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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1988 6. Lona -Term Debt - Continued: Housing Authority Revenue Bonds On March a, 1986, the Housing Authority adopted a resolution authorizing the issuance of a revenue bond payable to the U.S. Department of Agriculture, Farmers Home Administration, for the purpose of financing a part of the cost of acquiring, erecting and constructing low -rent, multi -family housing facilities (the Project), including the repayment of certain notes payable to the State of Florida for the acquisition of land. The bond and interest thereon are payable solely from and secured by a prior lien upon and a pledge of the gross revenues to be derived from the project. The Project was completed and a Certificate of Occupancy was issued on -September 17, 1987. The revenue bond resolution provides for the following: (1) The revenue bond obligation consists of: (2) Early Redemption - The revenue bond is redeemable at the option of the Housing Authority on September 1, 1997, and thereafter at par plus accrued interest and plus a premium ranging between 0% and 51, depending on the year of redemption and the holder of the bond at the time of redemption. The Housing Authority may redeem, in whole or in part, at any time, the principal portion of the revenue bond on any interest payment date, at the price of par plus accrued interest, without premium if the bond is held by the U.S. Department of Agriculture, Farmers Home Administration. (3) The revenue bond resolution provides for the following: The revenue bond does not constitute a lien upon the project of any part thereof or upon any other property of the Housing Authority or a pledge of the full faith and credit of the Housing Authority. 29. Original Balance Interest Revenue Outstanding Rate Bond September 30, Description and Dates Commitment 1988 Indian River It per annum on County Housing the unpaid Authority balance, payable Revenue Bonds September 1 each year $1,908,000 S1.908.000 (2) Early Redemption - The revenue bond is redeemable at the option of the Housing Authority on September 1, 1997, and thereafter at par plus accrued interest and plus a premium ranging between 0% and 51, depending on the year of redemption and the holder of the bond at the time of redemption. The Housing Authority may redeem, in whole or in part, at any time, the principal portion of the revenue bond on any interest payment date, at the price of par plus accrued interest, without premium if the bond is held by the U.S. Department of Agriculture, Farmers Home Administration. (3) The revenue bond resolution provides for the following: The revenue bond does not constitute a lien upon the project of any part thereof or upon any other property of the Housing Authority or a pledge of the full faith and credit of the Housing Authority. 29.