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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2013 NOTE 13 - LONG-TERM LIABILITIES - Continued B. Primary Government - Continued Water and Sewer Revenue Refunding Bonds, Series 2009 - Continued Bonds Issued - At September 30, 2013, the revenue bonds consisted of the following: Outstanding at Interest Rates September 30, Description and Date Maturity Issue 2013 Water and Sewer 4-5% Revenue Refunding Bonds, 3/1 and 9/1 2024 $ 26,370,000 $ 23,085,000 Series 2009 Outstanding In -Substance Defeased Debt - The proceeds from the refunding were invested in federal securities and were placed in an escrow account with Bank of New York/Mellon. All of the defeased bonds ($28,270,000) were called on September 1, 2009 at 101% of the outstanding principal amount. Optional Redemption - The Series 2009 bonds maturing on or prior to September 1, 2019, are not subject to redemption prior to their respective dates of maturity. The Series 2009 bonds stated to mature after September 1, 2019, are subject to redemption at the option of the County in whole or, from time to time, in part on September 1, 2019, at the redemption price of the principal amount to be redeemed, plus accrued interest to the date of redemption. C. Compensated Absences For the governmental activities compensated absences liability, the general fund normally liquidates 71 percent, and the Transportation and Emergency Services District funds normally liquidate 6 percent and 9 percent, respectively. The remaining 14 percent is liquidated by other governmental and internal service funds. NOTE 14 - PROVISION FOR CLOSURE COSTS Current regulations of the U.S. Environmental Protection Agency (EPA) and the Florida Department of Environmental Protection (FDEP) require the Solid Waste Disposal District (SWDD) to place a final cover on closed landfill areas, and to maintain those areas for up to thirty years after closure. The SWDD annually obtains updated and revised estimates of total future closure and post -closure costs from its consulting engineers. The SWDD recognizes the expenses associated with the final closure and post -closure maintenance of the landfill areas over the active life of those areas. The provision for closure costs reported in the financial statements as operating expense represents the portion of these estimated future outlays which are allocable to the current year based on the amount of capacity used. The total unrecognized closure and post -closure costs are approximately $3.3 million. These costs will be recognized in future periods as the remaining capacity is filled. The County's policy is to fund 100% of the current year's allocation (based upon the consulting engineers' report) of both closure and post - closure care. 84