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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <br />NOTE 13 - LONG-TERM LIABILITIES - Continued <br />B. Primary Government - Continued <br />Water and Sewer Revenue Bonds, Series 1993A - Continued <br />Pledge of Revenues - The revenue bonds are collateralized, for the remaining term of the bonds, by a <br />pledge of all net revenues derived from the operation of the system, and certain surcharges and special <br />assessments. <br />Annual principal and interest payments of $1,641,650 represent approximately thirteen percent of net <br />revenues ($12,755,643) of the utility system. The total principal and interest remaining to be paid on <br />the bonds is $1,640,525. <br />Rate Covenant — Net revenues shall be sufficient to pay 100% of the reserve account requirement and <br />120% of the current year's principal and interest payment. <br />Bonds Issued — At September 30, 2010 the revenue bonds consisted of the following: <br />Outstanding at <br />Interest Rates Original September 30, <br />Description and Date Maturi Issue 2010 <br />Water and Sewer 2.60-6.50% <br />Revenue Bonds, 3/1 and 9/1 2024 $ 47,190,000 $ 1,555,000 <br />Series 1993A <br />Less: Current Portion of bonds <br />Long -Term Portion of bonds <br />1,555,000 <br />On September 11, 2009, $28,270,000 of the County's Series 1993A bonds were refunded and redeemed <br />by the Water and Sewer Refunding Bonds, Series 2009. The following year was not included in the <br />refunding and will be paid on the date listed below: <br />Term Bonds due September 1, 2011 <br />Date <br />September 1, 2011 <br />Principal Amount <br />$ 1,555,000 <br />M. <br />