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Indian River County 1 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 Present Value <br />Remaining Average Debt Service <br />Years of of Total <br />Description Payments Due Annual Credit per <br />Remaining Remaining <br />(1( for Expansion( Z( <br />Payments Payments (3) Enrollment(') Student(5) <br />Certificates of Participation <br />2005 COPS Issue <br />12 <br />$75,408,441 <br />$57,465,002 <br />15,861 <br />$3,623 <br />2007 COPS Issue <br />14 <br />$55,753,771 <br />$38,059,999 <br />16,083 <br />$2,366 <br />2005 COBI <br />14 <br />$1,373,338 <br />$970,000 <br />16,083 <br />$60 <br />2008 COBI <br />11 <br />$5,450,594 <br />$4,305,000 <br />15,900 <br />$271 <br />2010 COBI <br />16 <br />$194,350 <br />$139,999 <br />16,457 <br />$9 <br />2010 QSCB Issue <br />15 <br />$16,259,236 <br />$10,589,769 <br />16,352 <br />$648 <br />Total COPs Debt Service Credit per Student <br />$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. <br />Indian River County <br />June 2014 138 Impact Fee Update Study <br />r73 <br />