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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 General Obligation Bonds (GOB) Purpose — On November 2, 1992, County voters approved a bond referendum authorizing a total of $26,000,000 aggregate principal amount of general obligation bonds, in one or more series, to acquire environmentally sensitive lands, together with the necessary restoration, remediation, and reclamation activities to preserve and enhance such property. On November 29, 2001, the County issued the second series of GOBs in the amount of $11,000,000. The remaining outstanding principal balance of $3,620,000 was called early on July 1, 2012. On July 1, 2003, the County issued $7,800,000 of General Obligation Refunding Bonds, Series 2003. The bonds were issued to provide funds, together with $600,000, to refund and redeem the entire outstanding principal amount of the County's $15,000,000 General Obligation Bonds, Series 1995. Proceeds of the bonds were used to pay the cost of issuance of the bonds, including the premiums for guaranty insurance. The last installment of these GOBs was paid on July 1, 2010. Spring Training Facility Revenue Bonds Purpose - On August 15, 2001, the County issued $16,810,000 of Spring Training Facility Revenue Bonds, Series 2001. The Series 2001 bonds are being issued by the County to provide funds, together with other available funds, to (1) finance a portion of the cost of acquisition and expansion of a spring training facility currently known as "Vero Beach Sports Village (formerly known as Dodgertown)"; (2) pay a premium for a municipal bond insurance policy and a debt service reserve account surety bond, and (3) pay certain costs and expenses incurred in connection with the issuance of the Series 2001 bonds. 77