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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2018 NOTE 10 - LONG-TERM LIABILITIES - Continued B. Primary Government - Continued Water and Sewer Revenue Refunding Bonds, Series 2009 - Continued Pledge of Revenues — The revenue bonds are collateralized, for the remaining term of the bonds, by a pledge of all net revenues derived from the operation of the system, certain surcharges, and special assessments. The principal and interest payments of $2,881,000 represent approximately twenty percent of net revenues of $14,510,727 of the utility system. Refer to Schedule 14 in the statistical section for further detail. The total principal and interest remaining to be paid on the bonds is $15,808,250. Rate Covenant — Net revenues shall be sufficient to pay 100% of the reserve account requirement and 120% of the current year's principal and interest payment. Bonds Issued - At September 30, 2018, the revenue bonds consisted of the following: Description Interest Outstanding at Rates and September 30, Date Maturity Issue 2018 Water and Sewer Revenue 4-5% Refunding Bonds, Series 2009 3/1 and 9/1 2024 $ 26,370,000 $ 13,520,000 Optional Redemption - The Series 2009 bonds maturing on or prior to September 1, 2019, are not subject to redemption prior to their respective dates of maturity. The Series 2009 bonds stated to mature after September 1, 2019, are subject to redemption at the option of the County in whole or, from time to time, in part on September 1, 2019, at the redemption price of the principal amount to be redeemed, plus accrued interest to the date of redemption. C. Compensated Absences For the governmental activities compensated absences liability, the General Fund normally liquidates 75 percent, and the Transportation and Emergency Services District funds normally liquidate 6 percent and 16 percent, respectively. The remaining 3 percent is liquidated by other governmental and internal service funds. 81