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Indian River County, Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30 , 2007
<br /> NOTE 12 - LONG-TERM LIABILITIES - Continued
<br /> A. Primary Government - Continued
<br /> Recreational (Golf Course) Revenue Refunding Bonds , Series 2003 - Continued
<br /> The aggregate difference in debt service between the Series 1993 debt ($ 9 ,284 ,290) and Series 2003
<br /> debt ( 8 , 060 , 911 ) is $ 1 ,223 , 379 . The net economic gain was $ 348 ,450 .
<br /> Bonds Issued - At September 30 , 2007 , the revenue bonds consisted of the following :
<br /> Interest Outstanding at
<br /> Rates and September 30 ,
<br /> Description Date Maturity Issue 2007
<br /> 2003 Recreational Revenue 2 . 00 -4 . 125 % 9/ 1 / 16 $ 6 , 455 , 000 $ 4 , 660 , 000
<br /> Refunding Bonds 3 / 1 and 9/ 1
<br /> Less : Current Portion 48500
<br /> Unamortized Bond Discount 41 , 272
<br /> Long- Term Portion 4 , 133 , 728
<br /> Optional Redemption - The revenue bonds , maturing on or after September 1 , 2014 , are subject to
<br /> redemption prior to maturity, at the option of the County on and after September 1 , 2013 , in whole or in
<br /> part, at any time thereafter at the redemption price of par, plus interest accrued to
<br /> the date of
<br /> redemption.
<br /> Water and Sewer Revenue Bonds , Series 1993A
<br /> Purpose - The Series 1993 bonds were issued to legally defease all of the County ' s outstanding Water
<br /> and Sewer Revenue and Refunding Bonds , Series 1986 and 1986A , Series 1989 , Series 1991 , and
<br /> Special Assessment Revenue Bonds , Series 1989 and Series 1990 , and to provide funds to make certain
<br /> capital improvements to the utility system .
<br /> Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from
<br /> the operation of the system, and certain surcharges and special assessments .
<br /> Bonds Issued - At September 30 , 2007 , the revenue bonds consisted of the following :
<br /> Interest Outstanding at
<br /> Rates and September 30 ,
<br /> Description Date Maturity Issue 2007
<br /> Water and Sewer 2 . 60 - 6 . 50 %
<br /> Revenue Bonds , 3 / 1 and 9/ 1 2024 $ 47 , 1903000 $ 34 , 005 , 000
<br /> Series 1993A
<br /> Less : Current Portion 1 , 31000
<br /> Unamortized Bond
<br /> Discount 9955087
<br /> Long-Term Portion $ 31 , 699 , 913
<br /> Mandatory Redemption - The Series 1993A Term Bonds are subject to mandatory redemption by lot,
<br /> prior to maturity, at par plus accrued interest to date of redemption, based on the following schedule :
<br /> 74
<br />
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