|
Indian River County, Florida
<br />Board of County Commissioners
<br />Notes To Financial Statements
<br />Year Ended September 30, 2014
<br />NOTE 11 - LONG-TERM LIABILITIES — Continued
<br />A. Governmental Long -Term Debt - Continued
<br />Annual Debt Service Payments
<br />The annual debt service payments for bonds outstanding at September 30, 2014, are as follows:
<br />Fiscal Year
<br />Ending
<br />September 30
<br />2015
<br />2016
<br />2017
<br />2018
<br />2019
<br />2020-2024
<br />2025-2029
<br />2030-2031
<br />Total
<br />Less:
<br />Current portion
<br />Add:
<br />Unamortized
<br />bond premium
<br />Total
<br />Limited General
<br />Obligation Bonds
<br />Series 2006
<br />Principal
<br />$ 3,390,000
<br />3,545,000
<br />3,705,000
<br />3,890,000
<br />4,085,000
<br />7,395,000
<br />26,010,000
<br />3,390,000
<br />629,265
<br />Interest
<br />$ 1,204,712
<br />1,035,212
<br />893,413
<br />745,212
<br />550,712
<br />478,426
<br />4,907,687
<br />Spring Training Facility
<br />Revenue Bonds
<br />Series 2001
<br />Principal
<br />$ 470,000
<br />495,000
<br />520,000
<br />550,000
<br />585,000
<br />2,230,000
<br />1,960,000
<br />890,000
<br />7,700,000
<br />470,000
<br />Interest
<br />$ 394,713
<br />370,037
<br />344,050
<br />316,750
<br />287,875
<br />1,007,787
<br />525,750
<br />66,250
<br />3,313,212
<br />$ 23,249,265 $ 4,907,687 $ 7,230,000 $ 3,313,212
<br />Limited General Obligation Bonds
<br />Purpose — On July 6, 2006, the Board issued $48,600,000 of Limited General Obligation Bonds, Series
<br />2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond
<br />referendum held on November 2, 2004, by the qualified electors of the County. The referendum
<br />authorized a total of $50,000,000 aggregate principal amount of limited general obligation bonds. The
<br />proceeds of this issue will provide funds to acquire interest in lands to protect water resources and/or
<br />drinking water sources, environmentally sensitive lands, historic sites, and/or agricultural lands together
<br />with the necessary preservation, restoration, remediation and reclamation activities to preserve and
<br />enhance such property.
<br />Pledge of revenues - The principal and interest on the bonds are payable from ad valorem taxes not
<br />exceeding '/2 mil and having a maturity not exceeding fifteen years, which are levied by the Board upon
<br />the taxable real and personal property of the Board.
<br />268
<br />
|