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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 />C. Summary of Defeased Debt Outstanding <br />The following outstanding revenue bonds are defeased. Since governmental obligations are held in <br />escrow for the payment of principal and interest, the bonds are not liabilities of the County. <br />Outstanding Retired Outstanding <br />at During at <br />September 30, Fiscal Year September 30, <br />2009 2010 2010 <br />Capital Improvement Revenue <br />Bonds: Series 1980745 000 355 000 390 000 <br />D. Compensated Absences <br />Governmental activities compensated absences are paid by the fund which normally pays the personnel <br />services costs of the employee. <br />E. Conduit Debt Obligations <br />In 1999, Indian River County issued Industrial Revenue Bonds which provide financial assistance to <br />private -sector entities for the acquisition, construction and equipping of industrial and commercial <br />facilities deemed to be in the public interest. These facilities include an educational facility. The bonds <br />are secured by the property financed and are payable solely from payments received on the underlying <br />mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the <br />private -sector entity served by the bond issuance. Neither the County, the State, nor any political <br />subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are <br />not reported as liabilities in the accompanying financial statements. <br />The School bonds with a principal amount of $14,800,000 were called January 6, 2010. <br />