Fiscal Year 2013 Recommended Budget Book - Lake County

Debt ServiceActual Adopted Estimated BudgetFY 2011 FY 2012 FY 2012 FY 2013General Obligation BondsLimited General Obligation Bonds, Series 2007 $ 2,757,353 $ 3,721,695 $ 2,752,264 $ 3,699,424Amount of Issue: $34,720,000Remaining Principal as of 9/30/2013: $25,705,000Maturity Date: April 1, 2026Subtotal General Obligation Bonds $ 2,757,353 $ 3,721,695 $ 2,752,264 $ 3,699,424Special Obligation BondsPari-Mutuel Revenues Replacement Bonds, Series 2011 $ 307,014 $ 435,350 $ 270,110 $ 457,508Amount of Issue: $3,635,000Remaining Principal as of 9/30/2013: $3,280,000Maturity Date: October 1, 2030Capital Improvement Revenue Bonds, Series 2007 5,739,595 5,767,337 5,739,905 5,772,338Amount of Issue: $87,455,000Remaining Principal as of 9/30/2013: $79,550,000Maturity Date: June 1, 2037Subtotal Special Obligation Bonds $ 6,046,609 $ 6,202,687 $ 6,010,015 $ 6,229,846Commercial LoanHancock Bank of Florida, 2008 $ 1,208,398 $ 1,267,898 $ 1,208,397 $ 1,270,823Amount of Issue: $10,000,000Remaining Principal as of 9/30/2013: $4,516,585Maturity Date: June 1, 2017Subtotal Commercial Loan $ 1,208,398 $ 1,267,898 $ 1,208,397 $ 1,270,823Total Debt Service $ 10,012,360 $ 11,192,280 $ 9,970,676 $ 11,200,093Expenditures by CategoryDebt Service $ 9,873,029 $ 9,917,400 $ 9,917,400 $ 9,919,893Other Fees and Reserves 139,331 1,274,880 53,276 1,280,200Total Expenditures $ 10,012,360 $ 11,192,280 $ 9,970,676 $ 11,200,093Highlights:Four debt service funds totaling $11,216,193 have been established to repay the principal and interest expenses related to longtermdebt on various revenue and limited general obligation bond issues.Two additional debt instruments are paid from the Landfill Enterprise Fund. First is a $10 million Solid Waste Note Payableissued on November 20, 2002 that refinanced previously outstanding debt for a ten-year period at a fixed interest rate of 3.69%with SunTrust Bank. Principal payments of $1 million are payable annually on December 1 and interest is payable semi-annuallyon June 1 and December 1, with the final payment due on December 1, 2012. The note is secured by solid waste system netrevenues and a covenant by the county to budget and appropriate a sufficient amount to pay the debt service when due.F - 179