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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <br /> NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br /> D . Assets , Liabilities , and Net Assets or Equity - Continued <br /> Property, plant, and equipment of the primary government, as well as the component units , are depreciated <br /> using the 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 /> 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 <br /> years . <br /> 42 <br />