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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 />(4) Bonds Issued - At September 30, 1988, these revenue bonds consisted of the <br />following: <br />Outstanding <br />at <br />Rates and Original September 30, <br />Description Date Maturity Issue 1988 <br />1988 Solid Waste <br />Disposal System 5.251-7.41 <br />Revenue Bonds 6/1 and 12/1 6/1/02 $8,240,000 $ 8,240,000 <br />Less: Current portion 390,000 <br />Long -Term Portion 5 7,850,0000 <br />Recreational (Golf Course) Revenue Bonds <br />(1) Pledge of Revenue - The revenue bonds are secured by a lien on the net <br />revenues derived from the operations of the project and racetrack and jai <br />alai fronton funds accruing annually td the County. <br />(2) Establishment of Various Accounts <br />a. Operating accounts to reflect all transactions which relate to the <br />project. <br />b. Sinking Fund account to pay principal and interest coming due during <br />the current fiscal year. The amounts in this account are restricted <br />by the bond resolution. <br />c. Reserve Fund account to accumulate an amount equal to the maximum <br />amount of principal and interest coming due in any ensuing fiscal <br />year. This account may be established at the option of the Board of <br />County Commissioners. The amounts in this account are restricted by <br />the bond resolution. <br />d. Renewal and Replacement Fund account to pay for the costs of exten- <br />sions, enlargements, additions, replacements or emergency repairs to <br />the system. The amounts deposited into this account are determined by <br />the County Administrator. The amounts in this account will be <br />restricted by the bond resolution. <br />26. <br />