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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2010
<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, 2010 are as follows:
<br />Fiscal Year
<br />Recreational
<br />Water and Sewer
<br />Water and Sewer
<br />Water and Sewer
<br />Ending
<br />Revenue Refunding
<br />Revenue Bonds
<br />Revenue Refunding
<br />Revenue Refunding
<br />September 30
<br />Bonds Series 2003
<br />Series 1993
<br />Bonds Series 2005
<br />Bonds Series 2009
<br />Principal
<br />Interest
<br />Principal Interest
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />2011
<br />$520,000
<br />$119,864
<br />$ 1,555,000 $85,525
<br />$ 1,435,000
<br />$ 970,800
<br />$ -
<br />$1,268,200
<br />2012
<br />535,000
<br />102,964
<br />- -
<br />1,480,000
<br />925,250
<br />1,610,000
<br />1,268,200
<br />2013
<br />555,000
<br />83,169
<br />- -
<br />1,530,000
<br />877,150
<br />1,675,000
<br />1,203,800
<br />2014
<br />580,000
<br />62,356
<br />- -
<br />1,605,000
<br />800,650
<br />1,745,000
<br />1,136,800
<br />2015
<br />600,000
<br />39,881
<br />- -
<br />1,670,000
<br />736,450
<br />1,815,000
<br />1,067,000
<br />2016-2020
<br />385,000
<br />15,881
<br />- -
<br />9,675,000
<br />2,344,500
<br />10,525,000
<br />3,880,000
<br />2021-2025
<br />-
<br />-
<br />- -
<br />4,530,000
<br />279,150
<br />9,000,000
<br />1,046,500
<br />Total
<br />3,175,000
<br />424,115
<br />1,555,000 85,525
<br />21,925,000
<br />6,933,950
<br />26,370,000
<br />10,870,500
<br />Less:
<br />Current portion
<br />520,000
<br />-
<br />1,555,000 -
<br />1,435,000
<br />-
<br />-
<br />-
<br />Unamortized
<br />bond discount
<br />27,386
<br />-
<br />- -
<br />-
<br />-
<br />-
<br />-
<br />Add:
<br />Unamortized
<br />bond premium
<br />-
<br />-
<br />- -
<br />733,521
<br />-
<br />2,432,986
<br />-
<br />Total
<br />$2,627,614
<br />$424,115
<br />$ - $ 85,525
<br />$ 21,223,521
<br />$6,933,950
<br />$ 28,802,986 $10,870,500
<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 />Pledge of Revenues - The revenue bonds are secured by liens, for the remaining term of the bonds, in
<br />the following order: (1) the net revenues derived from the operations of the golf course, (2) one hundred
<br />percent of racetrack and Jai Alai Fronton funds, and (3) seven percent of the half -cent sales tax accruing
<br />annually to the County.
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