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4. Cash and Cash Equivalents <br /> The carrying amount of the Town 's deposits with financial institutions at June <br /> 30, 1996 was $ 22,580,798. The bank balances are categorized as follows: <br /> Amount insured by the FDIC and <br /> DIFM, or collateralized with securities <br /> held by the Town in its name $ 16,534,091 <br /> Amount collateralized with securities <br /> held by the pledging financial institution's <br /> trust department in the Town's name 3,690,000 <br /> Uncollateralized 2,843,390 <br /> Total Bank Balance $ 23.067.481 <br /> I <br /> 5. Taxes Receivable <br /> Real and personal property taxes are based on assessed values as of the j <br /> previous January 1 and are normally due on a quarterly basis. By law, all j <br /> taxable property must be assessed at 100% of fair cash value. Taxes due <br /> and unpaid after the due dates are subject to interest and penalties. The <br /> Town has an ultimate right to foreclose on property for unpaid taxes. j <br /> The following is a summary of the property tax calendar used for the 1996 <br /> tax levies: <br /> June 1995: <br /> Preliminary tax bills are mailed to taxpayers. This bill is approximately <br /> equal to one quarter of the prior year's tax levy. <br /> August 1995: <br /> First quarter preliminary tax bills are due. All bills paid after this date <br /> are charged interest at the rate of 14% from the due date. <br /> September 1995: <br /> Preliminary tax bills are mailed to taxpayers. This bill is approximately <br /> equal to one quarter of the prior year's tax levy. <br /> November 1995: <br /> Second quarter preliminary tax bills are due. All bills paid after this <br /> 0 <br /> date are charged interest at the rate <br /> of 14%/o from the due date. <br /> 9 <br /> December 1995: <br /> Actual tax bills are mailed to taxpayers. This bill is equal to the current <br /> tax levy less preliminary payments. <br /> 14 <br />