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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATP1MNTS - CONTINUED <br />Year Ended September 30, 1992 <br />8. Lona -Term Debt - Continued: <br />Solid Waste Disposal System Revenue Bonds Series 1988 - Continued <br />(5) optional Redemption - The revenue bonds maturing on or after June 1, 1997 <br />are subject to redemption prior to maturity, at the option of the County <br />on and after June 1, 1996, in whole at any time or in part on any interest <br />payment date at par plus accrued interest and plus a premium ranging <br />between 00 and 2% depending on the year of redemption. <br />Recreational (Golf Courses Revenue Bonds, Series 1985 and 1991 <br />(1) Pledge of Revenue - The revenue bonds are collateralized by a lien on the <br />net revenues derived from the operations of the project and racetrack and <br />jai alai fronton funds accruing annually to the County. <br />(2) Establishment of Various Accounts <br />a. operating accounts to reflect all transactions which relate to the <br />project. <br />b. Sinking Fund account to pay principal and interest coming due during <br />the current fiscal year. The amounts in this account are restricted <br />by the bond resolution. <br />c. Reserve Fund account to accumulate an amount equal to the maximum <br />amount of principal and interest coming due in any ensuing fiscal <br />year. This account may be established at the option of the Board of <br />County Commissioners. The amounts in this account are restricted by <br />the bond resolution. <br />d. Renewal and Replacement Fund account to pay for the costs of exten- <br />sions, enlargements, additions, replacements or emergency repairs to <br />the system. The amounts deposited into this account are determined by <br />the County Administrator. The amounts in this account will be <br />restricted by the bond resolution. <br />B-32 <br />