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Comprehensive Plan Capital Improvements Element <br />majority of its 1993 Series A Water and Sewer Bonds in 2009, the County retained a portion of the <br />1993 Series A Water and Sewer Bonds with a maturity of 2011 because it was more cost efficient <br />than rolling the entire amount into the 2009 Water and Sewer Bonds. That portion of the water and <br />sewer bond has since been paid off. <br />More recently, in 2015 the 2005 Series Water and Sewer Revenue Bonds and the 2006 Series <br />Environmental Lands Acquisition Bonds were refinanced. Those bonds were refinanced to take <br />advantage of better interest rates. This has substantially decreased the County's total bond debt. <br />Table 6.6: Indian River County Existing Long Term Debt <br />Initial <br />Amount <br />Average <br />Final <br />Amount <br />Remaining <br />Interest <br />Maturity <br />Bond Rating <br />Security Pledge <br />a,09/30/2017 <br />Rate <br />Water & Sewer Revenue Bonds: <br />2015 Series <br />$7,171,000 <br />$5,206,000 <br />1.65% <br />2022 <br />N/A <br />Water & Sewer Revenues <br />2009 Series <br />$26,370,000 <br />$15,620,000 <br />3.68% <br />2024 <br />AA+/AA <br />Water & Sewer Revenues <br />Recreation Revenue Bonds <br />2001 Series Spring <br />$16,810,000 <br />o <br />$16,215,000 4.87 /0 <br />2031 <br />AAA/FGIC <br />State Funds &Tourist Tax <br />Training Facility <br />(insured) <br />Voted G.O. Bonds <br />Environmental <br />Lands Acquisition <br />$20,369,000 <br />$19,706,000 <br />1.66% <br />2021 <br />N/A <br />General Obligation <br />2015 Series <br />Total Bonds <br />$46,747,000 <br />Outstanding <br />Source: Indian River County Budget 2017/18. <br />Local Policies and Practices <br />As part of the capital improvements planning process, it is important to do an inventory of current <br />Indian River County policies and practices that guide the timing, location, expansion, or increase in <br />capacity of capital facilities. Those policies and practices relate to the county's existing level -of - <br />service standards, impact fee programs, comprehensive plan, and enterprise fund accounts. <br />Existing Level -of -Service Standards <br />Level -of -service (LOS) standards are indicators of the extent or degree of service provided by, or <br />proposed to be provided by, a facility based on and related to the operational characteristics of the <br />facility. Level -of -service standards indicate the capacity per unit of demand of each public facility. <br />Community Development Department Indian River County <br />Adopted December 5, 2017, Ordinance 2017-015 22 <br />