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Comprehensive Plan Capital Improvements Element Debt service consists of interest and payments made by the county on its debt. That figure includes principal retirement, interest and other miscellaneous debt service. As table 6.5 indicates, total County debt service expenditures were $7,887,367 in FY 2019/20. Since FY 2014/15, debt service expenditures have increased by 44.83%. Debt service expenses represented 2.78% of all County expenses in FY 2019/20. Existing Outstanding Debt At the end of FY 2020/21, Indian River County's outstanding debt, comprised of revenue bonds and general obligation bonds, stood at $4,634,000. That is shown in table 6.6. Currently, Enterprise Funds comprise 23.18% of the overall debt (Utility Dept), leaving $3,560,000 in bonds paid from general governmental funds. In November 2001, Indian River County issued the remaining $11,000,000 of the $26,000,000 Environmentally Sensitive Land Acquisition general obligation bonds originally approved by voters in 1992. Also in 2001, the County issued $16,810,000 in Spring Training Facility Bonds to finance the acquisition and expansion of the Dodgertown spring training facility (now known as Historic Dodgertown). In 2004, Indian River County voters approved the issuance of up to an additional $50,000,000 in Environmentally Sensitive Land Acquisition general obligation bonds. As a result, Indian River County issued $48,600,000 in Environmentally Sensitive Land Acquisition general obligation bonds in 2006. While the county refinanced its 1996 Series Water and Sewer Bonds in 2005 and the majority of its 1993 Series A Water and Sewer Bonds in 2009, the County retained a portion of the 1993 Series A Water and Sewer Bonds with a maturity of 2011 because it was more cost efficient than rolling the entire amount into the 2009 Water and Sewer Bonds. That portion of the water and sewer bond has since been paid off. More recently, in 2015 the 2005 Series Water and Sewer Revenue Bonds and the 2006 Series Environmental Lands Acquisition Bonds were refinanced. Those bonds were refinanced to take advantage of better interest rates. In addition, the debt issuance for the 2009 series Water and Sewer Bonds were paid off and the Spring Training Facility bonds were partially paid off during fiscal year 2018/19, and the Environmental Lands Acquisition 2015 Series were paid off during fiscal year2019/20. This has substantially decreased the County's total bond debt. Community Development Department Adopted December _ 2021, Ordinance 2021 - Indian River County 21 152