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Indian River County, Florida NOTES TO FINANCIAL. STATEMENTS - Continue Year Ended September 30, 1995 NOTE 8 - LONG-TERM DEBT - Continued E. General Long -Term Debt - Continued On July 11, 1995, the Board issued $15,000,(100 of CTeneral Obligation Bonds, Series 1995. The issuance of the Series 1995 Bonds was approved by a majority of votes cast in a bond referendum held on November 2, 1992, by the qualified electors of the County. The referendum authorized a total of $26,000,000 aggregate principal amount of general obligation bonds, in one or more series, of which the Bonds are the first. The proceeds of this issue will provide funds to acquire by purchase, interest in environmentally significant lands, together with the necessary restoration, remediation and reclamation activities to preserve and enhance such property and customary and necessary costs incurred in the acquisition. The principal and interest on the bonds are payable from ad valorem taxes levied by the County upon the taxable real and personal property of the County. (1) At September 30,1995, General Obligation Bonds consisted of the following: Interest Outstanding at Rates and Original September 30, Description I22k Maturity L= i General Obligation Bonds, 1995 3.50%-5.00% Series 1/1 and 7/1 2010 515.0 SISQO (2) Disbursements or expenditures of bond proceeds shall be made only after approval by the Board. (3) The Resolution requires the creation of a Debt Service Fund, which will be held and administered by the County solely for the purpose of paying the principal, premium, if any, and interest on the Bonds, as they become due. Optional Redemption - The General Obligation Bonds, Series 1995, maturing on or after July 1, 2004, are subject to redemption prior to maturity, at the option of the County on and after July 1, 2003, in whole or in part, at any time, on any date at par plus accrued interest and plus a premium ranging between 010 and 2% depending on the year of redemption. 45