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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <br />NOTE 21— NET ASSETS <br />A. Restricted Net Assets <br />The County has established certain restrictions within the net assets section of the proprietary funds. <br />Restricted net assets at September 30, 2010 consist of the following: <br />Restricted for Debt Service: <br />Golf Course Fund $ 43,333 <br />County Utilities Fund 249,167 <br />Total $ 292,500 <br />Restricted for Capital Projects: <br />County Utilities Fund $ 27,605,792 <br />B. Net Assets Restricted by Enabling Legislation <br />The government -wide statement of net assets for the primary government reports $160,827,130 of <br />restricted net assets, of which $75,786,441 is restricted by enabling legislation. <br />C. Restatement of Beginning Net Assets <br />In fiscal year 2009, and in accordance with the requirements of GASB Statement 49, Accounting and <br />Financial Reporting for Pollution Remediation Obligations, beginning net assets for governmental and <br />business type activities was restated as of October 1, 2008. In fiscal year 2010, the consultant's report <br />included an additional site in the County, the former Cumberland Farms site, for pollution remediation <br />obligations. Based on the consultant's report and the costs paid during the fiscal year, the governmental <br />funds' portion of the new site's estimated liability at October 1, 2009 was $201,000; therefore, <br />beginning net assets of the governmental activities was reduced by that amount. For additional <br />information on the County's pollution remediation obligation, please see Note 15. <br />.e <br />