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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2013 <br />NOTE 13 - LONG-TERM LIABILITIES - Continued <br />B. Primary Government - Continued <br />Limited General Obligation Bonds <br />Purpose — On July 6, 2006, the County issued $48,600,000 of Limited General Obligation Bonds, <br />Series 2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond <br />referendum held on November 2, 2004, by the qualified electors of the County. The referendum <br />authorized a total of $50,000,000 aggregate principal amount of limited general obligation bonds. The <br />proceeds of this issue will provide funds to acquire interest in lands to protect water resources and/or <br />drinking water sources, environmentally sensitive lands, historic sites, and/or agricultural lands together <br />with the necessary preservation, restoration, remediation and reclamation activities to preserve, protect, <br />or enhance such property. <br />Pledge of revenues — The principal and interest on the bonds are payable from ad valorem taxes not <br />exceeding 1/2 mil and having a maturity not exceeding fifteen years, which are levied by the County <br />upon the taxable real and personal property of the County. <br />Bonds Issued - At September 30, 2013, Limited General Obligation Bonds consisted of the following: <br />Description <br />Limited General Obligation <br />Bonds, Series 2006 <br />Interest Outstanding at <br />Rates and September 30, <br />Date Maturity Issue 2013 <br />4.00%-5.00% <br />1/1 and 7/1 <br />2021 $ 48,600,000 $ 29,265,000 <br />Optional Redemption — The Limited General Obligation Bonds, Series 2006, maturing on or after July <br />1, 2017, are subject to redemption prior to maturity, at the option of the County on and after July 1, <br />2016, in whole or in part, at any time, on any date at a redemption price of 100% of the principal <br />amount thereof, together with accrued interest thereon to the redemption date. <br />Spring Training Facility 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 "Historic Dodgertown"; (2) pay a premium for a municipal bond <br />insurance policy and a debt service reserve account surety bond, and (3) pay certain costs and expenses <br />incurred in connection with the issuance of the Series 2001 bonds. <br />78 <br />