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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 />Optional Redemption - The revenue bonds, Series 1993A, maturing on or after September 1, 2009 are <br />subject to redemption prior to maturity, at the option of the County on and after September 1, 2008, in <br />whole or in part, at any time, on any interest payment date at par plus accrued interest and plus a <br />premium ranging between 0% and 2% depending on the year of redemption. <br />Extraordinary Mandatory Redemption - The revenue bonds, Series 1993B, are subject to extraordinary <br />mandatory redemption, in whole or in part, on any interest payment date, from monies received on <br />prepayments of special assessments, at par plus accrued interest. <br />B. Discretely Presented Component Unit <br />On April 1, 1986, August 23, 1988, and July 16, 1991, the Housing Authority adopted resolutions <br />authorizing the issuance of revenue bonds payable to the U.S. Department of Agriculture, Farmers Home <br />Administration, for the purpose of financing a part of the cost of acquiring, erecting and constructing <br />low -rent, multi -family housing facilities (Victory Park Apartments - Phase 1 and Phase II and <br />Orangewood Park Apartments), including the repayment of certain notes payable to the State of Florida <br />for the acquisition of land. The bond and interest thereon are payable solely from and collateralized by a <br />prior lien upon and a pledge of the gross revenues to be derived from the projects. The revenue bond <br />resolution provides for the following: <br />Bonds Issued - The revenue bond obligation consists of: <br />39 <br />Original <br />Balance <br />Interest <br />Revenue <br />Outstanding <br />DescLpIl4D <br />Rate <br />Bond <br />September 30, <br />Indian River County <br />and Rates <br />1% per annum on <br />Commitment <br />122 <br />Housing Authority <br />the unpaid balance <br />Revenue Bonds: <br />payable September 1 <br />each year <br />Victory Park <br />Phase I <br />Victory Park <br />$1,908,000 <br />$1,527,000 <br />Phase II <br />Orangewood Park <br />11908,000 <br />1,583,000 <br />Apartments <br />2,006.4QQ <br />1,937,40n <br />Less: Current portion <br />LW"M <br />4,947,400 <br />170.000 <br />Long -Tenn Portion <br />S4 <br />39 <br />