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Comprehensive Plan Capital Improvements Element Debt Service Debt service consists of interest and payments made by the county on its debt. That figure includes principal retirement, interest and other miscellaneous debt service. As table 6.5 indicates, total County debt service expenditures were $10,486,083 in FY 2011/12. Between fiscal years 2010/11 and 2011/12, debt service expenditures increased by 53.48%. That increase was due to the early payoff of a general obligation bond issue with a remaining principal balance of $3.6 million during FY 2011/12. Since FY 2006/07, debt service expenditures have increased by 29.03%. Debt service expenses represented 4.88% of all County expenses in FY 2011/12. Existing Outstanding Debt At the end of FY 2012/13, Indian River County's outstanding debt, comprised of revenue bonds and general obligation bonds, stood at $77,975,000. That is shown in table 6.6. Currently, Enterprise Funds comprise 52.02% of the overall debt (Utility Dept), leaving $37,410,000 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. That portion of the water and sewer bond has since been paid off. Community Development Department Indian River County Adopted , 2013, Ordinance 2013- 22 Water & Sewer Revenue Bonds: AAA/FGIC Water & Sewer 2005 Series $27,675,000 $17,480,000 3.94% 2022 (Insured) Revenues Water & Sewer 2009 Series $26,370,000 $23,085,000 3.68% 2024 AA+/AA Revenues Community Development Department Indian River County Adopted , 2013, Ordinance 2013- 22