1991-151 - Laserfiche WebLink

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A INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1990 6. Long -Term Debt - Continued: Water and Sewer Revenue Refunding Bonds, Series 1986 and 1986A - Continued (2) Establishment of Various Accounts - Continued c. Reserve Fund account to accumulate an amount equal to the maximum amount of principal and interest coming due in any ensuing fiscal year. An initial deposit was made from bond proceeds with the remainder to be derived from operating revenues. When the maximum amount is obtained, no further deposits are necessary. The amounts in this account are restricted by the bond resolution. A corresponding reserve has been established in the retained earnings for the amounts derived from operating revenues. (3) Bonds Issued - At September 30, 1990, revenue bonds consisted of the following: Description Outstanding at Rates and Original September 30, Dates Maturity Issue 1990 Water and Sewer Revenue Bonds: Series 1986 5% and 9/1 2029 $9,200,000 $ 9,200,000 Series 1986A 7% and 9/1 2029 450,000 450,000 Less: Current portion - Long -Term Portion 5 9,650.000 Housing Authority Revenue Bonds On April 1, 1986 and August 23, 1988, the Housing Authority adopted resolutions authorizing the issuance of a revenue bond payable to the U.S. Department of Agriculture, Farmers Home Administration, for the purpose of financing a part of the cost of acquiring, erecting and constructing low -rent, multi -family housing facilities (Victory Park Apartments - Phase I and Phase II), including the repayment of certain notes payable to the State of Florida for the acquisition of land. The bond and interest thereon are payable solely from and collateral- ized by a prior lien upon and a pledge of the gross revenues to be derived from the project. 29