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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1992 8. Long -Term Debt - Continued: Water and Sewer Revenue Bonds, Series 1986 and 1986A (1) Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues of the system and impact fees. (2) Establishment of Various Accounts a. Revenue Fund account to pay all operating and maintenance costs of the system. 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 remainder to be derived from operating revenues. When the maximum amount is obtained, no further deposits are necessary. The amounts in this account are restricted by the bond resolution. d. Renewal and Replacement account to pay the cost of extensions, enlargements, improvements or additions to or the replacement of capital assets of the Water and Sewer System, and for emergency repairs. The County is required to deposit 51 of the gross revenues of the system for the preceding year on an annual basis into this account. (3) Bonds Issued - At September 30, 1992, revenue bonds consisted of the following: Outstanding at Rates and Original September 30, Description Dates Maturity Issue 1992 Water and Sewer Revenue Bonds: Series 1986 51 9/1 2029 $9,200,000 $ 9,115,000 Series 1986A 7% 9/1 2029 450,000 447,400 Less: Current portion 92,800 Long -Term Portion S 9.469.600 (4) Optional Redemption - The revenue bonds are subject to redemption prior to maturity, at the option of the County, as a whole, on any date, upon payment of the outstanding principal amount thereof, together with accrued interest to the date fixed for redemption. B-34