (Decrease) $7,228, % Series 2004 Tourist

3 Historical Actual Tourist Development Tax Distribution and Debt Service Coverage Tourist Development Tax Revenues $8,651,907 Maximum Annual Debt Service $ 3,476,983 Historical Debt Service Coverage 2.49 Series 2008, 2005, 2004 Gas, 2004 Tourist, Material Litigation None Series 2008 Any other financial information related to the collection and distribution of sales tax revenues of the type included in the Official Statement which would be material to a Bond Holder or prospective holder. None. Daytona Beach Destinations City Daily Non-Stops Daily Direct Service Atlanta 5 5 Newark, New Jersey Knoxville, TN Detroit, MI Washington, DC Charlotte, NC 3 3 Airline Market Share

4 Airlines Express Jet (formerly Atlantic Southeast) 37 ComAir Craig Air Center Delta Air Lines 237,144 Compass Shuttle America 381 US Airways 80,498 Airgate Aviation Island Pass Subtotal 318,060 Charters FBO Charters TOTAL 318,060 Percentage Change from prior year: 5.21% Percentage of Enplaned Passengers Airline ExpressJet (formerly Atlantic Southeast) 0.01% ComAir Craig Air Center Delta Air Lines 74.56% Compass Shuttle America 0.12% US Airways 25.31% Airgate Aviation 0.00% Island Pass TOTAL % Aircraft Operations - Arrivals and Departures Fiscal Years Ending September 30 Aircraft Operations General Aviation 194,280 Commercial Air Carrier 4,974 TOTAL 199,254 Historical Airport Earnings Fiscal Years Ending September 30 Daytona Beach International Airport - Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds OPERATING REVENUE Charges for services $10,385,197

5 Miscellaneous revenues $204,276 Total Operating Revenue $10,589,473 OPERATING EXPENSES Personnel Service 3,190,182 Contracted services 2,917,483 Supplies and materials 215,416 Repairs and Maintenance 1,888,465 Utilities 957,384 Other services and charges 827,315 Depreciation 4,830,630 Claims and other accrued expenses - Total Operating Expenses 14,826,875 Operating income (loss) ($4,237,402) NON-OPERATING REVENUES (EXPENSES): Operating grants 801,205 Passenger facility charges 1,274,291 Interest revenues 122,678 Interest expense (1,307,917) Bond issuance costs (157,692) Net gain (loss) on disposal of capital assets 42 Miscellaneous revenues 225 Total nonoperating revenues (expenses) 732,832 Income (loss) before contributions ($3,504,570) and transfers Capital contributions Capital Grants $11,680,290 Transfers in Transfers (out) Change in net assets $8,175,720 Total net assets -beginning, restated $98,937,732 Total net assets - ending $107,113,452