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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 />The revenue bond resolution, as dated July 10, 1985, and as amended and
<br />supplemented, provides for the following:
<br />a. The Revenue Bonds consist of:
<br />Serial Bonds 9/1 i 3/1 2000 2,165,000 2,050,000
<br />Term Bond 7.75% 2005 1,490,000 1,490,000
<br />3,655,000 3,540,000
<br />S13,510,000 $12,675,000
<br />b. Disbursements or expenditures of bond proceeds which have been desig-
<br />nated as construction funds shall be made only after written approval
<br />of the County Administrator or his designee.
<br />c. Establishment and maintenance of various funds -
<br />Revenue Fund to record County sales tax monies received by the
<br />County from the State.
<br />Sinking Fund to pay principal and interest payments coming due
<br />during the current fiscal year. The amounts in this account are
<br />restricted by the bond resolution and thus, a reserve of fund
<br />balance has been established for them.
<br />d. Other covenants -
<br />The resolution provides for several additional covenants such as
<br />required books and records and annual audit.
<br />34.
<br />Balance
<br />Interest
<br />Outstanding
<br />Rates and
<br />Original
<br />September 30,
<br />Dates
<br />Maturity
<br />Issue
<br />1988
<br />Refunding and Improve-
<br />ment Revenue Bonds,
<br />1985 Series -
<br />5.5%-8.75%
<br />Serial Bonds
<br />9/1 i 3/1
<br />1997
<br />S 4,000,000
<br />S 3,280,000
<br />Term Bond
<br />9%
<br />2000
<br />1,735,000
<br />1,735,000
<br />Term Bond
<br />9.125%
<br />2002
<br />1,440,000
<br />1,440,000
<br />Term Bond
<br />9.125%
<br />2005
<br />2,680,000
<br />2,680,000
<br />9,855,000
<br />9,135,000
<br />Capital Improvement
<br />Revenue Bonds,
<br />1987 Series -
<br />4.751-7.30%
<br />Serial Bonds 9/1 i 3/1 2000 2,165,000 2,050,000
<br />Term Bond 7.75% 2005 1,490,000 1,490,000
<br />3,655,000 3,540,000
<br />S13,510,000 $12,675,000
<br />b. Disbursements or expenditures of bond proceeds which have been desig-
<br />nated as construction funds shall be made only after written approval
<br />of the County Administrator or his designee.
<br />c. Establishment and maintenance of various funds -
<br />Revenue Fund to record County sales tax monies received by the
<br />County from the State.
<br />Sinking Fund to pay principal and interest payments coming due
<br />during the current fiscal year. The amounts in this account are
<br />restricted by the bond resolution and thus, a reserve of fund
<br />balance has been established for them.
<br />d. Other covenants -
<br />The resolution provides for several additional covenants such as
<br />required books and records and annual audit.
<br />34.
<br />
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