|
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 />Limited General Obligation Refunding Note, Series 2015 - Continued
<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 amortized
<br />over the life (72 months) of the new debt. The unamortized balance of $375,826 is reflected as a
<br />deferred outflow of resources on the government -wide Statement of Net Position. This refinancing
<br />lowered the 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 '/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 received
<br />was $4,619,804 of which 100% is pledged for payment of this note and the 2006 bond. Total principal
<br />and interest paid on this note was $4,380,119 and represents 95% of total pledged revenue.
<br />Maturity and Interest Rate - Interest payments are made semiannually beginning July 1, 2015 through
<br />July 1, 2021. Annual principal payments begin July 1, 2015 and end July 1, 2021. The interest rate is
<br />fixed at 1.66%. The note may be paid early without a prepayment penalty.
<br />B. Proprietary Long -Term Debt
<br />Changes in Long -Term Liabilities
<br />Accrued Compensated Absences
<br />Note Payable:
<br />Water & Sewer Revenue
<br />Refunding Note Series 2015
<br />Bonds Payable:
<br />Water & Sewer Revenue
<br />Refunding Series 2009
<br />Grand Total
<br />Balance Balance
<br />October 1, September 30,
<br />2016 Additions Deletions 2017
<br />$ 1,057,350 $ 893,508 $ 880,916 $ 1,069,942
<br />6,198,000 - 992,000 5,206,000
<br />17,620,000 - 2,000,000 15,620,000
<br />$ 24,875,350 $ 893,508 $ 3,872,916 $ 21,895,942
<br />
|