2012-051A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30, 2011 NOTE 11 - LONG-TERM LIABILITIES - Continued A. Governmental Long -Term Debt - Continued General Obligation Bonds - Continued Bonds Issued - At September 30, 2011, General Obligation Bonds consisted of the following: Description General Obligation Bonds, 2001 Series Interest Rates and Date Maturi Outstanding at September 30, Issue 2011 2.50%-4.30% 1/1 and 7/1 2016 $ 11,000,000 4.430.000 Optional Redemption - The General Obligation Bonds, Series 2001, maturing on or after July 1, 2013, are subject to redemption prior to maturity, at the option of the Board on and after July 1, 2012, in whole or in part, at any time, on any date at par plus accrued interest and plus a premium ranging between 0% to 1% depending on the year of redemption. The Board elected to early call these bonds. See Subsequent Event Note 22 for further information. Spring Training Fg acility Revenue Bonds Purpose - On August 15, 2001, the Board issued $16,810,000 of Spring Training Facility Revenue Bonds, Series 2001. The Series 2001 bonds are being issued by the County to provide funds, together with other available funds, to (1) finance a portion of the cost of acquisition and expansion of a spring training facility currently known as "Vero Beach Sports Village (formerly known as Dodgertown)"; (2) pay a premium for a municipal bond insurance policy and a debt service reserve account surety bond, and (3) pay certain costs and expenses incurred in connection with the issuance of the Series 2001 bonds. Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and secured by a first lien upon and pledge of the following, together with any investment income realized on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund: Payments received by the County from the State of Florida pursuant to Section 212.20, Florida Statutes; and 2. The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, enacted pursuant to Section 125.0104(3)(1), Florida Statutes; and 3. Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the County, pursuant to Chapter 218, part VI, Florida Statutes. The foregoing is collectively referred to herein as the "pledged revenues". These revenue streams are pledged for the remaining term of the bonds. 266