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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 21 - COMMITMENTS AND CONTINGENCIES - Continued <br />C. Grants <br />Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor <br />agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to <br />the grantor agency would become a liability of the Board. In the opinion of management, any such <br />adjustments would not be significant. <br />NOTE 22 — SUBSEQUENT EVENTS <br />On February 14, 2012 the Board approved beginning the process of early payoff of the remaining Land <br />Acquisition General Obligation Bonds, Series 2001. The Board approved payment of $3,620,000 from <br />the General Fund on July 1, 2012. These bonds will be called at a 1% redemption fee. <br />