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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 />A. Primary Government - Continued <br />Spring TrainingFacility Revenue Bonds - Continued <br />Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and <br />secured by a first lien upon and pledge of the following, together with any investment income realized <br />on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund: <br />(1) Payments received by the County from the State of Florida pursuant to Section 212.20, Florida <br />Statutes; and <br />(2) The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, <br />enacted pursuant to Section 125.0104(3)(1), Florida Statutes; and <br />(3) Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the County, <br />pursuant to Chapter 218, Part VI, Florida Statutes. <br />The foregoing are collectively referred to herein as the "pledged revenues". These revenue streams are <br />pledged for the remaining term of the bonds. <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 a pledged revenue <br />for the Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series <br />2001 bonds. <br />The current principal and interest payments of $1,223,432 represent eighteen percent of total pledged <br />revenues. All three revenue sources totaled $6,967,824 for the current fiscal year. The County applied <br />100% of the first two pledged revenue sources 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 />Interest Outstanding at <br />Rates and September 30, <br />Description Date Maturity Issue 2011 <br />Spring Training Facility Revenue 3.30%-5.25% <br />Bonds, Series 2001 4/1 and 10/1 2031 $ 16,810,000 11.705.000 <br />77 <br />