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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 />B. Dheretely Presented Component Unit - Continued <br />Optional Redemption - Each revenue bond is redeemable at the option of the Housing Authority at par <br />plus accrued interest and plus a premium ranging between 0% and 50/a, depending on the year of <br />redemption and the holder of the bond at the time of redemption. <br />The Housing Authority may redeem, in whole or in part, at any time, the principal portion of each <br />revenue bond on any interest payment date, at the price of par plus accrued interest, without premium if <br />the bond is held by the U.S. Department of Agriculture, Farmers Home Administration. <br />Establishment of Various Accounts - The Loan and Grant Resolution provides for the creation and <br />establishment of the following accounts, which are to be deposited with a depository in the State of <br />Florida, which is a member of the Federal Deposit Insurance Corporation and which is eligible under the <br />laws of the State of Florida to receive public funds: <br />(1) Revenue Account to deposit all gross revenues and provide for payment of costs of operation and <br />maintenance of the project. <br />(2) Bond Service Accounts: <br />The revenue bond resolutions provide for the following: <br />• Interest Account to deposit monthly from Revenue Account 1/12 of all interest coming due on <br />the next interest payment date. <br />• Principal Account to deposit monthly from Revenue Account 1/12 of the principal amount <br />which will become due on such annual maturity date. <br />• Renewal, Replacement and Improvement Account to deposit from the Revenue Account <br />$6,000 per month. In addition, at the end of each fiscal year, all excess funds remaining in the <br />Revenue Account are deposited in the Renewal, Replacement and Improvement Account until <br />the amount on deposit equals $720,000. <br />• The revenue bonds do not constitute a lien upon the project or any part thereof or upon any <br />other property of the Housing Authority or a pledge of the full faith and credit of the Housing <br />Authority. <br />40 <br />