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Indian River Memorial Hospital , Inc. and Subsidia <br /> In P tics <br /> Notes to Consolidated Financial Statements <br /> For the Years Ended September 30, 2002 and 20D1 <br /> 10. Bond Obligations Payable <br /> Bond obligations payable at September 30 is summarized as follows: <br /> 2002 <br /> 2001 <br /> Hospital revenue bonds, Series 1985 $ 153,400,000 $ 153p400,000- <br /> Hospital revenue bonds, Series 1988 1331900,000 142350,1000 <br /> Hospital revenue bonds, Series 1,989 6,500 000 50000 <br /> Hospital revenue bonds, Series 1990 211100,000 2127002000 <br /> Hospital revenue refunding bonds,. Series 1996 13,730,000 13,975,000 <br /> Hospital revenue refunding bonds, Series 1997 20,6002000 219135,000 - <br /> _ 91 ,230,000 9330692000 <br /> Less amounts payable by the District: - - - <br /> Series 1985 Bonds (939 398) (939,398) <br /> Less unamortized Series 1996 bond discount (152, 563) (1632462) <br /> Less amounts payable from irrevocable trusts <br /> for crossover debt (322077, 735) (32,527,734) <br /> 583060, 304 59,429,406 <br /> Less bond obligations payable within one year, , <br /> net of available -amounts in irrevocable trusts = - <br /> for crossover debt maturities_ - (1 ,235,000) (1 ,3802000) <br /> - Bond obligations payable after one-year - $ 56, 8253304 $ 5820491,406 <br /> The Series 1985 Bonds were issued to refund the Series 1984 Bonds. The Series 1984- Bonds <br /> were issued to finance new construction and capital improvements to the Hospital ' s facility. <br /> The Series 1985 Bonds bear-interest at a variable rate approximating a defined market rate, _ <br /> not to exceed 15 % per annum, which averaged approximately 1 ,4% in 2002 and 3 . 1 % in <br /> 2001 . Approximately $ 940, 000 of the Series 1984 Bonds were used to finance the <br /> construction of the Human Services Building which is a District asset. The Series 1985 <br /> Bonds reflected in the accompanying consolidated financial statements have been reduced <br /> accordingly. The bonds are subject to mandatory redemption requirements from 2010 <br /> through 2015 . <br /> The Series 1988 Bonds were issued in January 1988 to finance new construction and capital <br /> improvements to the Hospital Facility. The bonds bear interest at a variable rate equal to a <br /> defined market rate, provided that it does riot exceed 15% per annum, which averaged 1 . 6% <br /> m 2002 and 3 .3 % in 2001 . The bonds are subject to mandatory redemption requirements at <br /> graduating amounts through 2017. <br /> -21 - <br />