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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 General Obligation Bonds - Continued 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 General Obligation 2 . 50% -4 . 30% Series 2001 1 / 1 and 7/ 1 2016 11 , 000 , 000 7 , 365 , 000 General Obligation Refunding 1 . 50% - 3 . 00 % Series 2003 1 / 1 and 7/ 1 2010 7 , 800 , 000 3 , 515 , 000 Optional Redemption - The General Obligation Bonds , Series 2001 , maturing on or after July 1 , 2013 , are subject to redemption prior to maturity, at the option of the County on and after July 1 , 2012 , in whole or in part, at any time , on any date at par plus accrued interest and plus a premium ranging between 0% to 1 % depending on the year of redemption. The General Obligation Refunding Bonds , Series 2003 , are not subject to redemption prior to their maturities . Spring Training Facility Revenue Bonds Purpose - On August 15 , 2001 , the Board issued $ 16 , 810 , 000 of Spring Training Facility Revenue ' Bonds , Series 2001 . The Series 2001 Bonds are being issued by the County to provide funds , together with other available funds , to ( 1 ) finance a portion of the cost of acquisition and expansion of a spring training facility known as "Dodgertown" ; (2) pay a premium for a municipal bond insurance policy and a debt service reserve account surety bond, and ( 3 ) pay certain costs and expenses incurred in connection with the issuance of the Series 2001 Bonds . Pledge of Revenues - The principal and interest on the Series 2001 Bonds will be payable from and secured by a first lien upon and pledge of the following , together with any investment income realized on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund : ( 1 ) Payments received by the County from the State of Florida pursuant to Section 212 . 20 , Florida Statutes ; and (2 ) The Fourth Cent Tourist Development Tax levied by the County in Ordinance No . 2000 - 029 , enacted pursuant to Section 125 . 0104 ( 3 ) ( 1 ) , Florida Statutes ; and (3 ) Eighty- six percent ( 86%) of the Local Government Half- Cent Sales Tax distributed to the County, pursuant to Chapter 218 , part VI , Florida Statutes . The foregoing are collectively referred to herein as the "pledged revenues " . 79