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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 />(2) Special Assessment Bonds - The proceeds of the initial special assessment <br />bonds were used to extend the water and sewer distribution systems along <br />Florida State Road 60. During the current fiscal year, the County <br />refinanced the outstanding bonds in order to obtain a lower interest <br />rate. The refinancing resulted in economic gains of $24,615 and $316,638 <br />for the Route 60 Waterline bonds and Route 60 Sewerline bonds, respec- <br />tively. <br />The payments of principal and interest on special assessment bonds and all <br />other required payments are being paid solely from the proceeds of the <br />assessments levied against benefiting property owners. There is no secon- <br />dary lien on the assets or the revenues of the County's Water and Sewer <br />System, however, if through foreclosure proceedings the property cannot be <br />sold at auction, then the County must acquire it for its market value. <br />At September 30, 1988, special assessment bonds consisted of the <br />following: <br />Rates and <br />Description Dates <br />Route 60 Waterline 8.47% <br />construction 5/1 <br />Route 60 Sewerline 8.47% <br />construction 1/1 <br />35. <br />Outstanding <br />at <br />Original September 30, <br />Maturity Issue 1988 <br />1997 $ 430,000 5 430,000 <br />1996 2,797,675 21797,675 <br />$3,227,675 $3,227,675 <br />