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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2006 <br />NOTE 12 - LONG-TERM LIABILITIES - Continued <br />B. Discretely Presented Component Unit <br />Housing Authority Revenue Bonds <br />On April 1, 1986, August 23, 1988, and July 16, 1991, the Housing Authority adopted resolutions <br />authorizing the issuance of revenue bonds payable to the U.S. Department of Agriculture, Farmers <br />Home Administration, for the purpose of financing a part of the cost of acquiring, erecting and <br />constructing low -rent, multi -family housing facilities (Victory Park Apartments - Phase I and Phase II <br />and Orangewood Park Apartments), including the repayment of certain notes payable to the State of <br />Florida for the acquisition of land. The bond and interest thereon are payable solely from and <br />collateralized by a prior lien upon and a pledge of the gross revenues to be derived from the projects. <br />The revenue bond resolution provides for the following: <br />Bonds Issued - The revenue bond obligation consists of- <br />Description <br />£ <br />Description <br />Indian River County <br />Housing Authority <br />Revenue Bonds: <br />Original Revenue <br />Interest Bond <br />Rates and Date Commitment <br />1 % per annum on <br />the unpaid balance <br />payable September <br />1 each year <br />Victory Park, Phase I <br />Victory Park, Phase II <br />Orangewood Park Apartments <br />Less: Current Portion of Bonds <br />Long-term Portion of Bonds <br />$ 1,908,000 <br />1,908,000 <br />2,006,400 <br />5 822 400 <br />Outstanding at <br />September 30, <br />2006 <br />$ 934,000 <br />996,000 <br />1,238,400 <br />3,168,400 <br />378,000 <br />2,790,400 <br />Optional Redemption - Each revenue bond is redeemable at the option of the Housing Authority at par <br />plus accrued interest and plus a premium ranging between 0% and 5% depending on the year of <br />redemption and the holder of the bond at the time of redemption. <br />The Housing Authority may redeem, in whole or in part, at any time, the principal portion of each <br />revenue bond on any interest payment date, at the price of par plus accrued interest, without premium if <br />the bond is held by the U.S. Department of Agriculture, Farmers Home Administration. <br />82 D <br />