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71 <br />INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />6. Long -Term Debt - Continued: <br />D. General Long -Term Debt - Continued <br />(3) Special Assessment Bonds - The proceeds of the initial special assessment <br />bonds were used to extend the water and sewer distribution systems along <br />Florida State Road 60. The proceeds of the Rockridge Special Assessment <br />bonds ware used for acquisition and construction of sewer line extensions <br />in the Rockridge Sanitary Sewer area. The proceeds of the North County <br />Special Assessment bonds were used for acquisition and construction of a <br />physically independent North County Wastewater System. <br />The payments of principal and interest on special assessment bonds and all <br />other required payments are being paid solely from the proceeds of the <br />assessments levied against benefiting property owners. There is no secon- <br />dary lien on the assets or the revenues of the County's Water and Sewer <br />System, however, if through foreclosure proceedings the property cannot be <br />sold at auction, then the County must acquire it for its market value. <br />At September 30, 1990, special assessment bonds consisted of the <br />following: <br />Description <br />Route 60 Waterline <br />construction <br />Route 60 Sewerline <br />construction <br />Rockridge Sewer <br />construction <br />North County Sewer <br />construction <br />Rates and <br />Original <br />Dates Maturity Issue <br />8.47% <br />5/1 1997 <br />8.47% <br />1/1 1996 <br />6.75%-8.00% <br />6/1 i 2/1 2000 <br />7.75% <br />4/1 6 10/1 2000 <br />36 <br />Outstanding <br />at <br />September 30, <br />1990 <br />S 430,000 $ 334,444 <br />2,797,675 2,098,257 <br />720,000 720,000 <br />6,075,000 6,075,000 <br />$10,022.675 S 9,227.701 <br />