Laserfiche WebLink
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 />Limited General Obligation Bonds - Continued <br />Bonds Issued - At September 30, 2014, Limited General Obligation Bonds consisted of the following: <br />Description <br />Limited General Obligation <br />Bonds, 2006 Series <br />Outstanding at <br />Interest Rates September 30, <br />and Date Maturity Issue 2014 <br />4.00%-5.00% <br />1/1 and 7/1 2021 $ 48,600,000 $ 26,010,000 <br />Optional Redemption - The Limited General Obligation Bonds, Series 2006, maturing on or after July 1, <br />2017, are subject to redemption prior to maturity, at the option of the Board on and after July 1, 2016, in <br />whole or in part, at any time, on any date at a redemption price of par, together with accrued interest to <br />the redemption date. <br />Spring Training Facility Revenue Bonds <br />Purpose - On August 15, 2001, the Board issued $16,810,000 of Spring Training Facility Revenue <br />Bonds, Series 2001. The Series 2001 bonds are being issued by the Board to provide funds, together <br />with other available funds, to (1) finance a portion of the cost of acquisition and expansion of a spring <br />training facility currently known as "Historic Dodgertown"; (2) pay a premium for a municipal bond <br />insurance policy and a debt service reserve account surety bond, and (3) pay certain costs and expenses <br />incurred in connection with the issuance of the Series 2001 bonds. <br />Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and <br />secured by a first lien upon and pledge of the following, together with any investment income realized <br />on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund: <br />1. Payments received by the Board from the State of Florida pursuant to Section 212.20, Florida <br />Statutes; and <br />2. The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, <br />enacted pursuant to Section 125.0104(3)(1), Florida Statutes; and <br />3. Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the Board, <br />pursuant to Chapter 218, part VI, Florida Statutes. <br />The foregoing is collectively referred to herein as the "pledged revenues". These revenue streams are <br />pledged for the remaining term of the bonds. <br />269 <br />