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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 />Housing 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.S. 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 revenues to be derived from the projects.
<br />The revenue bond resolution provides for the following:
<br />(1) The revenue bond obligation consists of:
<br />Less: Current portion 108,000
<br />Long -Term Portion S 5,448,400
<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 08 and 58, 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 />8-34
<br />Original
<br />Balance
<br />Interest
<br />Revenue
<br />Outstanding
<br />Rate
<br />Bond
<br />September 30,
<br />Description
<br />and Dates
<br />Commitment
<br />1991
<br />Indian River
<br />18 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 />$1,908,000
<br />$ 1,748,000
<br />Victory Park
<br />Phase II
<br />1,908,000
<br />1,802,000
<br />Orangewood Park
<br />Apartments
<br />2,006,400
<br />2,006,400
<br />$5,822,400
<br />5,556,400
<br />Less: Current portion 108,000
<br />Long -Term Portion S 5,448,400
<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 08 and 58, 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 />8-34
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