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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 /> F. Conduit Debt Obligations <br /> From 1986 until 1999, Indian River County issued Industrial Revenue Bonds to provide financial assistance to <br /> private-sector entities for the acquisition, construction and equipping of industrial and commercial facilities <br /> deemed to be in the public interest. These facilities included a nursing home , an expanded processing facility, <br /> a manufacturing facility, and an educational facility, for a total of four series of Industrial Revenue Bonds . The <br /> bonds are secured by the property financed and are payable solely from payments received on the underlying <br /> mortgage loans . Upon repayment of the bonds , ownership of the acquired facilities transfers to the private- <br /> sector entity served by the bond issuance . Neither the County, the State, nor any political subdivision thereof <br /> is obligated in any mannerfor repayment ofthe bonds. Accordingly, the bonds are not reported as liabilities in <br /> the accompanying financial statements. <br /> Original Principal <br /> Bond Issue Outstandine Year Bonds and Project Description <br /> $ 185000, 000 $ 181000, 000 1999 St. Edward ' s School , Inc . — Upper School educational <br /> facilities <br /> 6,025 ,000 4,812,574 1997 Hetra Computer & Communications Industries , Inc . <br /> (XL Vision, Inc . ) <br /> 62 , 000 sq . ft . manufacturing facility <br /> 4,8003000 1 ,800,000 1986 Florida Convalescent Centers , Inc . — 91 -bed skilled and <br /> intermediate care nursing home <br /> 4,080,000 2,400,000 1997 Ocean Spray Cranberries , Inc . — expansion of 23 , 000 sq . ft. <br /> processing facility <br /> Total $ 275012,574 <br /> 74 <br />