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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 /> Water and Sewer Revenue Refunding Bonds, Series 2009 -Continued <br /> Pledge of Revenues — The revenue bonds are collateralized, for the remaining term of the bonds, by a <br /> pledge of all net revenues derived from the operation of the system, certain surcharges, and special <br /> assessments. <br /> The principal and interest payments of $2,882,000 represent approximately twenty percent of net <br /> revenues of$14,243,879 of the utility system. Refer to Schedule 14 in the statistical section for further <br /> detail. The total principal and interest remaining to be paid on the bonds is $24,451,500. <br /> Rate Covenant—Net revenues shall be sufficient to pay 1.00% of the reserve account requirement and <br /> 120% of the current year's principal and interest payment. <br /> Bonds Issued- At September 30, 2015, the revenue bonds consisted of the following: <br /> Interest Outstanding at <br /> Rates and September 30, <br /> Description Date Maturity Issue 2015 <br /> Water and Sewer 4-5% <br /> Revenue Refunding Bonds, 3/1 and 9/1 2024 $ 26,370,000 $ 1.9,525,000 <br /> Series 2009 <br /> Outstanding In-Substance Defeased Debt - The proceeds from the refunding were invested in federal <br /> securities and were placed in an escrow account with Bank of New York/Mellon. All of the defeased <br /> bonds ($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 County 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, <br /> plus accrued interest to the date of redemption. <br /> C. Compensated Absences <br /> For the governmental activities compensated absences liability, the General Fund normally liquidates <br /> 73 percent, and the Transportation and Emergency Services District funds normally liquidate 7 percent <br /> and 18 percent, respectively. The remaining 2 percent is liquidated by other governmental and internal <br /> service funds. <br /> 89 <br />