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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 />E. General Long -Term Debt - Continued <br />On December 8, 1992, the Board issued $7,530,000 of Refunding Revenue Bonds, Series 1992. 'Me <br />proceeds of this issue legally defeased a portion of the County's Refunding and Improvement Bonds, <br />Series 1985 and all of the County's Improvement Revenue Bonds, Series 1987. The bonds and interest <br />thereon are payable from and collateralized by a pledge of the County's half -cent sales tax and related <br />investment income. However, the Series 1992 Bonds are secured on a parity with the remaining <br />outstanding Series 1985 Bonds. <br />(1) The Refunding Revenue Bonds consist of: <br />Interest Outstanding at <br />Rates and Original September 30, <br />Demcripflon D= Maturity is= 122 <br />Refunding Revenue 2.70%-5.85% <br />Bonds, Series 1992 3/1 & 9/1 2005 S S <br />(2) 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 />(3) Other Covenants - The resolution provides for several additional covenants such as required books <br />and records and an annual audit. <br />Cif <br />