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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 11 - LONG-TERM LIABILITIES — Continued
<br />A. Governmental Long -Term Debt - Continued
<br />Limited General Obligation Bonds - Continued
<br />Bonds Issued - At September 30, 2011, Limited General Obligation Bonds consisted of the following:
<br />Description
<br />Limited General Obligation
<br />Bonds, 2006 Series
<br />Interest Rates
<br />and Date
<br />Maturi Issue
<br />Outstanding at
<br />September 30,
<br />2011
<br />4.00%-5.00%
<br />1/1 and 7/1 2021 $ 48,600,000 35.385.000
<br />Optional Redemption - The Limited General Obligation Bonds, Series 2006, maturing on or after July 1,
<br />2017, are subject to redemption prior to maturity, at the option of the Board on and after July 1, 2016, in
<br />whole or in part, at any time, on any date at a redemption price of par, together with accrued interest to
<br />the redemption date.
<br />General Obligation Bonds
<br />Purpose — On November 29, 2001, the Board 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 by
<br />a majority of votes cast in a bond referendum held on November 2, 1992, by the qualified electors of the
<br />County. The referendum authorized a total of $26,000,000 aggregate principal amount of general
<br />obligation bonds, in one or more series, for 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.
<br />On July 1, 2003, the Board issued $7,800,000 of General Obligation Refunding Bonds, Series 2003.
<br />The bonds were issued to provide funds, together with $600,000, to refund and redeem the entire
<br />outstanding principal amount of the Board's $15,000,000 General Obligation Bonds, Series 1995.
<br />Proceeds of the bonds will also be used to pay the cost of issuance of the bonds, including the premiums
<br />for guaranty insurance. The Series 2003 bonds were paid in full on July 1, 2010.
<br />Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied
<br />by the Board upon the taxable real and personal property of the Board and are pledged for the remaining
<br />term of the bonds.
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