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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1991 8. Long -Term Debt - Continued: D. General Long -Term Debt - Continued (1) Revenue Bonds - Continued b. Disbursements or expenditures of bond proceeds which have been desig- nated as construction funds shall be made only after written approval of the County Administrator or his designee. C. Establishment and maintenance of various funds - Revenue Fund to record County sales tax monies received by the County from the State. Sinking Fund to pay principal and interest payments coming due during the current fiscal year. The amounts in this account are restricted by the bond resolution and thus, a reserve of fund balance has been established for them. d. Other covenants - The resolution provides for several additional covenants such as required books and records and annual audit. (2) General Obligation Bonds - On July 27, 1989, the Board issued $5,900,000 of General Obligation Bonds, 1909 Series. The issuance of the 1989 Series Bonds was approved by a majority of votes cast in a bond referendum held on September 2, 1986 by the qualified electors of the County. The princi- pal and interest on the Bonds are payable from ad valorem taxes levied and collected upon all taxable property within the County. The proceeds from this issue provide funds for certain improvements to and expansion of the County -wide library system, including land acquisition, construction of branch buildings and purchase of library materials. At September 30, 1991, General Obligation Bonds consisted of the following: 8-39 Outstanding at Rates and Original September 30, Description Dates Maturity Issue 1991 General Obliga- 5.758-6.158 tion Bonds, 1989 Series 7/1 & 1/1 1994 85,900,000 S3,760,000 8-39