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Comprehensive Plan <br />Debt Service <br />Capital Improvements Element <br />Debt service consists of interest and payments made by the county on its debt. This figure includes <br />principal retirement, interest and other miscellaneous debt service. As table 6.5 indicates, total county <br />debt service expenditures were $8,126,643 in FY 2006/07. Between fiscal years 2005/06 and <br />2006/07, debt service expenditures increased by 84.44%. Since FY 2001/02, debt service <br />expenditures have increased by 111.06%. Debt service expenses represented 2.93% of all county <br />expenses in FY 2006/07. <br />Existing Outstanding Debt <br />At the end of FY 2007/08, Indian River County's outstanding debt, comprised of revenue bonds and <br />general obligation bonds, stood at $127,765,000. This is shown in table 6.6. In 1993, the county took <br />advantage of lower interest rates and refunded any debt that had reasonable future economic savings. <br />Enterprise Funds support 57.9% of the overall debt (Utility Dept 44.17% and Golf Course 13.74%), <br />leaving $57,160,000 in bonds paid from general governmental funds In November 2001, Indian <br />River County issued the remaining $11,000,000 of the $26,000,000 Enviionmentally Sensitive Land <br />Acquisition general obligation bonds originally approved by voters in 1992. Also in 2001, the County <br />issued $16,810,000 in Spring Training Facility Bonds to finance the acquisition and expansion of the <br />Dodgertown spring training facility. Two bonds were refinanced in 2003 to take advantage of lower <br />interest rates: the 1993 Series Refunded Recreational Revenue Bonds and the 1995 Series <br />Environmental Lands Acquisition Bonds. In 2004, Indian River County voters approved the issuance <br />of up to an additional S50,000,000 in Environmentally Sensitive Land Acquisition general obligation <br />bonds. As a result, Indian River County issued $48,600,000 in Environmentally Sensitive Land <br />Acquisition general obligation bonds in 2006. Finally, the county refinanced its 1996 Series Water <br />and Sewer Bonds in 2005. <br />Community Development Department Indian River County <br />Supplement #13; Adopted November 18, 2008, Ordinance 2008-018 <br />23 <br />