Laserfiche WebLink
INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />6. Lona -Term Debt: <br />A. Enterprise Fund Revenue Bonds - The County has adopted resolutions for bonds <br />payable that provide for various covenants. These covenants are listed below <br />for each bond payable. <br />Solid Waste Disposal System Revenue Bonds, Series 1988 <br />(1) Pledge of Revenue - The Series 1988 bonds are payable from and secured by <br />a lien on net revenues of the system, including the proceeds derived from <br />the collection of disposal charges which are annual assessment charges <br />against assessable property for the disposal of solid waste. <br />(2) Establishment of Various Accounts <br />a. Operating account to pay all operating and maintenance costs of the <br />system. <br />b. Sinking Fund account to pay principal and interest payments coming due <br />during the current fiscal year. <br />C. Reserve account to accumulate an amount equal to the maximum amount of <br />principal and interest coming due in any ensuing fiscal year. <br />$824,000 was deposited into this account from bond proceeds which is <br />less than the maximum annual principal and interest requirement. The <br />County intends to fund the remaining amount required over a five-year <br />period. <br />d. Renewal and Replacement Fund and capital projects account to pay for <br />the costs of enlargements, replacements or emergency repairs to the <br />system. The amounts to be maintained in these accounts are determined <br />by consulting engineers. The amounts in these accounts are restricted <br />by the bond resolution. No deposits were required to be made into <br />this account during the current fiscal year. <br />(3) Other Covenants - The resolution provides for several additional covenants <br />such as required revenue rates, minimum insurance levels, adoption of <br />annual budget, certain required engineering reports. <br />25. <br />