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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2011
<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, 2011 are as follows:
<br />Fiscal Year
<br />Ending
<br />September 30
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017-2021
<br />2022-2026
<br />Total
<br />Less:
<br />Current portion
<br />Unamortized
<br />bond discount
<br />Add:
<br />Unamortized
<br />bond premium
<br />Total
<br />Recreational
<br />Revenue Refunding
<br />Bonds Series 2003
<br />Principal Interest
<br />$535,000 $102,964
<br />555,000 83,169
<br />580,000 62,356
<br />600,000 39,881
<br />385,000 15,881
<br />2,655,000 304,251
<br />535,000 -
<br />Water and Sewer
<br />Revenue Refunding
<br />Bonds Series 2005
<br />Principal
<br />Interest
<br />$ 1,480,000
<br />$925,250
<br />1,530,000
<br />877,150
<br />1,605,000
<br />800,650
<br />1,670,000
<br />736,450
<br />1,750,000
<br />652,950
<br />10,145,000
<br />1,878,300
<br />2,310,000
<br />92,400
<br />20,490,000
<br />5,963,150
<br />1,480,000 -
<br />Water and Sewer
<br />Revenue Refunding
<br />Bonds Series
<br />2009
<br />Principal
<br />Interest
<br />$ 1,610,000 $ 1,268,200
<br />1,675,000
<br />1,203,800
<br />1,745,000
<br />1,136,800
<br />1,815,000
<br />1,067,000
<br />1,905,000
<br />976,250
<br />11,050,000
<br />3,353,750
<br />6,570,000
<br />596,500
<br />26,370,000
<br />9,602,300
<br />1,610,000 -
<br />22,757 - - - - -
<br />- - 671,967 - 2,257,636 -
<br />$2,097,243 $304,251 $19,681,967 $5,963,150 $ 27,017,636 $9,602,300
<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 />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.
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