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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1992 <br />B. Lona -Term Debt - Continued: <br />Housina Authority Revenue Bonds <br />On April 1, 1986, August 23, 1988 and July 16, 1991, the Housing Authority <br />adopted resolutions authorizing the issuance of revenue bonds payable to the <br />U.B. Department of Agriculture, Farmers Home Administration, for the purpose of <br />financing a part of the cost of acquiring, erecting and constructing low -rent, <br />multi -family housing facilities (Victory Park Apartments - Phase I and Phase II <br />and Orangewood Park Apartments), including the repayment of certain notes <br />payable to the State of Florida for the acquisition of land. The bond and <br />interest thereon are payable solely from and collateralized by a prior lien upon <br />and a pledge of the gross revenueâ–  to be derived from the projects. <br />The revenue bond resolution provides for the following: <br />(1) The revenue bond obligation consists of: <br />Long -Term Portion <br />Original <br />Interest <br />Revenue <br />Rate <br />Description <br />and Dates <br />Indian River <br />11 per annum on <br />County Housing <br />the unpaid <br />Authority <br />balance, payable <br />Revenue Bonds: <br />September 1 each <br />year <br />Victory Park <br />Phase I <br />Victory Park <br />Phase II <br />Orangewood Park <br />Apartments <br />Less: Current portion <br />Long -Term Portion <br />Original <br />Balance <br />Revenue <br />Outstanding <br />Bond <br />September 30, <br />Commitment <br />1992 <br />$1,9080000 <br />$ 1,694,000 <br />11908,000 <br />1,748,000 <br />2,006,400 <br />2,006,400 <br />55.822.400 5,448,400 <br />165,000 <br />S 5.283.400 <br />(2) Optional Redemption - Each revenue bond is redeemable at the option of the <br />Housing Authority at par plus accrued interest and plus a premium ranging <br />between 0% and 5%, depending on the year of redemption and the holder of <br />the bond at the time of redemption. <br />The Housing Authority may redeem, in whole or in part, at any time, the <br />principal portion of each revenue bond on any interest payment date, at <br />the price of par plus accrued interest, without premium if the bond is <br />held by the U.S. Department of Agriculture, Farmers Home Administration. <br />B-37 <br />