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Projected Debt Capacity
<br />Debt Financing is one way that the county has provided for its capital facility needs. The primary
<br />rationale for providing capital facilities through indebtedness is that it spreads the cost of a facility
<br />over its useful life and thus is paid for by those who will use the facility.
<br />Table 6.14 identifies the amount of revenue that the County can raise by issuing revenue bonds.
<br />Those bonds can be issued without a public vote. That table identifies the County's bonding capacity
<br />for 10, 20, and 30 years. As table 6.14 indicates, the County's available bonding capacity for a 10
<br />year issue is $222,800,000, while its bonding capacity for a 30 year issue is $488,800,000.
<br />Table 6.14: Indian River ounty Estimated Abili to Raise Bonds Without A Public Vote
<br />Pledge Sources
<br />Ten Years
<br />(Bond Interest Rate @
<br />1.40%)
<br />Twenty Years
<br />(Bond Interest Rate
<br />0,1.80%)
<br />Thirty Years
<br />(Bond Interest Rate @
<br />2.0%
<br />Half Cent Sales Tax
<br />$90,500,000
<br />$166)500,000
<br />$226,300,000
<br />Gas Taxes
<br />$60,200,000
<br />$108,000,000
<br />$126 500 000
<br />Tourist Tax
<br />$19,600,000
<br />$35,200,000
<br />$47,200,000
<br />County Revenue Program
<br />First Guaranteed Entitlement
<br />$1,900,000
<br />$3 400,000
<br />$4,600,000
<br />County Revenue Program
<br />Second Guaranteed
<br />Entitlement
<br />$3,900,000
<br />$7,100,000
<br />$9,500,000
<br />Sub -Total
<br />$176,100,000
<br />$320,200,000
<br />$414,100,000
<br />Possible Pledge Sources
<br />Franchise Fees
<br />$42,200,000
<br />$75,700,000
<br />$101,600,000
<br />Road Impact Fees
<br />$20,900,000
<br />$36700,000
<br />$48,900,000
<br />Sub -Total
<br />$63,100,000
<br />$112,400,000
<br />$15015009000
<br />TOTAL
<br />$239,200,000
<br />$432,600,000
<br />$564,600,000
<br />*Rates are comparable term AAA rated municipal bond yields as of 9/25/2019.
<br />Source: Indian River County Office of Management and Budget.
<br />Debt Service Obligations
<br />In table 6.15, the County's debt service obligations for current and anticipated bond issues are
<br />summarized. Debt service is payment of principal and interest on obligations resulting from the
<br />issuance of bonds. As table 6.15 indicates, the County's major anticipated outstanding debts are for
<br />194
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