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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 />Limited General Obligation Bonds
<br />Purpose — On July 6, 2006, the County issued $48,600,000 of Limited General Obligation Bonds,
<br />Series 2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond
<br />referendum held on November 2, 2004, by the qualified electors of the County. The referendum
<br />authorized a total of $50,000,000 aggregate principal amount of limited general obligation bonds. The
<br />proceeds of this issue will provide funds to acquire by purchase, interest in lands to protect water
<br />resources and/or drinking water sources, environmentally sensitive lands, historic sites, and/or
<br />agricultural lands together with the necessary restoration, remediation and reclamation activities to
<br />preserve and enhance such property and customary and necessary costs incurred in the acquisition.
<br />Pledge of revenues — The principal and interest on the bonds are payable from ad valorem taxes not
<br />exceeding %2 mil and having a maturity not exceeding fifteen years, which are levied by the County
<br />upon the taxable real and personal property of the County.
<br />Bonds Issued - At September 30, 2010, Limited General Obligation Bonds consisted of the following:
<br />Interest
<br />Rates and
<br />Outstanding at
<br />September 30,
<br />Description Date Maturity Issue 2010
<br />Limited General Obligation 4.00%-5.00%
<br />Bonds, Series 2006 1/1 and 7/1 2021 $ 48,600,000 S 38,270,000
<br />Optional Redemption — The Limited General Obligation Bonds, Series 2006, maturing on or after July
<br />1, 2017, are subject to redemption prior to maturity, at the option of the County on and after July 1,
<br />2016, in whole or in part, at any time, on any date at a redemption price of 100% of the principal
<br />amount thereof, together with accrued interest thereon to the redemption date.
<br />General Obligation Bonds
<br />Purpose - On November 29, 2001, the County issued the additional $11,000,000 of General Obligation
<br />Bonds, Series 2001. The issuance of the Series 1995 bonds and the Series 2001 bonds were approved
<br />by a majority of votes cast in a bond referendum held on November 2, 1992, by the qualified electors of
<br />the County. The referendum authorized a total of $26,000,000 aggregate principal amount of general
<br />obligation bonds, in one or more series, of which the Series 1995 bonds are the first (in the amount of
<br />$15,000,000) and the Series 2001 bonds are the second. The proceeds of this issue will provide funds to
<br />acquire environmentally sensitive lands, together with the necessary restoration, remediation and
<br />reclamation activities to preserve and enhance such property.
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