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Indian River County, Florida Notes To Financial Statements Year Ended September 30 , 2002 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 , 2002 , the revenue bonds consisted of the following : ' Interest Outstanding at Rates and Original September 30 , Description Date Maturity Issue 2002 ' 1993 Recreational Revenue 2 . 80 - 5 . 25 % 9/ 1 / 16 $ 958759000 $ 7 , 1109000 Refunding Bonds 3/ 1 and 9/ 1 Less : Current portion 3755000 Unamortized bond discount 206 , 383 Long-Term Portion $ 69528 , 617 ' 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 schedule : Date Principal Amount ' September 1 , 2009 $ 5009000 September 1 , 2010 530 ,000 September 1 , 2011 555 , 000 September 1 , 2012 580 , 000 September 1 , 2013 6109000 September 1 , 2014 6459000 September 1 , 2015 675 , 000 September 1 , 2016 4705000 ' 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. ' 61