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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2003 <br /> NOTE 12 - LONG -TERM LIABILITIES - Continued <br /> Y <br /> G Conduit Debt Obligations <br /> From 1986 until 1999 , Indian River County issued Industrial Revenue Bonds to provide financial assistance to <br /> private -sector entities for the acquisition, construction and equipping of industrial and commercial facilities <br /> deemed to be in the public interest. These facilities included a nursing home, an expanded processing facility, <br /> a manufacturing facility, and an educational facility, for a total of four series of Industrial Revenue Bonds . The <br /> bonds are secured by the property financed and are payable solely from payments received on the underlying <br /> mortgage loans . Upon repayment of the bonds , ownership of the acquired facilities transfers to the private- <br /> sector entity served by the bond issuance . Neither the County, the State, nor an <br /> h' y political subdivision thereof <br /> is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in <br /> the accompanying financial statements. <br /> Original Principal <br /> Bond Issue Outstanding Year Bonds and Project Description <br /> $ 18,000,000 $ 17,600,000 1999 St. Edward 's School , Inc . — Upper School educational <br /> facilities <br /> 6,025 ,000 414409763 1997 Hetra Computer & Communications Industries, Inc . <br /> (XL Vision, Inc . ) <br /> 62 ,000 sq . ft. manufacturing facility <br /> 418009000 1 ,600,000 1986 Florida Convalescent Centers, Inc . — 91 -bed skilled and <br /> intermediate care nursing home <br /> 41080,000 21400,000 1997 Ocean Spray Cranberries, Inc . — expansion of 23 , 000 sq . ft, <br /> processing facility <br /> Total $ 26,0409763 <br /> 78 <br />