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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 10 - LONG-TERM LIABILITIES - Continued <br />B. Primary Government - Continued <br />Spring TrainingFacility Revenue Bonds - Continued <br />Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and <br />secured by a first lien upon and pledge of the following, together with any investment income realized <br />on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund: <br />1. Payments received by the County from the State of Florida pursuant to Section 212.20, Florida <br />Statutes; and <br />2. The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, enacted <br />pursuant to Section 125.0104(3)(1), Florida Statutes; and <br />3. Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the County, <br />pursuant to Chapter 218, Part VI, Florida Statutes. <br />The foregoing are collectively referred to herein as the "pledged revenues". These revenue streams are <br />pledged for the remaining term of the bonds and are listed on Schedule 25 in the statistical section. <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 a pledged revenue <br />for the Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series <br />2001 bonds. <br />The current principal and interest payments of $850,400 represent 9.13% of total pledged revenues. All <br />three revenue sources totaled $9,315,908 for the current fiscal year. The County applied 100% of the <br />state subsidy, 50% of the Fourth -Cent Tourist Tax, and none of the Half -Cent Sales Tax to the debt <br />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 Revenue <br />Bonds, Series 2001 <br />Interest <br />Rates and <br />Date <br />3.30%-5.25% <br />4/1 and 10/1 <br />76 <br />Outstanding at <br />September 30, <br />Maturity Issue 2017 <br />2031 $ 16,810,000 $ 6,215,000 <br />