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NM) <br />INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />6. Long -Term Debt - Continued: <br />Recreational (Golf Course) Revenue Bonds, Series 1985 - Continued <br />(3) Other Covenants <br />a. The proceeds of this bond issue are to finance the construction of a <br />public golf course and related clubhouse facility, and interest on the <br />bonds for the first three years. <br />b. The bond resolution provides for additional covenants such as annual <br />audit requirement and minimum insurance levels. <br />(4) At September 30, 1990, these revenue bonds consisted of the following; <br />1985 Recreational <br />Revenue Bonds <br />Outstanding <br />at <br />Rates and Original September 30, <br />Dates Maturity Issue 1990 <br />6.401-7.50% <br />9/1 9/1/15 $2,720,000 $ 2,720,000 <br />Less: Current portion 40,000 <br />Unamortized discount 61,457 <br />Long -Term Portion <br />S 2.618,543 <br />Water and Sewer Revenue Refunding Bonds, Series 1989 <br />(1) Pledge of Revenues - The revenue bonds are collateralized by a pledge of <br />all gross revenues of the system and impact fees. <br />(2) Establishment of Various Accounts <br />a. Revenue Fund account to pay all operating and maintenance costs of the <br />system. <br />b. Sinking Fund account to pay principal and interest coming due during <br />the current fiscal year. The amounts in this account are restricted <br />by the bond resolution. Since the amounts are derived from operating <br />revenues and are restricted, a corresponding reserve has been estab- <br />lished in the retained earnings. <br />27 <br />