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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 - Continued <br />(1) Revenue Bonds - Continued <br />b. Disbursements or expenditures of bond proceeds which have been desig- <br />nated as construction funds shall be made only after written approval <br />of the County Administrator or his designee. <br />c. Establishment and maintenance of various funds - <br />• Revenue Fund to record County sales tax monies received by the <br />County from the State. <br />• Sinking Fund to pay principal and interest payments coming due <br />during the current fiscal year. The amounts in this account are <br />restricted by the bond resolution and thus, a reserve of fund <br />balance has been established for them. <br />d. Other covenants - <br />The resolution provides for several additional covenants such as <br />required books and records and annual audit. <br />(2) General Obligation Bonds - On July 27, 1989, the Board issued 55,900,000 <br />of General Obligation Bonds, 1989 Series. The issuance of the 1989 Series <br />Bonds was approved by a majority of votes cast in a bond referendum held <br />on September 2, 1986 by the qualified electors of the County. The princi- <br />pal and interest on the Bonds are payable from ad valorem taxes levied and <br />collected upon all taxable property within the County. The proceeds from <br />this issue provide funds for certain improvements to and expansion of the <br />County -wide library system, including land acquisition, construction of <br />branch buildings and purchase of library materials. <br />At September 30, 1990, General Obligation Bonds consisted of the <br />following: <br />Description <br />Outstanding <br />at <br />Rates and Original September 30, <br />Dates Maturity Issue 1990 <br />General Oblige- 5.75%-6.15% <br />tion Bonds, <br />1989 Series 7/1 i 1/1 1994 p5.9Q0.000 54.865,000 <br />35 <br />