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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 />Bonds Payable:
<br />Refunding and
<br />Improvement Revenue
<br />Bonds - 1985 Series
<br />9,385,000
<br />- 250,000
<br />91135,000
<br />Capital Improvement
<br />Revenue Bonds -
<br />1987 Series
<br />3,655,000
<br />- 115,000
<br />3,540,000
<br />General Obligation
<br />Bonds - 1983 Beach
<br />Acquisition
<br />1,125,000
<br />- 1,125,000
<br />-
<br />Special Assessment
<br />Bonds - 101
<br />4,190,575
<br />- 4,190,575
<br />-
<br />Special Assessment
<br />Bonds - 8.471
<br />-
<br />3,227,675 -
<br />3,227,675
<br />18,355,575
<br />3,227,675 5,680,575
<br />15,902,675
<br />Totals
<br />519.3 59,579
<br />53,455,049 55,902,061
<br />516.912,567
<br />D. General Long -Term Debt
<br />(1) Revenue Bonds - On July 10, 1985, the Board adopted a resolution autho-
<br />rizing the issuance of $25,000,000 of Refunding and Capital Improvement
<br />Revenue Bonds. On November 1, 1985, the Board issued $9,855,000 of
<br />Refunding and Improvement Bonds, 1985 Series. The proceeds of this issue
<br />legally defeased the County's Capital Improvement Revenue Bonds, Series
<br />1980 and 1981, and provided funds to finance the cost of construction and
<br />to reimburse the County for certain capital projects. On July 1, 1987,
<br />the Board issued $3,655,000 of Capital Improvement Revenue Bonds, 1987
<br />Series. The proceeds of this issue provide funds for construction of
<br />certain capital projects. The bonds and interest thereon, from both these
<br />issues, are payable solely from and secured by a first lien upon and
<br />pledge of the County's half -cent sales tax and related investment income.
<br />33.
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