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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 13 - LONG-TERM LIABILITIES - Continued <br />B. Primary Government - Continued <br />General Obligation Bonds - Continued <br />On July 1, 2003, the County 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 County'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 <br />premiums for guaranty insurance. <br />Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied <br />by the County upon the taxable real and personal property of the County and are pledged for the <br />remaining term of the bonds. <br />Bonds Issued - At September 30, 2011, General Obligation Bonds consisted of the following: <br />Interest <br />Rates and <br />Outstanding at <br />September 30, <br />Description Date Maturity Issue 2011 <br />General Obligation Bonds, 2.50%-4.30% <br />Series 2001 1/1 and 7/1 2016 $ 11.000.0004.430.000 <br />Optional Redemption - The General Obligation Bonds, Series 2001, maturing on or after July 1, 2013, <br />are subject to redemption prior to maturity, at the option of the County on and after July 1, 2012, in <br />whole or in part, at any time, on any date at par plus accrued interest plus a premium ranging between <br />0% to I% depending on the year of redemption. <br />Please refer to the Subsequent Event Note 24 for an early call announcement of these bonds. <br />Spring TrainingFacility Revenue Bonds <br />Purpose - On August 15, 2001, the County issued $16,810,000 of Spring Training Facility Revenue <br />Bonds, Series 2001. The Series 2001 bonds are being issued by the County to provide funds, together <br />with other available funds, to (1) finance a portion of the cost of acquisition and expansion of a spring <br />training facility currently known as "Vero Beach Sports Village (formerly known as Dodgertown)"; (2) <br />pay a premium for a municipal bond insurance policy and a debt service reserve account surety bond, <br />and (3) pay certain costs and expenses incurred in connection with the issuance of the Series 2001 <br />bonds. <br />76 <br />