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INDIAN RIVER COUNTY, FLORIDA
<br />NOTES TO FINANCIAL STATEMENTS - CONTINUED
<br />Year Ended September 30, 1988
<br />6. Lona -Term Debt - Continued:
<br />(5) The revenue, general obligation, and special assessment bonds are reported
<br />in the General Long -Term Debt Account Group since they do not represent
<br />obligations of any governmental or proprietary fund types.
<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 />Retired Outstanding
<br />During at
<br />Fiscal Year September 30,
<br />Capital Improvement Revenue Bonds: 1988 1988
<br />Series 1980 SS ss.nn0 S 4,025,000
<br />Series 1981 S000 S 670,000
<br />Solid Waste Disposal System
<br />Revenue Bonds, Series 1977 S1_ 25,000 S 9255,0000
<br />F. Capital Leases and Notes Payable
<br />(1) General Lona -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, 1988:
<br />Present Value
<br />Of Net Minimum
<br />Lease Payments $103,239 $146,607 5 4,417 1 010 $325,273
<br />I 37.
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<br />Board of
<br />Clerk of
<br />Year Ending
<br />County
<br />The Circuit
<br />Tax
<br />liatiattLJ_OL
<br />Commissioners
<br />Court
<br />Sheriff
<br />Collector
<br />Total
<br />1989
<br />1990
<br />$ 43,999
<br />$ 57,447
<br />S 4,767
<br />$40,777
<br />$146,990
<br />1991
<br />32,948
<br />56,369
<br />-
<br />40,072
<br />129,389
<br />1992
<br />23,051
<br />41,796
<br />-
<br />64,847
<br />Total Minimum
<br />21,830
<br />13,785
<br />-
<br />-
<br />35,615
<br />Lease Payments
<br />121,828
<br />169,397
<br />4,767
<br />80,849
<br />376,841
<br />Less: Amount
<br />'representing
<br />interest
<br />18,589
<br />22,790
<br />350
<br />9,839
<br />51,568
<br />Present Value
<br />Of Net Minimum
<br />Lease Payments $103,239 $146,607 5 4,417 1 010 $325,273
<br />I 37.
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