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Comprehensive Plan Capital Improvements Element
<br />Enterprise Funds support 57.9% of the overall debt (Utility Dept 44.17%; and Golf Course 13.74%),
<br />leaving $57,160,000 in bonds paid from general governmental funds. In November 2001, Indian
<br />River County issued the remaining $11,000,000 of the $26,000,000 Environmentally Sensitive Land
<br />Acquisition general obligation bonds originally approved by voters in 1992. Also in 2001, the County
<br />issued $16,810,000 in Spring Training Facility Bonds to finance the acquisition and expansion of the
<br />Dodgertown spring training facility. Two bonds were refinanced in 2003 to take advantage of lower
<br />interest rates: the 1993 Series Refunded Recreational Revenue Bonds and the 1995 Series
<br />Environmental Lands Acquisition Bonds. In 2004, Indian River County voters approved the issuance
<br />of up to an additional $50,000,000 in Environmentally Sensitive Land Acquisition general obligation
<br />bonds. As a result, Indian River County issued $48,600,000 in Environmentally Sensitive Land
<br />Acquisition general obligation bonds in 2006. Finally, the county refinanced its 1996 Series Water
<br />and Sewer Bonds in 2005 and the majority of its 1993 Series A Water and Sewer Bonds in 2009. The
<br />County kept a portion of the 1993 Series A Water and Sewer Bonds with a maturity of 2011 because
<br />it was more cost efficient than rolling the entire amount into the 2009 Water and Sewer Bonds.
<br />Table 6.6: 'Indian'River County Existing Long Term Debt
<br />Amount
<br />Average
<br />Initial-
<br />„Remi aining
<br />Interest
<br />Final _
<br />Amount
<br />a 09/30/08
<br />Rate
<br />MaturitySecurity
<br />Bond Rating
<br />Pledge
<br />Water & Sewer Revenue Bonds:
<br />1993 A Series
<br />$47,190,000
<br />5.76%
<br />2011
<br />AAA/FGIC
<br />Water & Sewer
<br />$3,030,000
<br />(Insured)
<br />Revenues
<br />a
<br />3.94/0
<br />2022
<br />AAA/FGIC
<br />Water & Sewer
<br />2005 Series
<br />$27,675,000
<br />$23,320,000
<br />(Insured)
<br />Revenues
<br />Water & Sewer
<br />2009 Series
<br />$26,370,000
<br />$26,370,000
<br />3.68%
<br />2024
<br />AA+/AA
<br />Revenues
<br />Recreation Revenue Bonds
<br />2001 Series Spring
<br />$16,810,000
<br />4.87%
<br />2031
<br />AAA/FGIC
<br />State Funds, ' Cent
<br />h
<br />Training Facility
<br />$12,895,000
<br />(Insured)
<br />Sales Tax, Tourist Tax
<br />Golf Course Net
<br />2003 Series
<br />Income, Fronton
<br />Refunding
<br />$6,455,000
<br />3.65%
<br />2016
<br />AAA/AMAC
<br />Revenue and
<br />Recreational
<br />$3,685,000
<br />(Insured)
<br />Subordinate Lien on
<br />Revenue
<br />One Half Cent Sales
<br />Tax
<br />Voted G.O. Bonds
<br />Environmental
<br />AAA/FSA
<br />Lands Acquisition
<br />$11,000,000
<br />3.89%
<br />2016
<br />General Obligation
<br />2001 Series
<br />$5,955,000
<br />(Insured)
<br />Environmental
<br />AAA/AMAC
<br />Lands Acquisition
<br />$7,800,000
<br />$1,210,000
<br />2.05%
<br />2010
<br />General Obligation
<br />2003 Series
<br />(Insured)
<br />Community Development Department Indian River County
<br />Supplement #_; Adopted November _, 2009, Ordinance 2009-_
<br />23
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