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11 <br />INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />6. Long -Term Debt - Continued: <br />Housing Authority Revenue Bonds - Continued <br />The revenue bond resolution provides for the following: <br />(1) The revenue bond obligation consists of: <br />Description <br />Indian River <br />County Housing <br />Authority <br />Revenue Bonds: <br />Victory Park <br />Phase I <br />Victory Park <br />Phase II <br />Original Balance <br />Interest Revenue Outstanding <br />Rate Bond September 30, <br />and Dates Commitment 1990 <br />l% per annum on <br />the unpaid <br />balance, payable <br />September 1 each <br />year <br />Less: Current portion <br />$1,908,000 $ 1,802,000 <br />1.908,000 <br />S3.816.000 <br />1,855,000 <br />3,657,000 <br />107,000 <br />Long -Term Portion S 3.550.000 <br />(2) Early Redemption - Each revenue bond is redeemable at the option of the <br />Housing Authority at par plus accrued interest and plus a premium ranging <br />between 0% and 5s, depending on the year of redemption and the holder of <br />the bond at the time of redemption. <br />The Housing Authority may redeem, in whole or in part, at any time, the <br />principal portion of each revenue bond on any interest payment date, at <br />the price of par plus accrued interest, without premium if the bond is <br />held by the U.S. Department of Agriculture, Farmers Home Administration. <br />30 <br />