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<br /> �Lox�o� 2012/2013 Budget
<br /> Long Term Debt
<br /> Recreational Revenue Refunding Bonds, Series 2003
<br /> Fiscal Year Principal Re uirements Total Initial Principal Amount
<br /> Ending Outstanding Principal Interest Payment
<br /> 9/30/03 6,455,000 Series 2003 - $6,455,000
<br /> 9/30/04 6,045,000 410,000 197,258 607,258
<br /> Term of Bonds
<br /> 9/30/05 5,595,000 450,000 189,057 639,057
<br /> 9/30/06 51135,000 460,000 180,058 640,058 Series 2003 - 13 Years
<br /> 9/30/07 4,660,000 475,000 170,857 645,857
<br /> 9/30/08 4,175,000 485,000 160,764 645,764 First Call Date
<br /> 9/30/09 3,685,000 490,000 148,638 638,638 September 1, 2013
<br /> 9/30/10 3,175,000 510,000 135,164 645,164
<br /> 9/30/11 2,655,000 520,000 119,864 639,864 Pledged Revenue
<br /> 9/30/12 2,120,000 535,000 102,964 637,964
<br /> Payment of the Principal and Interest on
<br /> 9/30/13 1,565,000 555,000 83,169 638,169 the Series 2003 Recreational Revenue
<br /> 9/30/14 985,000 580,000 62,356 642,356 Refunding Bonds is payable and secured
<br /> 9/30/15 385,000 600,000 39,881 639,881 by a first lien upon net revenues of the
<br /> 9/30/16 0 385,000 15,881 400,881 golf club and the "Racetrack and Jai Alai
<br /> Fronton Funds" (Fronton Funds). The
<br /> $6,455,000 $1,605,911 $8,060,911 Fronton Funds were subsequently
<br /> `�.. replaced by an equal share of State Sales
<br /> Purpose Tax (Racetrack and Fronton Replacement
<br /> Revenues) during the 2000 legislative
<br /> The Recreational Revenue Refunding Bonds were issued for session of the State of Florida. The Series
<br /> the purpose of refunding the existing Recreational Revenue 2003 Bonds are additionally secured by a
<br /> Refunding Bonds in 2003. These bonds were issued in 1993 first lien upon 7% of the Half-Cent Sales
<br /> to refund two previous issues. The Series 1993 bonds were Tax revenue received by Indian River
<br /> issued in the original principal amount of$9,875,000, and at County. All debt service costs are
<br /> the time of the refunding, $6,735,000 in bonds were still recorded in the Golf Course Fund 418,
<br /> outstanding. The Series 1985 and Series 1991 bonds were Clubhouse Department 236 found in the
<br /> issued for the construction of the County golf course ENTERPRISE FUNDS section of this
<br /> (Sandridge Golf Club), which consists of two eighteen-hole document.
<br /> golf courses and a driving range.
<br /> Bond Insurer
<br /> Average Interest Rate
<br /> AMBAC Indemnity Corporation
<br /> Series 2003 -3.65%(True Interest Cost)
<br /> Bond Ratings (at time of issuance)
<br /> Standard &Poor's-"AAA"(insured)
<br /> Fitch-"AAA"(insured)
<br /> 338 214
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