|
Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2006
<br />NOTE 12 - LONG-TERM LIABILITIES - Continued
<br />A. Primary Government - Continued
<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.
<br />Bonds Issued - At September 30, 2006, the revenue bonds consisted of the following:
<br />Interest
<br />Rates and
<br />Description Date
<br />2003 Recreational Revenue 2.00-4.125%
<br />Refunding Bonds 3/1 and 9/1
<br />Less: Current Portion
<br />Unamortized Bond Discount
<br />Long -Term Portion
<br />Outstanding at
<br />September 30,
<br />Maturity Issue 2006
<br />9/1/16 $ 6,455,000 $ 5,135,000
<br />475,000
<br />45,901
<br />4 614 099
<br />Optional Redemption - The revenue bonds, maturing on or after September 1, 2014, are subject to
<br />redemption prior to maturity, at the option of the County on and after September 1, 2013, in whole or in
<br />part, at any time thereafter at the redemption price of par, plus interest accrued to the date of redemption.
<br />Water and Sewer Revenue Bonds, Series 1993A
<br />Purpose - The Series 1993 bonds were issued to legally defease all of the County's outstanding Water
<br />and Sewer Revenue and Refunding Bonds, Series 1986 and 1986A, Series 1989, Series 1991, and
<br />Special Assessment Revenue Bonds, Series 1989 and Series 1990, and to provide funds to make certain
<br />capital improvements to the utility system.
<br />Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from
<br />the operation of the system, and certain surcharges and special assessments.
<br />Bonds Issued - At September 30, 2006, the revenue bonds consisted of the following:
<br />Interest Outstanding at
<br />Rates and September 30,
<br />Description Date Maturity Issue 2006
<br />Water and Sewer 2.60-6.50%
<br />Revenue Bonds, 3/1 and 9/1 2024 $ 47,190,000 $ 35,235,000
<br />Series 1993A
<br />Less: Current Portion 1,230,000
<br />Unamortized Bond
<br />Discount 1,053,624
<br />Long -Term Portion 32.951.376
<br />Mandatory Redemption - The Series 1993A Term Bonds are subject to mandatory redemption by lot,
<br />prior to maturity, at par plus accrued interest to date of redemption, based on the following schedule:
<br />74
<br />
|