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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 10 - LONG-TERM LIABILITIES - Continued <br />B. Primary Government - Continued <br />Limited General Obligation Refunding Note, Series 2015 <br />Purpose - On April 7, 2015, the County voted to redeem $19,075,000 of outstanding 2006 <br />Limited General Obligation Bonds with a 7 year note from Regions Capital Advantage, Inc. <br />The refunding ultimately saved the County $1.2 million over the 7 year remaining life of the <br />bonds. <br />On May 19, 2020, the County approved to early payoff the remaining balance of the Note in <br />the amount of $7,268,000 on July 1, 2020. <br />Business -type Activities <br />Annual Debt Service Payments - Business -type Activities <br />The annual debt service payments for notes from direct borrowings and direct placements <br />outstanding at September 30, 2020, are as follows: <br />Fiscal Year Water and Sewer <br />Ending Revenue Refunding <br />September 30 Note Series 2015 <br />Principal Interest <br />2021 $ 1,058,000 $ 35,178 <br />2022 1,074,000 17,721 <br />Total 2,132,000 $ 52,899 <br />Less: <br />Current portion 1,058,000 <br />Non-current $ 1,074,000 <br />Water and Sewer Revenue Refunding Note, Series 2015 <br />Purpose - On August 18, 2015, the County voted to early call all of the outstanding 2005 <br />Water and Sewer Revenue Refunding Bonds. The County paid down 50% of the debt <br />($7,100,000) with cash and refinanced the remaining 50% ($7,105,000) with a 7 year note. <br />80 <br />