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Indian River County, Florida <br />NOTES TO FINANCIAL STATEMENTS Continued <br />Year Ended September 30, 1995 <br />NOTE 8 - LONG-TERM DEBT - Continued <br />A. Primary Government - Continued <br />(4) Rawwal and Replacement Fund and capital projects account to pay for the costs of enlargements, <br />replacements or emergency repairs to the system. The amounts to be maintained in these accounts <br />are determined by consulting engineers. The amounts in these accounts are restricted by the bond <br />resolution. <br />Other Covenants - The resolution provides for several additional covenants such as required revenue <br />rates, minimum insurance levels, adoption of annual budget, and certain required engineering reports. <br />Bonds Issued - At September 30,1995, the revenue bonds consisted of the following: <br />Interest <br />Outstanding at <br />Rates and <br />Original September 30, <br />Description Rate <br />Maturity Issue 122 <br />1988 Solid Waste Disposal 5.25-7.4% <br />System Revenue Bonds 6/1 and 12/1 <br />6/1/02 $8,240,000 $5,020,000 <br />Less: Current portion <br />Long -Term Portion <br />Optional Redemption - The revenue bonds maturing on or after June 1, 1997, are subject to redemption <br />prior to maturity, at the option of the County on and after June 1, 1996, in whole or in part, at any time, <br />on any interest payment date at par plus accrued interest and plus a premium ranging between 0% and <br />2% depending on the year of redemption. <br />Recreational (.olf Course) Revenue Refunding Bonds, Series 199 <br />Pledge of Revenue - The revenue bonds are collateralized by a lien on the net revenues derived from the <br />operations of the project and racetrack and jai alai fronton funds accruing annually to the County. <br />Establishment of Various Accounts - Pursuant to certain covenants, the County has established and <br />maintains the following accounts: <br />(1) Operating account to reflect all transactions which relate to the project <br />36 <br />