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Comprehensive Plan Capital Improvements Element
<br />Enterprise Funds support 48.73% of the overall debt (Utility Dept 45.81 %; and Golf Course 2.92%),
<br />leaving $55,790,000 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 (now known as the Vero Beach Sports Complex). Two bonds
<br />were refinanced in 2003 to take advantage of lower interest rates: the 1993 Series Refunded
<br />Recreational Revenue Bonds and the 1995 Series Environmental Lands Acquisition Bonds. Those
<br />bonds have since been paid off. In 2004, Indian River County voters approved the issuance of up to
<br />an additional $50,000,000 in Environmentally Sensitive Land Acquisition general obligation bonds.
<br />As a result, Indian River County issued $48,600,000 in Environmentally Sensitive Land Acquisition
<br />general obligation bonds in 2006. Finally, the county refinanced its 1996 Series Water and Sewer
<br />Bonds in 2005 and the majority of its 1993 Series A Water and Sewer Bonds in 2009. The County
<br />kept a portion of the 1993 Series A Water and Sewer Bonds with a maturity of 2011 because it was
<br />more cost efficient than rolling the entire amount into the 2009 Water and Sewer Bonds.
<br />Table 6.6: Indian River Cpunty Existing
<br />Long Term Debt
<br />Amount
<br />Average
<br />Initial
<br />Remaining
<br />Inters t
<br />Final r
<br />Amount'a49f30/201
<br />Rate
<br />Maturi ° RondRating
<br />Security 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 />$1,555,000
<br />(Insured)
<br />Revenues
<br />o
<br />3.94/0
<br />2022
<br />AAA/FGIC
<br />Water & Sewer
<br />2005 Series
<br />$27,675,000
<br />$21,925,000
<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, ''/z Cent
<br />Training Facility
<br />$12,310,000
<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 />$3,175,000
<br />(Insured)
<br />Subordinate Lien on
<br />Revenue
<br />One Half Cent Sales
<br />Tax
<br />Voted G.O. Bonds
<br />Environmental
<br />Lands Acquisition
<br />$11,000,000
<br />3.89% 2016
<br />AAA/FSA
<br />General Obligation
<br />2001 Series
<br />$5,210,000
<br />(Insured)
<br />Community Development Department Indian River County
<br />Supplement #_; Adopted November _, 2010, Ordinance 2010-_
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