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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 (3) Special Assessment Bonds - The proceeds of the initial special assessment bonds were used to extend the water and sewer distribution systems along Florida State Road 60. The proceeds of the Rockridge Special Assessment bonds were used for acquisition and construction of sewer line extensions in the Rockridge Sanitary Sewer area. The proceeds of the North County Special Assessment bonds were used for acquisition and construction of a physically independent North County Wastewater System. The payments of principal and interest on special assessment bonds and all other required payments are being paid solely from the proceeds of the assessments levied against benefiting property owners. There is no secon- dary lien on the assets or the revenues of the County's Water and Sewer System, however, if through foreclosure proceedings the property cannot be sold at auction, then the County must acquire it for its market value. At September 30, 1991, special assessment bonds consisted of the following: B-40 Outstanding at Rates and Original September 30, Description Dates Maturity Issue 1991 Route 60 Waterline 8.47% construction 5/1 1997 $ 430,000 $ - Route 60 Sewerline 8.47% construction 1/1 1996 2,797,675 1,748,548 Rockridge Sewer 6.758-8.008 construction 6/1 b 12/1 2000 720,000 650,000 North County Sewer 7.75% construction 4/1 6 10/1 2000 6,075,000 6,075,000 $10,022,675 j_8,473.,548 * The County paid these bonds off early during the current fiscal year. B-40