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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2003 <br /> NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br /> D . Assets, Liabilities , and Net Assets or Equi - Continued <br /> Property, plant, and equipment of the primary government, as well as the component units, are depreciated using the <br /> straight-line method over the following estimated useful lives : <br /> Assets Years <br /> Buildings and improvements 25 - 50 <br /> Machinery and equipment 3 - 10 <br /> Utility distribution systems 25 - 50 <br /> Road and bridge infrastructure 20 - 50 <br /> 8 . Capitalization of Interest <br /> Interest costs related to bond issues are capitalized during the construction period . These costs are netted <br /> against applicable interest earnings on construction fund investments . During the current period, the County <br /> did not have any capitalized interest . <br /> r, <br /> 9 . Unamortized Bond Costs { <br /> Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are amortized <br /> over the life of the bonds using the straight-line method of accounting. <br /> 10. Unamortized Bond Discounts <br /> Bond discounts associated with the issuance of Proprietary Fund revenue bonds are amortized according to the <br /> straight-line method. For financial reporting, unamortized bond discounts are netted against the applicable ' <br /> long-term debt . <br /> 11 . Intangible Assets <br /> Land use rights were purchased by the County Utilities Fund from the Golf Course Fund for irrigating the golf <br /> course with treated effluent . Leachate disposal rights were purchased by the Solid Waste Disposal Fund from <br /> the County Utilities Fund for removal and transportation of leachate from the County landfill to the sewer <br /> system . These assets are being amortized using the straight-line method over the estimated useful life of 20 years . <br /> 12 . Deposits <br /> Deposits in the governmental funds represent prepayments for services that will be used in future periods . The County's <br /> policy is to record the expenditure for the services when they are used rather than when the cash is disbursed . <br /> 46 <br />