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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2012 NOTE 13 - LONG-TERM LIABILITIES - Continued B. Primary Govermnent - Continued Limited General Obligation Bonds Purpose On July 6, 2006, the County issued $48,600,000 of Limited General Obligation Bonds, Series 2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond referendum held on November 2, 2004, by the qualified electors of the County. The referendum authorized a total of $50,000,000 aggregate principal amount of limited general obligation bonds. The proceeds of this issue will provide funds to acquire interest in lands to protect water resources and/or drinking water sources, environmentally sensitive lands, historic sites, and/or agricultural lands together with the necessary preservation, restoration, remediation and reclamation activities to preserve, protect, or enhance such property. Pledge of revenues — The principal and interest on the bonds are payable from ad valorem taxes not exceeding 1/2 mil and having a maturity not exceeding fifteen years, which are levied by the County upon the taxable real and personal property of the County. Bonds Issued - At September 30, 2012, Limited General Obligation Bonds consisted of the following: Description Limited General Obligation Bonds, Series 2006 Interest Outstanding at Rates and September 30, Date Maturity Issue 2012 4.00%-5.00% 1/1 and 7/1 2021 $ 48,600,000 $ 32,385,000 Optional Redemption — The Limited General Obligation Bonds, Series 2006, maturing on or after July 1, 2017, are subject to redemption prior to maturity, at the option of the County on and after July 1, 2016, in whole or in part, at any time, on any date at a redemption price of 100% of the principal amount thereof, together with accrued interest thereon to the redemption date. 76