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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 />C. General Lona -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 1992
<br />Refunding and Improve-
<br />ment Revenue Bonds,
<br />1985 Series - 5.51-8.751
<br />Serial Bonds 9/1 i 3/1 1997 $ 4,000,000 $ 2,090,000
<br />Term Bond 91 2000 1,735,000 1,735,000
<br />Term Bond 9.1251 2002 1,440,000 1,440,000
<br />Term Bond 9.1251 2005 2,680,000 2,680,000
<br />9,855,000 7,945,000
<br />Capital Improvement
<br />Revenue Bonds,
<br />1987 Series - 4.751-7.301
<br />Serial Bonds 9/1 i 3/1 2000 2,165,000 11515,000
<br />Term Bond 7.751 2005 1,490,000 1,490,000
<br />3,655,000 3,005,000
<br />S13,510,000 510.950.000
<br />B -al
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