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Indian River County , Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br /> D . Assets , Liabilities , and Net Assets or Equity - Continued <br /> 14 . Landfill Closure Costs <br /> Under the terms of current state and federal regulations , the Solid Waste Disposal District ( SWDD ) is <br /> required to place a final cover on closed landfill areas , and to perform certain monitoring <br /> and <br /> maintenance functions for a period of up to thirty years after closure . The SWDD recognizes these costs <br /> of closure and post-closure maintenance over the active life of each landfill area, based on landfill <br /> capacity used during the period . Required obligations for closure and post- closure costs are recognized <br /> in the Solid Waste Disposal District Enterprise Fund . <br /> 15 . Unamortized Bond Costs <br /> Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are <br /> amortized over the life of the bonds using the straight-line method of accounting . <br /> 16 . Unamortized Bond Discounts and Premiums <br /> Bond discounts and premiums associated with the issuance of Proprietary Fund revenue bonds are <br /> amortized according to the straight- line method . For financial reporting , unamortized bond discounts <br /> and premiums are netted against the applicable long-term debt. <br /> 17 . Capital Contributions <br /> The capital contributions accounted for in the proprietary fund types represent contributions from other <br /> funds , developers , state and federal grant programs , and impact fees charged to new customers for their <br /> anticipated burden on the existing system . The contributions amount is reported after non-operating <br /> revenues and expenses on the statement of revenues , expenses , and changes in fund assets in <br /> accordance with GASB Statement 33 . <br /> 52 <br />