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' Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2003 NOTE 12 - LONG-TERM LIABILITIES A. Primary Government Business-type Activities ' Recreational (Golf Course) Revenue Refunding Bonds , Series 1993 Purpose - The Series 1993 Bonds were issued to legally defease all of the County ' s outstanding Recreational Revenue Bonds , Series 1985 and Series 1991 . Pledge of Revenue - The revenue bonds are collateralized by a lien on the net revenues derived from the ' operations of the project and racetrack and jai alai fronton funds accruing annually to the County. Bonds Issued - At September 30, 2003 , the revenue bonds consisted of the following : Interest Outstanding at Rates and Original September 30 , Description Date Maturity Issue 2003 1993 Recreational Revenue 2 . 80 - 5 . 25 % 9/ 1 / 16 $ 99875 , 000 $ 65735 ,000 Refunding Bonds 3 / 1 and 9/ 1 Less : Current portion 3959000 ' Unamortized bond discount 1919641 Long-Term Portion $ 6 , 1489359 ' Mandatory Redemption - The Series 1993 term bonds due September 1 , 2016 , are subject to mandatory re- demption by lot, prior to maturity, at par plus accrued interest to date of redemption, based on the following 1 schedule : Date Principal Amount 1 September 1 , 2009 $ 5005000 September 1 , 2010 530,000 September 1 , 2011 5555000 September 1 , 2012 580 ,000 September 1 , 2013 610,000 September 1 , 2014 6459000 September 1 , 2015 6759000 September 1 , 2016 470 , 000 Optional Redemption - The revenue bonds , maturing on or after September 1 , 2004 , (except the Series 1993 Term Bonds maturing on September 1 , 2016) are subject to redemption prior to maturity, at the option of the ' County on and after September 1 , 2003 , in whole or in part, at any time , on any interest payment date at par plus accrued interest and plus a premium ranging between 0% and 2% depending on the year of redemption. ' 65