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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 />Spring TrainingFacility Revenue Bonds - Continued <br />The Fourth Cent Tourist Development Tax and the Local Government Half -Cent Sales Tax pledged to <br />the payment of debt service on the Series 2001 bonds are automatically released as pledged revenue for <br />the Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series 2001 <br />bonds. <br />The current principal and interest payments of $1,223,423 represent eighteen percent of total pledged <br />revenues. All three pledged revenue sources totaled $6,967,824 for the current fiscal year. The County <br />applied 100% of the first two pledged revenues and six percent of the Half -Cent Sales Tax to the debt <br />service payments. The total principal and interest remaining to be paid on the bonds is $17,161,468. <br />Bonds Issued - At September 30, 2011, Spring Training Facility Revenue Bonds consisted of the <br />following: <br />Description <br />Spring Training Facility <br />Revenue Bonds, 2001 Series <br />Interest Rates <br />and Date <br />Maturi <br />Outstanding at <br />September 30, <br />Issue 2011 <br />3.30%-5.25% <br />4/1 and 10/1 2031 $ 16,810,000 11,705,000 <br />Optional Redemption - The Series 2001 bonds maturing on or after April 1, 2012, were subject to <br />redemption at the option of the Board, in whole or in part, on April 1, 2011, or on any date thereafter at <br />par plus accrued interest and plus a premium ranging between 0% to 1% depending on the year of the <br />redemption. <br />267 <br />