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INDIAN RIVER COUNTY. FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1992 8. Long -Term Debt: A. Enterprise Fund Revenue Bonds - The County has adopted resolutions for bonds payable that provide for various covenants. These covenants are listed below for each bond payable. Solid Waste Disposal System Revenue Bonds, Series 1988 (1) Pledge of Revenue - The Series 1988 bonds are payable from and collateral- ized by a lien on net revenues of the system, including the proceeds derived from the collection of disposal charges which are annual assess- ment charges against assessable property for the disposal of solid waste. (2) Establishment of Various Accounts a. Operating account to pay all operating and maintenance costs of the system. b. Sinking Fund account to pay principal and interest payments coming due during the current fiscal year. c. Reserve account to accumulate an amount equal to the maximum amount of principal and interest coming due in any ensuing fiscal year. d. Renewal and Replacement Fund and capital projects account to pay for the costs of enlargements, replacements or emergency repairs to the system. The amounts to be maintained in these accounts are determined by consulting engineers. The amounts in these accounts are restricted by the bond resolution. (3) Other Covenants - The resolution provides for several additional covenants such as required revenue rates, minimum insurance levels, adoption of annual budget, and certain required engineering reports. (4) Bonds Issued - At September 30, 1992, the revenue bonds consisted of the following: Outstanding at Rates and Original September 30, Description Date Maturity Issue 1992 1988 Solid Waste Disposal System 5.25%-7.41 Revenue Bonds 6/1 and 12/1 6/1/02 $8,240,000 $ 6,555,000 Less: Current portion 480,000 Long -Term Portion S 6.075.000 B-31