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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />6. Lona -Term Debt - Continued: <br />E. Summary of Defeased Debt Outstanding <br />The following outstanding revenue bonds are legally defeased. Since <br />governmental obligations are held in escrow for the payment of principal and <br />interest, the bonds are not liabilities of the County. <br />Capital Improvement Revenue Bonds: <br />Series 1980 <br />Series 1981 <br />Retired <br />During <br />Fiscal Year <br />1990 <br />65.000 <br />S 20.000 <br />Outstanding <br />at <br />September 30, <br />1990 <br />3.900.000 <br />p 630.000 <br />Solid Waste Disposal System <br />Revenue Bonds, Series 1977 S 140.000 ; 650.000 <br />F. Capital Leases and Notes Pavable <br />(1) General Long -Term Debt Capital Leases - The County has entered into <br />several lease -purchase agreements to purchase various types of equipment <br />with lease terms varying from 24 to 60 months. <br />The following is a schedule of future minimum lease payments under capital <br />leases, together with the present value of the net minimum lease payments, <br />as of September 30, 1990: <br />Board of <br />Year Ending County Property <br />September 30, Commissioners Sheriff Appraiser Total <br />1991 $ 82,924 $13,531 $ 77,032 $173,487 <br />1992 81,704 9,665 77,032 168,401 <br />1993 59,873 9,665 73,254 142,792 <br />1994 59,873 9,272 3,041 72,186 <br />1995 - 1,232 - 1,232 <br />Total Minimum <br />Lease Payments 284,374 43,365 230,359 558,098 <br />Less: Amount repre- <br />senting interest 46,839 11,997 30,969 89,805 <br />Present Value of Net <br />Minimum Lease Payments X4237.535, S31.368, S199.390 5468.293 <br />38 <br />