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Indian River County, Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30, 2015
<br /> NOTE 12 -LONG-TERM LIABILITIES - Continued
<br /> B. Primary Government- Continued
<br /> Limited General Obligation Bonds
<br /> Purpose — On. July 6, 2006, the County issued $48,600,000 of Limited General Obligation. Bonds,
<br /> Series 2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond
<br /> referendum held on November 2, 2004, by the qualified electors of the County. The referendum
<br /> authorized a total of$50,000,000 aggregate principal amount of limited general obligation bonds. The
<br /> proceeds of this issue will provide funds to acquire interest in lands to protect water resources and/or
<br /> drinking water sources, environmentally sensitive lands, historic sites, and/or agricultural lands together
<br /> with the necessary preservation, restoration, remediation and reclamation activities to preserve, protect,
<br /> or enhance such property.
<br /> Pledge of'revenues — The principal and interest on the bonds are payable from the sole source of ad
<br /> valorem taxes not exceeding % mil and having a maturity not exceeding fifteen years, which are levied
<br /> by the County upon the taxable real and personal property of the County. The total tax revenue
<br /> received was $4,795,927 of which 100% is pledged for payment of this bond and the refunding 2015
<br /> series Note. Total principal and interest paid on this bond was $4,148,006 and represents 86% of total
<br /> pledged revenue.
<br /> Bonds Issued-At September 30, 2015, Limited General Obligation Bonds consisted of the following:
<br /> Interest Outstanding at
<br /> Rates and September 30,
<br /> Description Date Matures_ Issue 2015
<br /> Limited General Obligation 4.00%-5.00%
<br /> Bonds, Series 2006 1/1 and 7/1 2016 $ 48,600,000 $ 3,545,000
<br /> Optional Redemption - The Limited General Obligation Bonds, Series 2006, maturing on or after July
<br /> 1, 2017, are subject to redemption prior to maturity, at the option of the County on and after July 1,
<br /> 2016, in whole or in part, at any time, on any date at a redemption price of par, together with accrued
<br /> interest to the redemption date. On April 9, 2015, all eligible outstanding bonds ($19,075,000) were
<br /> called early and placed in an escrow account held by Regions Bank. The July 1, 2015 and 2016
<br /> principal payments ($6,935,000) were not included in the redemption. The $19,075,000 was refunded
<br /> by a Regions Bank Note discussed in further detail later in this note.
<br /> Spring; TrainingFacility Revenue Bonds
<br /> Purpose - On August 15, 2001, the County issued $16,810,000 of Spring Training Facility Revenue
<br /> Bonds, Series 2001. The Series 2001 bonds are being issued by the County 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.
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