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Indian River County I Impact Fee Update Study <br /> Debt Service Credit per Student <br /> The District has been using COPS and other types of bonds to pay for a portion of the <br /> capacity expansion projects. Given that there is still an outstanding debt service on these, a <br /> credit is calculated for future debt service payments related to capacity expansion projects. <br /> In cases where the distribution of bond funding for capacity expansion versus <br /> replacement/renovation projects was not available, it was assumed that the entire amount <br /> was used for capacity expansion projects, which results in a generous credit and a <br /> conservative impact fee. The District uses local capital outlay millage and federal subsidies <br /> to pay the debt service. <br /> A revenue credit is calculated for the remaining portion of each outstanding COP/bond <br /> issue used to fund capacity expansion projects. The remaining payments were brought back <br /> to present value, based on the remaining number of years and annual interest rate of each <br /> respective issue. <br /> As presented in Table X-7,the debt service credit is$6,977 per student. <br /> Table X-7 <br /> Debt Service Credit per Student <br /> Number of Remaining Present Value Average DebtService <br /> Yearsof of Total <br /> Description .. <br /> Payments(l) for <br /> Certificates of Participation <br /> 2005 COPS Issue 12 $75,408,441 $57,465,002 15,861 $3,623 <br /> 2007 COPS Issue 14 $55,753,771 $38,059,999 16,083 $2,366 <br /> 2005 COBI 14 $1,373,338 $970,000 16,083 $60 <br /> 2008 COBI 11 $5,450,594 $4,305,000 15,900 $271 <br /> 2010 COBI 16 $194,3501 $139,9991 16,457 $9 <br /> 2010 QSCB Issue 15 $16,259,2361 $10,589,7691 16,352 $648 <br /> Total COPs Debt Service Credit per Student $6,977 <br /> (1),(2)Source:Indian River County School District <br /> (3) Present value of the total remaining payments due, based on the interest rate of each payment and the <br /> number of years of remaining payments. <br /> (4) Source:Table X-1. Enrollment for 2017 through 2025 is based on projections obtained from the Florida <br /> Department of Education,and afterwards based on a 1%annual growth. <br /> (5) Present value of total remaining payments(Item 3)divided by the average annual enrollment over the life <br /> of the remaining payments(Item 4) <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> June 2014 138 Impact Fee Update Study <br /> 173 <br />