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Indian River County, Florida Notes To Financial Statements Year Ended September 30 , 2007 NOTE 12 - LONG -TERM LIABILITIES - Continued A. Primary Government - Continued Limited General Obligation Bonds - Continued Pledge of revenues — The principal and interest on the bonds are payable from ad valorem taxes not exceeding % mil and having a maturity not exceeding fifteen years , which are levied by the County upon the taxable real and personal property of the County . Bonds Issued - At September 30 , 2007 , General Obligation bonds consisted of the following : Interest Outstanding at Rates and September 30 , Description Date Maturity Issue 2007 Limited General 4 . 00% - 5 . 00 % Obligation 2006 Series 1 / 1 and 7/ 1 2021 48 , 600 , 000 46 , 280 . 000 Optional Redemption -- The Limited General Obligation Bonds, Series 2006 , maturing on or after July 1 , 2017 , are subject to redemption prior to maturity, at the option of the County on and after July 1 , 2016 , in whole or in part, at any time, on any date at a redemption price of 100 % of the principal amount thereof, together with accrued interest thereon to the redemption date . General Obligation Bonds Purpose - On November 29 , 2001 , the Board issued the additional $ 11 , 000 , 000 of General Obligation Bonds Series 2001 . The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by a majority of votes cast in a bond referendum held on November 2 , 1992 , by the qualified electors of the County. The referendum authorized a total of $ 26 , 000 , 000 aggregate principal amount of general obligation bonds , in one or more series , of which the Series 1995 bonds are the first (in the amount of $ 15 , 000 , 000) and the Series 2001 bonds are the second . The proceeds of this issue will provide funds to acquire environmentally sensitive lands , together with the necessary restoration, remediation and reclamation activities to preserve and enhance such property . On July 1 , 2003 , the Board issued $ 7 , 800 , 000 of General Obligation Refunding Bonds , Series 2003 . The bonds were issued to provide funds , together with $ 600 , 000 , to refund and redeem all of the outstanding principal amount of the County ' s $ 15 , 000 , 000 General Obligation Bonds Series 1995 . Proceeds of the bonds will also be used to pay the cost of issuance of the Bonds , including the premiums for guaranty insurance . Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied by the County upon the taxable real and personal property of the County . 78