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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1992 <br />S. Lonq-Tern Debt - Continued: <br />C. General Lonq-Term Debt - Continued <br />(3) Special Assessment Bonds - The proceeds of the initial special assessment <br />bonds were used to extend the water and sewer distribution systems along <br />Florida State Road 60. The proceeds of the Rockridge Special Assessment <br />bonds were used for acquisition and construction of sewer line extensions <br />in the Rockridge Sanitary Sewer area. The proceeds of the North County <br />Special Assessment bonds were used for acquisition and construction of a <br />physically independent North County Wastewater System. <br />The payments of principal and interest on special assessment bonds and all <br />other required payments are being paid solely from the proceeds of the <br />assessments levied against benefiting property owners. There is no secon- <br />dary lien on the assets or the revenues of the County's Water and Sewer <br />System, however, if through foreclosure proceedings the property cannot be <br />sold at auction, then the County must acquire it for its market value. <br />At September 30, 1992, special assessment bonds consisted of the <br />following: <br />Outstanding <br />at <br />Rates and Original September 30, <br />Description Dates Maturity Issue 1992 <br />Route 60 Sewerline 8.47% <br />construction 1/1 1996 $ 2,797,675 $ - • <br />Rockridge Sewer 6.75%-8.00% <br />construction 6/1 i 12/1 2000 720,000 580,000 <br />North County Sewer 7.75% <br />construction 4/1 i 10/1 2000 6,075,000 5,465,000 <br />S 9.592,675 S 6.045,000 <br />The County paid these bonds off early during the current fiscal year. <br />B-43 <br />