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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />6. Lona -Term Debt - Continued: <br />F. Capital Leases and Notes Payable - Continued <br />(3) Enterprise Funds Note Payable - The County issued a note in the amount of <br />$1,006,554 at 9.25% for the purchase of a sod farm for the Water and Sewer <br />System. The sod farm has been recorded as land in the Water and Sewer <br />Enterprise Fund. The balance at September 30, 1988 is $1,006,554. <br />The note payable will mature as follows: <br />1989 $ 793,106 <br />1990 334,910 <br />Total payments 1,128,016 <br />Less: Amount representing interest 121,462 <br />Total $1,006,554 <br />(4) Housing Authority Note Payable - At September 30, 1988, the Housing <br />Authority had a note payable of $89,101 to a bank with interest at prime, <br />due November 7, 1988. This note was repaid with a portion of the proceeds <br />from the revenue bond described in Note 15. <br />7. Retirement: <br />A. Florida Retirement System <br />The County's employees, except certain firemen, participate in the Florida <br />Retirement System (FRS), a multiple employer cost sharing defined benefit <br />retirement system, administered by the Florida Department of Administration. <br />The FRS has five classes of membership with descriptions and contribution rates <br />in effect during the period ended September 30, 1988 as follows (contribution <br />rates are in agreement with the actuarially determined rates): <br />Regular Class - Members not qualifying for other classes <br />(13.14% rate). <br />Senior Management Service Class - Members of senior management <br />who do not elect the optional annuity retirement program <br />(13.88% rate). <br />Special Risk Class - Members employed as law enforcement <br />officers, firefighters, or correctional officers and meet the <br />criteria set to qualify for this class (15.11% rate). <br />39. <br />