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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1991 <br />8. Long -Term Debt.- Continued: <br />E. Summary of Defeased Debt Outstanding <br />The following outstanding revenue bonds are legally defeased. Since <br />governmental obligations are held in escrow for the payment of principal and <br />interest, the bonds are not liabilities of the County. <br />Outstanding Retired Outstanding <br />at During at <br />September 30, Fiscal Year September 30, <br />1990 1991 1991 <br />Capital Improvement Revenue <br />Bonds: <br />Series 1980 S 3.900,000 $0 000 S 3,8v 30 x,000 <br />Series 1981 1-120-A-000 L-2 -5, -0o o $605,000 <br />Solid Waste Disposal System <br />Revenue Bonds, Series 1977 $ 650,000 $1� 5_0_000 S 500,000 <br />F. Capital Leases and Notes Payable <br />(1) General Long -Term Debt Capital Leases - The County has entered into <br />several lease -purchase agreements to purchase various types of equipment <br />with lease terms varying from 24 to 60 months. <br />The following is a schedule of future minimum lease payments under capital <br />leases, together with the present value of the net minimum lease payments, <br />as of September 30, 1991: <br />Year Ending <br />September 30, <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />Total Minimum <br />Lease Payments <br />Less: Amount repre- <br />senting interest <br />Board of <br />County Property <br />Commissioners Sheriff Appraiser Total <br />$ 81,704 $ 51,773 $122,738 $256,215 <br />59,873 51,773 122,738 234,384 <br />59,873 47,257 86,047 193,177 <br />- 25,617 55,333 80,950 <br />- 36,833 36,833 <br />201,450 176,420 423,689 801,559 <br />27,425 23,507 71,108 122,040 <br />Present Value of Net <br />Minimum Lease Payments $174,025 <br />8-42 <br />$152,913 $352,581 S679,519 <br />