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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2019 76 NOTE 10 - LONG-TERM LIABILITIES - Continued B. Primary Government - Continued Spring Training Facility Revenue Bonds - Continued Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and secured by a first lien upon and pledge of the following, together with any investment income realized on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund: 1. Payments received by the County from the State of Florida pursuant to Section 212.20, Florida Statutes; and 2. The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, enacted pursuant to Section 125.0104(3)(1), Florida Statutes; and 3. Eighty-six percent (86%) of the Local Government Half-Cent Sales Tax distributed to the County, pursuant to Chapter 218, Part VI, Florida Statutes. The foregoing are collectively referred to herein as the “pledged revenues”. These revenue streams are pledged for the remaining term of the bonds and are listed on Schedule 25 in the statistical section. The Fourth Cent Tourist Development Tax and the Local Government Half-Cent Sales Tax pledged to the payment of debt service on the Series 2001 bonds are automatically released as a pledged revenue for the Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series 2001 bonds. On February 26, 2019, the County elected a partial redemption of the bonds outstanding and maturing on 2021 and 2031. The principal amount of the redeemed bonds totaled $1,125,000. The net economic gain was $91,579 and will be amortized over the remaining life of the debt. The unamortized balance as of September 30, 2019 is $87,333 and is reflected as a deferred outflow of resources on the government-wide Statement of Net Position. The current principal and interest payments of $1,762,018 represent 18.24% of total pledged revenues. All three revenue sources totaled $9,660,773 for the current fiscal year. The County applied 100% of the state subsidy and none of the Half-Cent Sales Tax to the debt service payments. The County also applied 100% of the Fourth-Cent Tourist Tax up to the day of the partial payoff. The total principal and interest remaining to be paid on the bonds is $5,548,500.