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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 />Water and Sewer Revenue Bonds Series 1993A and 1993H <br />Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from <br />the operation of the system. <br />Establishment of Various Accounts - Pursuant to certain covenants, the County has established and <br />maintains the following: <br />(1) Revenue Fund account to pay all operating and maintenance costs of the system. <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. An initial deposit was made from bond proceeds <br />with the remainder derived from operating revenues. The amounts in this account are restricted by <br />the bond resolution. <br />(4) Renewal and Replacement Fund account to pay all costs of extensions, enlargements, additions or <br />replacement of capital assets of the system and for emergency repairs to the system. <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 bate <br />Maturity Issue 1.225 <br />Water and Sewer 2.60%-6.50% <br />Revenue Bonds, 3/1 and 9/1 <br />2024 $47,190,000 $45,475,000 <br />Series 1993A <br />Series 1993B 2.600/o-4.800/0 <br />3/1 and 9/1 2000 3,330,000 2.100,000 <br />550.5 47,575,000 <br />Less: Current portion 1,165,000 <br />Unamortized bond <br />discount 1,697.530 <br />Long -Term Portion <br />38 <br />