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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 - Continued: <br />Al Water and Sewer Revenue Refunding Bonds Series 1989 <br />(1) Pledge of Revenues - The revenue bonds are collateralized by a pledge of <br />all gross revenues of the system and impact fees. However, the Series <br />1989 is subordinate to the Water and Sewer Revenue Bonds, Series 1986 and <br />1986A. <br />(2) Establishment of Various Accounts <br />a. Revenue Fund account to pay all operating and maintenance costs of the <br />system. <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. Since the amounts are derived from operating <br />revenues and are restricted, a corresponding reserve has been estab- <br />lished in the retained earnings. <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. An initial deposit was made from bond proceeds with the <br />remainder to be derived from operating revenues. When the maximum <br />amount is obtained, no further deposits are necessary. The amounts in <br />this account are restricted by the bond resolution. A corresponding <br />reserve has been established in the retained earnings for the amounts <br />derived from operating revenues. <br />onds Issued - At September 30, 1991, revenue bonds consisted of the <br />ollowing: <br />escription <br />iter and Sewer <br />Revenue Refunding <br />Bonds, Series 1989 <br />Outstanding at <br />Rates and Original September 30, <br />Dates Maturity Issue 1991 <br />6.70%-7.258 <br />5/1 and 11/1 2019 $6,510,000 $ 6,375,000 <br />ass: Current portion 75,000 <br />Unamortized bond <br />discount 29,598 <br />)ng -Term Portion S 6,270,402 <br />:)tional Redemption - The revenue bonds maturing on or after May 1, 1999 <br />re subject to redemption prior to maturity, at the option of the County <br />I and after May 1, 1998, in whole at any time or in part on any interest <br />Yyment date at par plus accrued interest and plus a premium ranging <br />atween 0% and If% depending on the year of redemption. <br />B-33 <br />