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Comprehensive Plan Capital Improvements Element Existing Outstanding Debt At the end of FY 2010/11, Indian River County's outstanding debt, comprised of revenue bonds and general obligation bonds, stood at $101,035,000. This is shown in table 6.6. Currently, Enterprise Funds comprise 49.01% of the overall debt (Utility Dept 46.38%; and Golf Course 2.63%), leaving $51,520,000 in bonds paid from general governmental funds. In November 2001, Indian River County issued the remaining $11,000,000 of the $26,000,000 Environmentally Sensitive Land Acquisition general obligation bonds originally approved by voters in 1992. Also in 2001, the County issued $16,810,000 in Spring Training Facility Bonds to finance the acquisition and expansion of the Dodgertown spring training facility (now known as the Vero Beach Sports Complex). In 2003, two bonds were refinanced to take advantage of lower interest rates: the 1993 Series Refunded Recreational Revenue Bonds and the 1995 Series Environmental Lands Acquisition Bonds. Those bonds have since been paid off. In 2004, Indian River County voters approved the issuance of up to an additional $50,000,000 in Environmentally Sensitive Land Acquisition general obligation bonds. As a result, Indian River County issued $48,600,000 in Environmentally Sensitive Land Acquisition general obligation bonds in 2006. While the county refinanced its 1996 Series Water and Sewer Bonds in 2005 and the majority of its 1993 Series A Water and Sewer Bonds in 2009, the County retained a portion of the 1993 Series A Water and Sewer Bonds with a maturity of 2011 because it was more cost efficient than rolling the entire amount into the 2009 Water and Sewer Bonds. Table 6.6: Indian River County Existing Long Term Debt Amount Average Initial - Remaining Interest Final Amount (a 09/30/2011 Rate Maturity' gond Rating Security Pledge Water & Sewer Revenue Bonds: 2005 Series $27,675,000 $20,490,000 o 3.94/0 2022 AAA/FGIC (Insured) Water & Sewer Revenues $26,370,000 Water & Sewer 2009 Series 1 $26,370,000 1 1 3.68% 2024 1 AA+/AA Revenues Recreation Revenue Bonds 2001 Series Spring $16,810,000 $11,705,000.00 4.87% 2031 AAA/FGIC State Funds, ''/z Cent Training Facility (Insured) Sales Tax, Tourist Tax Golf Course Net 2003 Series Income, Fronton Refunding $6,455,000 $2,655,000.00 3.65% 2016 AAA/AMAC Revenue and Recreational (Insured) Subordinate Lien on Revenue One Half Cent Sales Tax Voted G.O. Bonds Community Development Department Indian River County Adopted November _, 2011, Ordinance 2011-_ 23