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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 />Recreational (Golf Course) Revenue Refunding Bonds -Series 199 Continued <br />(2) Sinking Fund account to pay principal and interest coming due during the current fiscal year. The <br />amounts in this account are restricted by the bond resolution. <br />(3) Reserve Fund account to accumulate an amount equal to the maximum amount of principal and <br />interest coming due in any ensuing fiscal year. This account may be established at the option of the <br />Board of County Commissioners. The amounts in this account are restricted by the bond <br />resolution. <br />(4) Renewal and Replacement Fund account to pay for the costs of extensions, enlargements, additions, <br />replacements or emergency repairs to the system. The amounts deposited into this account are <br />detemained by the County Administrator. The amounts in this account will be restricted by the <br />bond resolution and may be withdrawn only upon the authorization of the County Administrator. <br />Other Covenants - The bond resolution provides for additional covenants such as an annual audit <br />requirement, rate covenant tests and minimum insurance levels. <br />Bonds Issued - At September 30, 1995, the revenue bonds consisted of the following: <br />Optional Redemption - The Revenue Bonds, maturing on or after September 1, 2004 (except the Series <br />1993 Term Bonds maturing on September 1, 2016) are subject to redemption prior to maturity, at the <br />option of the County on and after September 1, 2003, in whole or in part, at any time, on any interest <br />payment date at par plus accrued interest and plus a premium ranging between 0% and 2% depending on <br />the year of redemption. <br />37 <br />S <br />Interest <br />Outstanding at <br />Rates and <br />Original September 30, <br />Description <br />D,= maturity <br />Issue 1.22 <br />1993 Recreational Revenue <br />2.80-5.25% 9/1/16 <br />$9,875,000 $9,325,000 <br />Refunding Bonds <br />3/1 and 9/1 <br />Less: Current portion <br />280,000 <br />Unamortized discount <br />309,57,7_ <br />Long -Term Portion <br />58.7 <br />Optional Redemption - The Revenue Bonds, maturing on or after September 1, 2004 (except the Series <br />1993 Term Bonds maturing on September 1, 2016) are subject to redemption prior to maturity, at the <br />option of the County on and after September 1, 2003, in whole or in part, at any time, on any interest <br />payment date at par plus accrued interest and plus a premium ranging between 0% and 2% depending on <br />the year of redemption. <br />37 <br />S <br />