|
Indian River County, Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30, 2002
<br /> NOTE 12 - LONG-TERM LIABILITIES - Continued
<br /> A. Primary Government - Continued
<br /> Governmental Activities
<br /> General Obligation Bonds
<br /> Purpose - On July 11 , 1995 , the County issued $ 15 ,000, 000 of General Obligation Bonds, Series 1995 . On Novem-
<br /> ber 29, 2001 , the County issued the additional $ 11 , 000,000 of General Obligation Bonds, Series 2001 . The issuance
<br /> of the Series 1995 Bonds and the Series 2001 Bonds were approved by a majority of votes cast in a bond referendum
<br /> held on November 2, 1992, by the qualified electors of the County. The referendum authorized a total of $26,000,000
<br /> aggregate principal amount of general obligation bonds, in one or more series, of which the Series 1995 Bonds are the
<br /> first and the Series 2001 Bonds are the second. The proceeds of this issue will provide funds to acquire by purchase,
<br /> interest in environmentally sensitive lands, together with the necessary restoration, remediation and reclamation activi-
<br /> ties to preserve and enhance such property and customary and necessary costs incurred in the acquisition.
<br /> Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied by the
<br /> County upon the taxable real and personal property of the County.
<br /> Bonds Issued - At September 30, 2002 , General Obligation Bonds consisted of the following :
<br /> Outstanding at
<br /> Interest Original September 30,
<br /> Description Rates and Date Maturity Issue 2002
<br /> General Obligation 3 . 50% - 5 . 00%
<br /> 1995 Series 1 / 1 and 7/ 1 2010 $ 15 , 000 , 000 $ 9,290 , 000
<br /> General Obligation 2 . 50%-4 . 30%
<br /> 2001 Series 1 / 1 and 7/ 1 2016 $ 11 ,000 ,000 $ 10, 520, 000
<br /> Optional Redemption - The General Obligation Bonds, Series 1995 , maturing on or after July 1 , 2004 , are
<br /> subject to redemption prior to maturity, at the option of the County on and after July 1 , 2003 , in whole or in
<br /> part, at any time , on any date at par plus accrued interest and plus a premium ranging between 0% and 2 %
<br /> depending on the year of redemption. The General Obligation Bonds, Series 2001 , maturing on or after July 1 , 2013 ,
<br /> are subj ect to redemption prior to maturity, at the option of the County on and after Julyl , 2012 , in whole or in part, at
<br /> any time , on any date at par plus accrued interest and plus a premium ranging between 0% to 1 % depending on the
<br /> year of redemption
<br /> 66
<br />
|