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Indian River County, Florida Notes To Financial Statements Year Ended September 30 , 2007 NOTE 12 - LONG-TERM LIABILITIES - Continued G . Conduit Debt Obligations From 1986 until 1999 , Indian River County issued Industrial Revenue Bonds to provide financial assistance to private - sector entities for the acquisition, construction and equipping of industrial and commercial facilities deemed to be in the public interest . These facilities included an expanded processing facility and an educational facility, for a total of two series of Industrial Revenue Bonds . The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans . Upon repayment of the bonds , ownership of the acquired facilities transfers to the private - sector entity served by the bond issuance . Neither the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. Original Principal Bond Issue _Outstanding Year Bonds and Project Description $ 18500000 $ 150000 1999 St. Edward ' s School, Inc . — Upper School educational facilities 4005000 _ 254005000 1997 Ocean Spray Cranberries , Inc . — expansion of 23 , 000 sq . ft . processing facility Total 18 . 200 . 000 NOTE 13 - PROVISION FOR CLOSURE COSTS Current regulations of the U . S . Environmental Protection Agency (EPA) and the Florida Department of Environmental Protection (FDEP) require the Solid Waste Disposal District ( SWDD) to place a final cover on closed landfill areas , and to maintain those areas for up to thirty years after closure . The SWDD annually obtains updated and revised estimates of total future closure and post- closure costs from its consulting engineers . The SWDD recognizes the expenses associated with the final closure and post-closure maintenance of the landfill areas over the active life of those areas . The provision for closure costs reported in the financial statements as operating expense represents the portion of these estimated future outlays which are allocable to the current year based on the amount of capacity used . The total unrecognized closure and post- closure costs attributable to the currently active landfill areas Segment I , Segment Il , and Construction and Demolition are approximately $ 720 , 000 . These costs will be recognized in future periods as the remaining capacity is filled . The County ' s policy is to fund 100 % of the current year ' s allocation (based upon the consulting engineer ' s report) of both closure and post-closure care . 86 low