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2017-047
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Last modified
4/12/2017 1:45:26 PM
Creation date
4/12/2017 1:27:56 PM
Metadata
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Template:
Official Documents
Official Document Type
Report
Approved Date
04/11/2017
Control Number
2017-047
Agenda Item Number
8.B.
Entity Name
Indian River County
Subject
Comprehensive Annual Financial Report
Fiscal Year 2015-2016
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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 10 - LONG-TERM LIABILITIES - Continued <br />B. Primary Government - Continued <br />Limited General Obligation Refunding Note, Series 2015 <br />Purpose - On April 7, 2015, the County voted to redeem $19,075,000 of outstanding 2006 Limited <br />General Obligation Bonds with a 7 year note from Regions Capital Advantage, Inc. The refunding <br />ultimately saved the County $1.2 million over the 7 year remaining life of the bonds. <br />The aggregate difference in debt service between the 2015 note ($28,959,008) and the 2006 bonds <br />($30,315,331) was $1,356,323. These amounts include the 7/1/2015 and 7/1/2016 principal and interest <br />payments which were excluded in the refunding. The net economic gain was $636,694 and is <br />amortized over the life (72 months) of the new debt. The unamortized balance of $481,942 is reflected <br />as a deferred outflow of resources on the Statement of Net Position. This refinancing lowered the <br />annual debt service by $150,000. <br />Pledge of revenues — The principal and interest on the bonds are payable from the sole source of ad <br />valorem taxes not exceeding 1/2 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 $4,594,381 of which 100% is pledged for payment of this note and the 2006 bond. Total <br />principal and interest paid on this note was $675,813 and represents 15% of total pledged revenue. <br />Maturity and Interest Rate - Interest payments are made semiannually beginning July 1, 2015 through <br />July 1, 2021. Annual principal payments begin July 1, 2015.and end July 1, 2021. The interest rate is <br />fixed at 1.66%. The note may be paid early without a prepayment penalty. <br />78 <br />
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