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INDIAN RIVER COUNTY, FLORIDA
<br />NOTES TO FINANCIAL STATEMENTS - CONTINUED
<br />Year Ended September 30, 1991
<br />16. Commitments and Contingencies - Continued:
<br />B. Construction Commitments - The County has various construction contracts out-
<br />standing at September 30, 1991. In the Capital Projects Funds projects are for
<br />Indian River Boulevard North, Treasure Shores Park, New North County and Main
<br />Libraries, and New Court House. In the Enterprise Funds, the landfill
<br />expansion, Golf Course expansion, Gifford Sludge Facility, and various water and
<br />sewer projects are under construction. A summary of these projects at
<br />September 30, 1991 is as follows:
<br />C. Grants - Amounts received or receivable from grantor agencies are subject to
<br />audit and adjustment by grantor agencies. If any expenditures are disallowed as
<br />a result of these audits, the claims for reimbursement to the grantor agency
<br />would become a liability of the County. In the opinion of management, any such
<br />adjustments would not be significant.
<br />17. Subsequent Events:
<br />A. Water and Sewer Revenue Bond, Series 1991 - On October 11, 1991, the Board
<br />issued a $9,205,000 Bond consisting of Serial Bonds in the amount of $3,655,000
<br />with maturity dates ranging from 1993-2006 and interest rates ranging from 4.85%
<br />to 6.50% and Term Bonds in the amount of $1,310,000 and $4,240,000 with maturity
<br />dates of 2009 and 2016 and interest rates of 6.7% and 6.5%, respectively. This
<br />bond was to (1) establish the Construction Fund for the purpose of constructing
<br />the regional sludge treatment facility; (2) retire the Water Revenue Bonds,
<br />Series 1988, Anticipation Notes ($3,900,000); and (3) establish Reserve Accounts
<br />and a Sinking Fund related to the Bond. This project is needed to meet the
<br />County's immediate and future needs for the treatment of and disposal of sludge
<br />(the solid or semi-solid residual by-product of the wastewater treatment plant
<br />process), septage (the liquids and portable toilet facilities), and grease (the
<br />material taken from commercial grease traps typically found at food processing
<br />facilities and restaurants).
<br />B. The Board is continuing with plans to build a new County Courthouse estimated to
<br />cost $22,000,000. Property acquisition is nearly complete. The architect's
<br />plans for a three-story complex with adjoining parking garage have been approved
<br />by the Board. Final engineering plans are now being developed. Occupancy is
<br />estimated in mid-1994. Construction will be funded with revenues from the
<br />optional one -cent sales tax.
<br />B-56
<br />Capital
<br />Projects
<br />Enterprise
<br />Total
<br />Total contract price
<br />$13,156,025
<br />$10,116,855
<br />$23,272,880
<br />Total paid as of
<br />September 30, 1991
<br />9,028,086
<br />4,887,011
<br />13,915,097
<br />Remaining commitment at
<br />September 30, 1991
<br />$ 4,127,939
<br />$ 5,229,844
<br />$ 9,357,783
<br />C. Grants - Amounts received or receivable from grantor agencies are subject to
<br />audit and adjustment by grantor agencies. If any expenditures are disallowed as
<br />a result of these audits, the claims for reimbursement to the grantor agency
<br />would become a liability of the County. In the opinion of management, any such
<br />adjustments would not be significant.
<br />17. Subsequent Events:
<br />A. Water and Sewer Revenue Bond, Series 1991 - On October 11, 1991, the Board
<br />issued a $9,205,000 Bond consisting of Serial Bonds in the amount of $3,655,000
<br />with maturity dates ranging from 1993-2006 and interest rates ranging from 4.85%
<br />to 6.50% and Term Bonds in the amount of $1,310,000 and $4,240,000 with maturity
<br />dates of 2009 and 2016 and interest rates of 6.7% and 6.5%, respectively. This
<br />bond was to (1) establish the Construction Fund for the purpose of constructing
<br />the regional sludge treatment facility; (2) retire the Water Revenue Bonds,
<br />Series 1988, Anticipation Notes ($3,900,000); and (3) establish Reserve Accounts
<br />and a Sinking Fund related to the Bond. This project is needed to meet the
<br />County's immediate and future needs for the treatment of and disposal of sludge
<br />(the solid or semi-solid residual by-product of the wastewater treatment plant
<br />process), septage (the liquids and portable toilet facilities), and grease (the
<br />material taken from commercial grease traps typically found at food processing
<br />facilities and restaurants).
<br />B. The Board is continuing with plans to build a new County Courthouse estimated to
<br />cost $22,000,000. Property acquisition is nearly complete. The architect's
<br />plans for a three-story complex with adjoining parking garage have been approved
<br />by the Board. Final engineering plans are now being developed. Occupancy is
<br />estimated in mid-1994. Construction will be funded with revenues from the
<br />optional one -cent sales tax.
<br />B-56
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