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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 />B. Proprietary Funds Long -Term Debt - Continued
<br />Annual Debt Service Pam
<br />The annual debt service payments for bonds and notes outstanding at September 30, 2017 are as follows:
<br />Fiscal Year
<br />Water and Sewer
<br />Water and Sewer
<br />Ending
<br />Revenue Refunding
<br />Revenue Refunding
<br />September 30
<br />Note Series 2015
<br />Bonds Series 2009
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />2018
<br />$ 1,007,000
<br />$ 85,899
<br />$ 2,100,000
<br />$ 781,000
<br />2019
<br />1,025,000
<br />69,284
<br />2,205,000
<br />676,000
<br />2020
<br />1,042,000
<br />52,371
<br />2,315,000
<br />565,750
<br />2021
<br />1,058,000
<br />35,178
<br />2,430,000
<br />450,000
<br />2022
<br />1,074,000
<br />17,721
<br />2,550,000
<br />328,500
<br />2023-2024
<br />-
<br />-
<br />4,020,000
<br />268,000
<br />Total
<br />5,206,000
<br />260,453
<br />15,620,000
<br />3,069,250
<br />Less:
<br />Current portion
<br />1,007,000
<br />-
<br />2,100,000
<br />-
<br />Add:
<br />Unamortized
<br />bond premium
<br />-
<br />-
<br />1,205,534
<br />-
<br />Total
<br />$ 4,199,000
<br />$ 260,453
<br />$ 14,725,534
<br />$ 3,069,250
<br />Water and Sewer Revenue Refunding Note, Series 2015
<br />Purpose - On August 18, 2015, the Board voted to early call all of the outstanding Water and Sewer
<br />Revenue Refunding 2005 Bonds. The Board paid down 50% of the debt ($7,100,000) with cash and
<br />refinanced the remaining 50% ($7,105,000) with a 7 year note. The total amount borrowed included the
<br />cost of issuance and accrued interest totaling $66,000, for a grand total of $7,171,000.
<br />The aggregate difference in debt service between the Series 2005 bonds ($18,866,875) and the Series
<br />2015 note ($7,653,356), cash contribution and September 1, 2016 principal and interest payment
<br />($9,162,642) is $2,050,877. The net economic gain was $583,991; which included the refinancing,
<br />accrued interest, and cash contribution. This lowered the annual debt service by $1.2 million. The net
<br />economic gain is amortized over the 7 year life of the note. The unamortized balance of the deferred
<br />amount on the refunding at September 30, 2017 is $410,184 and is reflected as a deferred outflow of
<br />resources on the Statement of Net Position.
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