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Indian River County, Florida <br />NOTES TO FIN NCIAI. STATEMENTS - Contin ed <br />Year Ended September 30,1995 <br />NOTE 8 - LONG-TERM DEBT - Continued <br />E. General Long -Term Debt <br />0n November 1, 1985, the Board issued $9,855,000 of Refunding and Improvement Bonds, 1985 Series. <br />The proceeds of this issue legally defeased the County's Capital Improvement Revenue Bonds, Series <br />1980 and 1981, and provided funds to finance the cost of construction and to reimburse the County for <br />certain capital projects. The bonds and interest thereon are payable solely from and collateralized by a <br />first lien upon and pledge of the County's half -cent sales tax and related investment income. <br />(1) The Revenue Bonds consist of: <br />(2) Disbursements or expenditures of bond proceeds which have been designated as construction funds <br />shall be made only after written approval of the County Administrator or his designee. <br />(3) Establishment and maintenance of various funds - <br />• Revenue Fund to record County sales tax monies received by the County from the State. <br />• Sinking Fund to pay principal and interest payments coming due during the current fiscal year. <br />The amounts in this account are restricted by the bond resolution and thus, a reserve of fund <br />balance has been established for them. <br />(4) Other covenants - The resolution provides for several additional covenants such as required books <br />and records and an annual audit. <br />43 <br />Interest <br />Outstanding at <br />Rate <br />Original <br />September 30, <br />Description <br />and Rates <br />maturity <br />ISSug <br />1221 <br />Refunding and Improvement <br />Revenue Bonds, 1985 Series - <br />5.5%-8.75% <br />Serial Bonds <br />9/1 & 3/1 <br />1997 <br />$4,000,000 <br />$ 490,000 <br />Term Bond <br />9/0 <br />2000 <br />1,735,000 <br />910,000 <br />Term Bond <br />9.125% <br />2002 <br />1,440,000 <br />755,000 <br />Term Bond <br />9.125% <br />2005 <br />2,680.000 <br />S9.8� <br />1.405,000 <br />53.5 <br />(2) Disbursements or expenditures of bond proceeds which have been designated as construction funds <br />shall be made only after written approval of the County Administrator or his designee. <br />(3) Establishment and maintenance of various funds - <br />• Revenue Fund to record County sales tax monies received by the County from the State. <br />• Sinking Fund to pay principal and interest payments coming due during the current fiscal year. <br />The amounts in this account are restricted by the bond resolution and thus, a reserve of fund <br />balance has been established for them. <br />(4) Other covenants - The resolution provides for several additional covenants such as required books <br />and records and an annual audit. <br />43 <br />