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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 />B. Proprietary Funds Long Term Debt — Continued <br />Water and Sewer Revenue Refunding Bonds. Series 2009 - Continued <br />Outstanding In -Substance Defeased Debt - The proceeds from the refunding were invested in Federal <br />Securities and placed in an escrow account with Bank of New York/Mellon. All of the defeased bonds <br />($28,270,000) were called on September 1, 2009 at 101% of the outstanding principal amount. <br />Optional Redemption - The Series 2009 bonds maturing on or prior to September 1, 2019, are not <br />subject to redemption prior to their respective dates of maturity. The Series 2009 bonds stated to mature <br />after September 1, 2019, are subject to redemption at the option of the Board in whole or, from time to <br />time, in part on September 1, 2019, at the redemption price of the principal amount to be redeemed, plus <br />accrued interest to the date of redemption. <br />275 <br />