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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
<br />(1) Revenue Bonds - On July 10, 1985, the Board adopted a resolution autho-
<br />rizing the issuance of $25,000,000 of Refunding and Capital Improvement
<br />Revenue Bonds. On November 1, 1985, the Board issued $9,855,000 of
<br />Refunding and Improvement Bonds, 1985 Series. The proceeds of this issue
<br />legally defeased the County's Capital Improvement Revenue Bonds, Series
<br />1980 and 1981, and provided funds to finance the cost of construction and
<br />to reimburse the County for certain capital projects. On July 1, 1987,
<br />the Board issued $3,655,000 of Capital Improvement Revenue Bonds, 1987
<br />Series. The proceeds of this issue provide funds for construction of
<br />certain capital projects. The bonds and interest thereon, from both these
<br />issues, are payable solely from and collateralized by a first lien upon
<br />and pledge of the County's half -cent sales tax and related investment
<br />income.
<br />The revenue bond resolution, as dated July 10, 1985, and as amended and
<br />supplemented, provides for the following:
<br />a. The Revenue Bonds consist of:
<br />Balance
<br />Interest Outstanding
<br />Rates and Original September 30,
<br />Dates Maturity Issue 1990
<br />Refunding and Improve-
<br />ment Revenue Bonds,
<br />1985 Series - 5.5%-8.75%
<br />Serial Bonds 9/1 4 3/1 1997 $ 4,000,000 5 2,725,000
<br />Term Bond 9% 2000 1,735,000 1,735,000
<br />Term Bond 9.125% 2002 1,440,000 1,440,000
<br />Term Bond 9.125% 2005 2,680,000 2,680,000
<br />9,855,000 8,580,000
<br />Capital Improvement
<br />Revenue Bonds,
<br />1987 Series -
<br />Serial Bonds
<br />Term Bond
<br />4.75%-7.30%
<br />9/1 4 3/1
<br />7.75%
<br />34
<br />2000 2,165,000 1,795,000
<br />2005 1,490,000 1,490,000
<br />3,655,000 3,285,000
<br />513.510.000 511,865,000
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