1993-073 - Laserfiche WebLink

Home Browse Search

INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1992 17. Commitments and Continqencies - Continued: C. Grants - Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of the County. In the opinion of management, any such adjustments would not be significant. 18. Subseauent Events: A. Refundinq Revenue Bonds. Series 1991 - On December 8, 1992, the Board issued a $7,530,000 Bond with maturity dates ranging from 1993 to 2005 and interest rates of 2.70% to 5.85%. This bond issue was used to retire a portion ($3,605,000) of the County's outstanding Refunding and Improvement Revenue Bonds, Series 1985, and all of the outstanding Capital Improvement Revenue Bonds, Series 1987 ($2,855,000). The Series 1992 Bonds will be paid from and secured by a first lien upon and pledge of the proceeds of the Local Government Half -Cent Sales Tax and certain Investment Income received by the County. The County realized a present value savings of future cash flows with this refunding transaction. B. Indian River County Judicial Complex - Work has continued on the $22,000,000 Judicial Complex. The project is comprised of a three-story courthouse and a three-level parking garage. The Board authorized the project out for bid in September and received contractors' proposals in October. The contract was awarded to James A. Cummings, Inc. at a cost of $13,272,600, which was under the estimated price. Groundbreaking ceremonies were held on November 5, 1992 and construction began on that date. The contractor has fourteen months to finish the project. The move -in date is anticipated to be in early spring of 1994. The project is being funded with revenues from the optional one -cent sales tax. C. Golf Course - In early 1990, a favorable feasibility study allowed the Board of County Commissioners to approve the expansion of the Sandridge Golf Club to 36 holes. The formal dedication and opening of the new Lakes Course, a Par 72, 6,217 -yard golf course designed by acclaimed golf club architect, Ron Garl, and the new Clubhouse was held November 28, 1992. Complimenting the County's 36 -hole Sandridge Golf Club is a new 7,000 -square foot clubhouse housing the Pro Shop, Snack Bar and Restroom facilities. Also included in this expansion was an additional cart storage building and improvements to the golf maintenance area. This expansion was funded with the County's $6,015,000 1991 Recreation Revenue Bonds. D. Land Acauisition Referendem - The voters of Indian River County approved a referendum on November 3, 1992 authorizing the issuance of General Obligation Bonds in an amount not to exceed $26,000,000 to finance the cost of acquiring environmentally significant land to protect water quality, open spaces, and wildlife habitat. The maximum annual payments to be payable from ad valorem taxes shall not exceed 1/2 mill and none of the bonds shall be issued for a term longer than 15 years. B-59