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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1992 S. Long -Term Debt - Continued: Water and Sewer Revenue Refunding Bonds, Series 1989 (1) Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues of the system and impact fees. However, the Series 1989 is subordinate to the Water and Sewer Revenue Bonds, Series 1986 and 1986A. (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. (3) _Ronda Issued - At September 30, 1992, revenue bonds consisted of the followings Outstanding at Rates and Original September 30, Description Dates Maturityissue 1992 Water and Sewer Revenue Refunding 6.70%-7.251 Bonds, Series 1989 5/1 and 11/1 2019 $6,510,000 $ 6,300,000 Less: Current portion 801000 Unamortized bond discount 28,001 Long -Term Portion S 6.91.999 (4) Optional Redemption - The revenue bonds maturing on or after May 1, 1999 are subject to redemption prior to maturity, at the option of the County on and after May 1, 1998, in whole at any time or in part on any interest payment date at par plus accrued interest and plus a premium ranging between 0% and 1}% depending on the year of redemption. B-35