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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 />