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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1992 8. Lana -Term Debt - Continued: Water and Sewer Revenue Bonds, Series 1991 (1) Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues of the system and impact fees. However, the Series 1991 is subordinate to the Water and Sewer Revenue Bonds, Series 1986 and 1986A, and is on a parity with the Water and Sewer Revenue Refunding Bonds, Series 1989. (2) Establishment of Various Accounts i a. Revenue Fund account to pay all operating and maintenance costs of the E system. i b. Sinking Fund account to pay principal and interest coming due during the current fiscal year. The amounts in this account are restricted by the bond resolution. c. Reserve Fund account to accumulate an amount equal to the maximum amount of principal and interest coming due in any ensuing fiscal year. An initial deposit was made from bond proceeds with the i remainder to be derived from operating revenues. When the maximum amount is obtained, no further deposits are necessary. The amounts in i this account are restricted by the bond resolution. (3) Bands Issued - At September 30, 1992, revenue bonds consisted of the following: Outstanding at 1 Rates and Original September 30, Description Dates Maturity Issue 1992 Water and Sewer Revenue Bonds, 4.85%-6.70% Series 1991 5/1 and 11/1 2016 $9,205,000 $ 9,205,000 Less: Current portion 70,000 Unamortized bond discount 224,954 Long -Term portion S-8,910,046 (4) Optional Redemption - The revenue bonds maturing on or after May 1, 2002 are subject to redemption prior to maturity, at the option of the County on and after May 1, 2001, in whole at any time or in part on any interest payment date at par plus accrued interest and plus a premium ranging between 01 and 2% depending on the year of redemption. B-36