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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2012
<br />NOTE 13 - LONG-TERM LIABILITIES - Continued
<br />B. Primary Government - Continued
<br />Business -type Activities
<br />Annual Debt Service Payments Business -type Activities
<br />The annual debt service payments for bonds outstanding at September 30, 2012 are as follows:
<br />Fiscal Year
<br />Ending
<br />September 30
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017
<br />2018-2022
<br />2023-2024
<br />Total
<br />Less:
<br />Current portion
<br />Unamortized
<br />bond discount
<br />Add:
<br />Unamortized
<br />bond premium
<br />Total
<br />Recreational
<br />Revenue Refunding
<br />Bonds Series 2003
<br />Water and Sewer
<br />Revenue Refunding
<br />Bonds Series 2005
<br />Principal Interest Principal Interest
<br />$ 555,000 $ 83,169 $ 1,530,000 $ 877,150
<br />580,000 62,356 1,605,000 800,650
<br />600,000 39,881 1,670,000 736,450
<br />385,000 15,881 1,750,000 652,950
<br />1,840,000 565,450
<br />10,615,000 1,405,250
<br />2,120,000 201,287
<br />555,000
<br />18,129
<br />19,010,000 5,037,900
<br />1,530,000
<br />Water and Sewer
<br />Revenue Refunding
<br />Bonds Series 2009
<br />Principal Interest
<br />$ 1,675,000 $ 1,203,800
<br />1,745,000 1,136,800
<br />1,815,000 1,067,000
<br />1,905,000 976,250
<br />2,000,000 881,000
<br />11,600,000 2,801,250
<br />4,020,000 268,000
<br />24,760,000 8,334,100
<br />1,675,000
<br />610,413 - 2,082,285
<br />$ 1,546,871 $ 201,287 $ 18,090,413 $ 5,037,900 $ 25,167,285 $8,334,100
<br />Recreational (Golf Course) Revenue Refunding Bonds, Series 2003
<br />Purpose - On October 15, 2003, the Series 2003 bonds were issued to redeem $6,735,000 of the
<br />County's outstanding Recreational Revenue Bonds, Series 1993. The Series 2003 bonds are being
<br />issued by the County to provide funds, together with $583,790, to retire all of the outstanding 1993
<br />Series bonds and to pay for all bond issuance costs. The previous bonds were issued to build a County -
<br />owned golf course.
<br />The aggregate difference in debt service between the Series 1993 debt ($9,284,290) and Series 2003
<br />debt ($8,060,911) is $1,223,379. The net economic gain was $348,450 and is amortized over the life of
<br />the bonds. The unamortized balance of the deferred amount on the refunding at September 30, 2012 is
<br />$107,215 and is reflected as a deferred outflow of resources on the Statement of Net Position.
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