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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1988 6. Lona -Term Debt - Continued: (2) Establishment of Various Accounts - Continued c. Reserve Fund account to accumulate an amount equal to the maximum amount of principal and interest coming due in any ensuing fiscal year. When the maximum amount is obtained, no further deposits are necessary. The amounts in this account are restricted by the bond resolution. Since the amounts are derived from operating revenues and are restricted, a corresponding reserve has been established in the retained earnings. d. Renewal and Replacement Fund account to pay for the costs of exten- sions, enlargements, additions, replacements or emergency repairs to the system. The amounts deposited into this account are determined by a percentage of revenues. The amounts in this account are restricted by the bond resolution. Since the amounts are derived from operating revenues and are restricted, a corresponding reserve has been estab- lished in the retained earnings. (3) Investment Restrictions - The resolution provides that all monies in the above funds and accounts may only be invested in direct obligations of the U.S. Government, or in obligations unconditionally guaranteed by the U.S. Government. (4) Other Covenants - The resolution provides for several additional cove- nants, such as required revenue rates, annual audit, minimum insurance levels and capital project reserve amounts determined by the County's consulting engineers. (5) Bonds Issued - At September 30, 1988, revenue bonds consisted of the following: Description 1979 Water and Sewer Revenue Bonds 1979 Water and Sewer Revenue Bonds - Series II 1980 Water and Sewer Revenue Bonds 1985 Water and Sewer Revenue Bonds Total Less: Current portion Long -Term Portion Outstanding at Rates and Original September 30, Dates Maturity Issue 1988 8,878,200 103,000 S8,775,200 28. 51 9/1 and 3/1 9/1/2018 $ 402,500 $ 366,500 5i 9/1 and 3/1 9/1/2020 $ 236,000 221,000 51 10/1 and 4/1 9/1/2022 $5,825,900 5,592,000 51 9/1 and 3/1 9/1/2024 $2,750,700 2,698,700 8,878,200 103,000 S8,775,200 28.