1989-042 - Laserfiche WebLink

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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 - Continued The Housing Authority collects fees, rentals and other charges for the use of the facilities of the project, and out of such funds pays the principal of and interest on the land, the necessary expenses of operating and maintenance and all reserve and sinking fund require- ments. Fees, rentals and other charges will not be reduced so as to be insufficient to provide funds for such purposes. • Establishment of Various Accounts - The Loan and Grant Resolution provides for the creation and establishment of the following accounts, which are to be deposited with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation and which is eligible under the laws of the State of Florida to receive public funds: a. Revenue Account to deposit all gross revenues and provide for payment of costs of operation and maintenance of the project. b. Bond Service Accounts: Interest Account to deposit monthly from Revenue Account 1/12 of all interest coming due on the next interest payment date. Principal Account to deposit monthly from Revenue Account 1/12 of the principal amount which will become due on such annual maturity date. Renewal, Replacement and Improvement Account to deposit from the Revenue Account $1,584 per month. In addition, at the end of each fiscal year, all excess funds remaining in the Revenue Account are deposited in the Renewal Replacement and Improvement Account until the amount on deposit equals $190,000. c. Investment Restrictions - Monies in any account created in the resolution may be invested in authorized investments which mature not later than 15 days prior to the dates on which the monies will be needed for the purpose of such fund. Authorized investments as specified by the resolution are as follows: Direct obligations of the U.S. Government Bonds, debentures or notes backed by the full faith and credit of the U.S. Government 30.