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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1991 <br />8. Long -Term Debt: <br />A. Enterprise Fund Revenue Bonds - The County has adopted resolutions for bonds <br />payable that provide for various covenants. These covenants are listed below <br />for each bond payable. <br />Solid Waste Disposal System Revenue Bonds, Series 1988 <br />(1) Pledge of Revenue - The Series 1988 bonds are payable from and collateral- <br />ized by a lien on net revenues of the system, including the proceeds <br />derived from the collection of disposal charges which are annual assess- <br />ment charges against assessable property for the disposal of solid waste. <br />(2) Establishment of Various Accounts <br />a. Operating account to pay all operating and maintenance costs of the <br />system. <br />b. Sinking Fund account to pay principal and interest payments coming due <br />during the current fiscal year. <br />c. Reserve account to accumulate an amount equal to the maximum amount of <br />principal and interest coming due in any ensuing fiscal year. <br />d. Renewal and Replacement Fund and capital projects account to pay for <br />the costs of enlargements, replacements or emergency repairs to the <br />system. The amounts to be maintained in these accounts are determined <br />by consulting engineers. The amounts in these accounts are restricted <br />by the bond resolution. <br />(3) Other Covenants - The resolution provides for several additional covenants <br />such as required revenue rates, minimum insurance levels, adoption of <br />annual budget, certain required engineering reports. <br />(4) Bonds Issued - At September 30, 1991, the revenue bonds consisted of the <br />following: <br />Outstanding at <br />Rates and Original September 30, <br />Description Date Maturity Issue 1991 <br />1988 Solid Waste <br />Disposal System 5.258-7.48 <br />Revenue Bonds 6/1 and 12/1 6/1/02 $8,240,000 $ 7,010,000 <br />Less: Current portion <br />Long -Term Portion <br />B-29 <br />455,000 <br />$ 6,555,000 <br />