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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2011 <br />Debt Administration - Long-term debt <br />At the end of the current fiscal year, the County had total bonded debt outstanding of $104.9 million. Of <br />this amount, $40.7 million is debt backed by the full faith and credit of the government. The revenue <br />bonds represent bonds secured solely by specified revenue sources. <br />Indian River County's Outstanding Debt <br />General Obligation and Revenue Bonds <br />(In Millions) <br />General Obligation Debt: <br />General Obligation, Series 2001 <br />Limited General Oblig., Series 2006 <br />Revenue Bonds: <br />Spring Training Facility, Series 2001 <br />Recreational Revenue Ref., Series 2003 <br />Water and Sewer Ref. Rev., Series 1993A <br />Water and Sewer Ref. Rev., Series 2005 <br />Water and Sewer Ref. Rev., Series 2009 <br />Total <br />Governmental <br />Business -type <br />Activities <br />Activities <br />Total <br />2011 2010 <br />2011 2010 <br />2011 <br />2010 <br />$ 4.4$ 5.2 $ <br />_$ - $ <br />4.4$ <br />5.2 <br />36.3 39.3 <br />- - <br />36.3 <br />39.3 <br />11.7 12.3 <br />- - <br />11.7 <br />12.3 <br />- - <br />2.6 3.1 <br />2.6 <br />3.1 <br />- - <br />- 1.6 <br />- <br />1.6 <br />- - <br />21.2 22.7 <br />21.2 <br />22.7 <br />- - <br />28.7 28.8 <br />28.7 <br />28.8 <br />$ 52.4$ 56.8 $ <br />52.5$ 56.2 $ <br />104.9$ <br />113.0 <br />The County received an increase in all of their bond ratings with the recalibration of the bond rating <br />system. The County's General Obligation underlying rating from Standard & Poor's is "AAA" and <br />"AA" on the Revenue Bonds. Standard & Poor's rating is required on all issues. A second rating from <br />Fitch or Moody's is also recommended. <br />Additional information on the County's long-term debt can be found in Note 13 on pages 73-83 of this <br />report. <br />12 <br />