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<br /> Indian River County,Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30, 2012
<br /> NOTE 13 - LONG-TERM LIABILITIES - Continued
<br /> B. Primary Government- Continued
<br /> Business-type Activities
<br /> Annual Debt Service Payments—Business-type Activities ti
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<br /> The annual debt service payments for bonds outstanding at September 30, 2012 are as follows:
<br /> Fiscal Year Recreational Water and Sewer Water and Sewer
<br /> Ending Revenue Refunding Revenue Refunding Revenue Refunding
<br /> September 30 Bonds Series 2003 Bonds Series 2005 Bonds Series 2009
<br /> Principal Interest Principal Interest Principal Interest
<br /> 2013 $ 555,000 $ 83,169 $ 1,530,000 $ 877,150 $ 1,675,000 $ 1,203,800
<br /> 2014 580,000 62,356 1,605,000 800,650 1,745,000 1,136,800
<br /> 2015 600,000 39,881 1,670,000 736,450 1,815,000 1,067,000
<br /> 2016 385,000 15,881 1,750,000 652,950 1,905,000 976,250 `
<br /> 2017 - - 1,840,000 565,450 2,000,000 881,000
<br /> 2018-2022 - - 10,615,000 1,405,250 11,600,000 2,801,250
<br /> 2023-2024 - - - - 4,020,000 268,000
<br /> Total 2,120,000 201,287 19,010,000 5,037,900 24,760,000 8,334,100
<br /> Less:
<br /> Current portion 555,000 - 1,530,000 - 1,675,000 -
<br /> Unamortized
<br /> bond discount 18,129 - - - - -
<br /> Add:
<br /> Unamortized
<br /> bond premium - - 610,413 - 2,082,285 -
<br /> Total $ 1,546,871 $ 201,287 $ 18,090,413 $ 5,037,900 $ 25,167,285 $8,334,100
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<br /> Recreational (Golf Course)Revenue Refunding Bonds, Series 2003
<br /> Purpose - On October 15, 2003, the Series 2003 bonds were issued to redeem $6,735,000 of the
<br /> County's outstanding Recreational Revenue Bonds, Series 1993. The Series 2003 bonds are being
<br /> issued by the County to provide funds, together with $583,790, to retire all of the outstanding 1993
<br /> Series bonds and to pay for all bond issuance costs. The previous bonds were issued to build a County-
<br /> owned golf course.
<br /> The aggregate difference in debt service between the Series 1993 debt ($9,284,290) and Series 2003
<br /> debt ($8,060,911) is $1,223,379. The net economic gain was $348,450 and is amortized over the life of
<br /> the bonds. The unamortized balance of the deferred amount on the refunding at September 30, 2012 is
<br /> $107,215 and is reflected as a deferred outflow of resources on the Statement of Net Position.
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