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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 9 - LONG-TERM LIABILITIES - Continued <br />A. Governmental Long -Term Debt — Continued <br />Spring TrainingFacility acility Revenue Bonds - Continued <br />3. Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the Board, <br />pursuant to Chapter 218, part VI, Florida Statutes. <br />The foregoing is collectively referred to herein as the "pledged revenues". These revenue streams are <br />pledged for the remaining term of the bonds. <br />The Fourth Cent Tourist Development Tax and the Local Government Half -Cent Sales Tax pledged to <br />the payment of debt service on the Series 2001 bonds are automatically released as pledged revenue for <br />the Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series 2001 <br />bonds. <br />The current principal and interest payments of $850,400 represent 9.13% of total pledged revenues. All <br />three pledged revenue sources totaled $9,315,908 for the current fiscal year. The Board applied 100% <br />of the state subsidy, 50% of the Fourth -Cent Tourist Tax, and none of the Half -Cent Sales Tax to the <br />debt service payments. The total principal and interest remaining to be paid on the bonds is $8,419,413. <br />Bonds Issued - At September 30, 2017, Spring Training Facility Revenue Bonds consisted of the <br />following: <br />Description <br />Spring Training Facility <br />Revenue Bonds, 2001 Series <br />Interest Rates <br />and Date <br />3.30%-5.25% <br />4/1 and 10/1 <br />Maturity <br />Outstanding at <br />September 30, <br />Issue 2017 <br />2031 $ 16,810,000 $ 6,215,000 <br />