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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 /> A. Primary Government - Continued
<br /> Governmental Activities
<br /> General Obligation Bonds
<br /> Purpose - On November 29, 200 1 , the Board issued the additional $ 11 ,000,000 of General Obligation Bonds, Serres
<br /> 2001 . The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by a majority of votes cast
<br /> in a bond referendum held on November 2, 1992, by the qualified electors of the County. The referendum authorized
<br /> a total of $26, 000,000 aggregate principal amount of general obligation bonds, in one or more series, of which the
<br /> Series 1995 bonds are the first and the Series 2001 bonds are the second. The proceeds of these issues were used to
<br /> acquire by purchase, interest in environmentally sensitive lands, together with the necessary restoration, remediation
<br /> and reclamation activities to preserve and enhance such property and customary and necessary costs incurred in the
<br /> acquisition. On July 1 , 2003 , the Board issued $ 7, 800,000 of General Obligation Refunding Bonds, Series 2003 , I
<br /> The bonds were issued to provide funds, which together with other funds of the County, were used to refund and
<br /> redeem on the date of closing of the Bonds , all of the outstanding principal amount of the County 's $ 15 , 000, 000
<br /> General Obligation Bonds Series 1995 . Proceeds of the Bonds will also be used to pay cost of issuance of the Bonds ,
<br /> including the premiums for guaranty insurance.
<br /> Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied by the County
<br /> upon the taxable real and personal property of the County.
<br /> Bonds Issued - At September 30, 2003 , General Obligation Bonds consisted of the following :
<br /> Outstanding at
<br /> Interest Original September 30 ,
<br /> Description Rates and Date Issue 2003
<br /> General Obligation 2 . 50%4 . 30%
<br /> 2001 Series 1 / 1 and 7/ 1 2016 $ 119000,000 $ 9, 925 ,000
<br /> General Obligation 1 . 50%- 3 . 00%
<br /> Refunding 2003 Series 1 / 1 and 7/ 1 2010 $ 7, 800 , 000 $ 7 , 800,000 t
<br /> 4
<br /> Optional Redemption - The General Obligation Bonds, Series 2001 , maturing on or after July 1 , 2013 , are subject to
<br /> redemption prior to maturity, at the option of the County on and after July 1 , 2012, in whole or in part, at anytime, on
<br /> any date at par plus accrued interest and plus a premium ranging between 0% to I % depending on the year of
<br /> redemption . The General Obligation Refunding Bonds , Series 2003 , are not subject to redemption prior to their
<br /> maturities .
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