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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 Spring Training Facility Revenue Bonds - Continued Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and secured by a first lien upon and pledge of the following, together with any investment income realized on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund: (1) Payments received by the County from the State of Florida pursuant to Section 212.20, Florida Statutes; and (2) The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, enacted pursuant to Section 125.0104(3)(1), Florida Statutes; and (3) Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the County, pursuant to Chapter 218, Part VI, Florida Statutes. The foregoing are collectively referred to herein as the "pledged revenues". These revenue streams are pledged for the remaining term of the bonds and are listed on Schedule 25 in the statistical section. The Fourth Cent Tourist Development Tax and the Local Government Half -Cent Sales Tax pledged to the payment of debt service on the Series 2001 bonds are automatically released as a pledged revenue for the Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series 2001 bonds. The current principal and interest payments of $1,223,432 represent sixteen percent of total pledged revenues. All three revenue sources totaled $7,656,378 for the current fiscal year. The County applied 100% of the first two pledged revenue sources and five percent of the Half -Cent Sales Tax to the debt service payments. The total principal and interest remaining to be paid on the bonds is $11,876,287. On September 30, 2013, the Board transferred $2,275,000 from the General fund to pay down the principal. Excess debt service funds of $59,387 were used to pay the related interest expense. Bonds Issued - At September 30, 2013, Spring Training Facility Revenue Bonds consisted of the following: Description Spring Training Facility Revenue Bonds, Series 2001 Interest Outstanding at Rates and September 30, Date Maturity Issue 2013 3.30%-5.25% 4/1 and 10/1 2031 $ 16,810,000 $ 8,145,000 79