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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1992 <br />8. Lona -Term Debt - Continued: <br />Recreational (Golf Course) Revenue Bonds, Series 1985 and 1991 - Continued <br />(3) Other Covenants <br />a. The proceeds of these bond issues are to finance the construction of a <br />public golf course and related clubhouse facility, and interest on the <br />bonds for the first three years. <br />b. The bond resolution provides for additional covenants such as annual <br />audit requirement and minimum insurance levels. <br />(4) At September 30, 1992, these revenue bonds consisted of the following: <br />Outstanding at <br />Rates and Original September 30, <br />Dates Maturity Issue 1992 <br />1985 Recreational 6.401-7.60% <br />Revenue Bonds 3/1 and 9/1 9/1/15 $2,720,000 S 2,635,000 <br />1991 Recreational 5.35%-6.875% <br />Revenue Bonds 3/1 and 9/1 9/1/16 $6,015,000 6,015,000 <br />Less: Current portion 50,000 <br />Unamortized discount 188,413 <br />Long -Term Portion S 8.411.587 <br />(5) Optional Redemption <br />a. The Revenue Bonds, Series 1985 maturing on or after September 1, 1996 <br />are subject to redemption prior to maturity, at the option of the <br />County on and after September 1, 1995, in whole at any time or in part <br />on any interest payment date at par plus accrued interest and plus a <br />premium ranging between 01 and 21 depending on the year of redemption. <br />b. The Revenue Bonds, Series 1991 maturing on or after September 1, 2000 <br />are subject to redemption prior to maturity, at the option of the <br />County on and after September 1, 1999, in whole at any time or in part <br />on any interest payment date at par plus accrued interest and plus a <br />premium ranging between 01 and 2% depending on the year of redemption. <br />B-33 <br />