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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />6. Long -Term Debt - Continued: <br />Recreational (Golf Course) Revenue Bonds - Continued <br />(3) Other Covenants <br />a. The proceeds of this bond issue are to finance the construction of a <br />public golf course and related clubhouse facility, and interest on the <br />bonds for the first three years. <br />b. The bond resolution provides for additional covenants such as annual <br />audit requirement and minimum insurance levels. <br />(4) At September 30, 1988, these revenue bonds consisted of the following: <br />Outstanding <br />at <br />Rates and Original September 30, <br />Dates Maturity Issue 1988 <br />1985 Recreational 6.40%-7.501 <br />Revenue Bonds 9/1 9/1/15 $2,720,000 S 2,720,000 <br />Less: Current portion - <br />Unamortized discount 66,373 <br />Long -Term Portion 5 2.653.627 <br />Water and Sewer Revenue Bonds <br />On September 8, 1983, the County, with the approval of existing bondholders, <br />revised certain covenants and terms. Covenants and terms associated with <br />previous resolutions were dissolved. The following is a summary of the current <br />covenants: <br />(1) Pledge of Revenues - The revenue bonds are secured by a pledge of all <br />gross revenues of the system and impact fees. <br />(2) Establishment of Various Accounts <br />a. Revenue Fund account to pay all operating and maintenance costs of the <br />system. <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. Since the amounts are derived from operating <br />revenues and are restricted, a corresponding reserve has been estab- <br />lished in the retained earnings. <br />27. <br />L.' <br />