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Comprehensive Plan Capital Improvements Element
<br />Projected Debt Capacity
<br />Debt Financing, which involves borrowing money using the county's assets as collateral, is one way
<br />that the county has provided for its capital facility needs. The primary rationale for providing capital
<br />facilities through indebtedness is that it spreads the cost of a facility over its useful life and thus is
<br />paid for by those who will use the facility.
<br />Table 6.16 provides a summary of the county's estimated ability to raise bonds without a public vote.
<br />The county's bonding capacity is identified for 10, 20, and 30 years. As table 6.16 indicates, the
<br />county's available bonding capacity for the next 10 years is $152,000,000, with an additional potential
<br />of $293,000,000.
<br />Table 6.16: Indian River County Estimated bility to Raise Bonds Without A Public Vote
<br />Pledge Sources. '
<br />Ten,Years
<br />Twenty Years
<br />Thirty Years
<br />(Bond Interest Rate @
<br />-(Bond Interest Rate @.(Bond
<br />Interest Rate @ ,
<br />. .:
<br />2.95%).
<br />3.99%):,''4:37%)
<br />Half Cent Sales Tax
<br />$44,800,000
<br />$76,300,000
<br />$92,500,000
<br />Gas Taxes
<br />$45,900,000
<br />$73,100,000
<br />$85,800,000
<br />Tourist Tax
<br />$9,300,000
<br />$14,800,000
<br />$17,400,000
<br />First Guaranteed
<br />Entitlement
<br />$1,800,000
<br />$2,800,000
<br />$3,300,000
<br />Second Guaranteed
<br />Entitlement
<br />$3,600,000
<br />$5,800,000
<br />$6,800,000
<br />Sub -Total
<br />$105,400,000
<br />$172,800,000
<br />$205,800,000
<br />Possible Pledge Sources
<br />Franchise Fees
<br />$38,300,000
<br />$60,900,000
<br />$71,600,000
<br />Road Impact Fees
<br />$8,300,000
<br />$13,300,000
<br />$15,600,000
<br />Sub -Total
<br />$46,600,000
<br />$74,200,000
<br />$87,200,000
<br />TOTAL
<br />$152,000,000
<br />$247,000,000
<br />$293,000,000
<br />Source: Indian River County Office of Management and Budget.
<br />Debt Service Obligations
<br />The county's debt service obligations for current and anticipated bond issues are summarized in table
<br />6.17. Debt service is payment of principal and interest on obligations resulting from the issuance of
<br />Community Development Department Indian River County
<br />Supplement #_; Adopted November_, 2009, Ordinance 2009-_
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