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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br />I. Capital Assets - Continued <br />Property, plant, equipment, intangible, and infrastructure assets of the primary government, as well as <br />the component units, are depreciated, or amortized as in the case of intangible assets, using the straight- <br />line method over the following estimated useful lives: <br />Assets <br />Building and improvements <br />Machinery and equipment <br />Utility distribution systems <br />Road and bridge infrastructure <br />Fiberoptics <br />Software <br />Beach preservation infrastructure <br />Stormwater infrastructure <br />J. Capitalization of Interest <br />Years <br />10-50 <br />3-10 <br />25-50 <br />20-50 <br />20 <br />3-5 <br />7 <br />30 <br />Interest costs related to bond issues are capitalized during the construction period. These costs are netted <br />against applicable interest earnings on construction fund investments. During the current period, the <br />Board did not have any capitalized interest. <br />K. Unamortized Bond Costs <br />Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are <br />amortized over the life of the bonds using the straight-line method of accounting. <br />L. Unamortized Bond Discounts and Premiums <br />Bond discounts and premiums associated with the issuance of Proprietary Fund revenue bonds are <br />amortized over the life of the bonds according to the straight-line method. For financial reporting, <br />unamortized bond discounts and premiums are netted against the applicable long-term debt. <br />M. Landfill Closure Costs <br />Under the terms of current state and federal regulations, the Solid Waste Disposal District (SWDD) is <br />required to place a final cover on closed landfill areas, and to perform certain monitoring and <br />maintenance functions for a period of up to thirty years after closure. The SWDD recognizes these costs <br />of closure and post -closure maintenance over the active life of each landfill area, based on landfill <br />capacity used during the period. Required obligations for closure and post -closure costs are recognized <br />in the Solid Waste Disposal District Enterprise Fund. <br />251 <br />