Fiscal Year 2013 Recommended Budget Book - Lake County

Schedule of Debt Service RequirementsPrincipal Interest Other FeesPayment Payment and Reserves TotalFY 2013 FY 2013 FY 2013 FY 2013General Obligation BondsLimited General Obligation Bonds $ 1,425,000 $ 1,277,188 $ 997,236 $ 3,699,424Series 2007Subtotal General Obligation Bonds $ 1,425,000 $ 1,277,188 $ 997,236 $ 3,699,424Special Obligation BondsPari-Mutuel Revenues Replacement Bonds $ 135,000 $ 133,528 $ 188,980 $ 457,508Series 2011Capital Improvement Revenue Bonds 1,800,000 3,940,780 31,558 5,772,338Series 2007Subtotal Special Obligation Bonds $ 1,935,000 $ 4,074,308 $ 220,538 $ 6,229,846Commercial LoanHancock Bank of Florida $ 1,053,028 $ 155,369 $ 62,426 $ 1,270,8232008Subtotal Commercial Loan $ 1,053,028 $ 155,369 $ 62,426 $ 1,270,823Total Debt Service $ 4,413,028 $ 5,506,865 $ 1,280,200 $ 11,200,093Highlights:The Limited General Obligation Bonds are secured by a pledge of not more than one third of a mill of ad valorem taxespursuant to a referendum approved by the voters in 2004. These funds are used to acquire and manage environmentallysensitive public lands in the County. The Fiscal Year 2013 funding requirement for this bond series is supported by acountywide millage rate of .1900. Principal payments are due in annual installments beginning on June 1, 2007 continuing untilApril 1, 2026. Interest on the bonds is payable semi-annually on June 1 and December 1 each year, commencing on June 1,2007. The serial bonds bear interest at rates ranging from 4-5% and mature on April 1, 2026.Pari-Mutuel Revenue Replacement Bonds are financed by sales tax revenues collected by the State pursuant to Chapter 212,Part 1, Florida Statutes. Beginning July1, 2000, the State began using sales tax revenues to replace revenues formerlydistributed to counties from racetrack and jai alai fronton monies. Bond proceeds were used to fund the acquisition of parklands and associated improvements. This bond matures on October 1, 2030.The Capital Improvement Revenue Bonds are secured by a pledge of the half-cent sales tax distributed to the County by theState of Florida and were issued to construct the Downtown Tavares Center for Governmental Operations. These bonds matureon June 1, 2037.The commercial loan with Hancock Bank of Florida is secured by a pledge of the County's share of a one percent local optioninfrastructure sales tax and matures on June 1, 2017. This loan completed the funding required for the Countywide 800MHzRadio System.F - 181