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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2006 NOTE 12 - LONG-TERM LIABILITIES - Continued A. Primary Government - Continued Pledge of revenues — The principal and interest on the bonds are payable from ad valorem taxes not O exceeding '/z 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. n Bonds Issued - At September 30, 2006, General Obligation bonds consisted of the following: Interest Outstanding at L Rates and September 30, Description Date Maturity Issue 2006 Limited General 4.00%-5.00% Obligation 2006 Series 1/1 and 7/1 2001 48,600.000 48.600,000 n 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. General Obligation Bonds Purpose - On November 29, 2001, the Board issued the additional $11,000,000 of General Obligation Bonds Series 2001. The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by a majority of votes cast in a bond referendum held on November 2, 1992, by the qualified electors of the County. The referendum authorized a total of $26,000,000 aggregate principal amount of general obligation bonds, in one or more series, of which the Series 1995 bonds are the first (in the amount of $15,000,000) and the Series 2001 bonds are the second. The proceeds of this issue will provide funds to acquire environmentally sensitive lands, together with the necessary restoration, remediation and reclamation activities to preserve and enhance such property. On July 1, 2003, the Board 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 all of the outstanding principal amount of the County's $15,000,000 General Obligation Bonds Series 1995. Proceeds of the bonds will also be used to pay cost of issuance of the Bonds, including the premiums for guaranty insurance. Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied by the County upon the taxable real and personal property of the County. 11 78 H