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Indian River County, Florida NOTES TO FINANCIAL STATEMENTS - Continued Year Ended September 30, 1995 NOTE 8 - LONG-TERM DEBT - Continued H. Conduit Debt Obligations From 1982 until 1987, Indian River County issued Industrial Revenue Bonds to provide financial assistance to private -sector entities for the acquisition, construction and equipping of industrial and commercial facilities deemed to be in the public interest. These facilities included two nursing hones, two utility systems, and three manufacturing facilities, for a total of seven series of industrial revenue bonds. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private -sector entity served by the bond issuance. Neither the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of September 30, 1995, the County was unable to determine the current outstanding balance of the seven series of Industrial Revenue Bonds issued; however, the original principal amount of the bonds and the project (or firm) on whose behalf the bonds were issued is as follows: $fid Issue YCHi Bonds and Project Description $850,000 1982 Robert H. Davis & William A. Davis - Rampmaster Light metal material handling plant $4,000,000 1983 General Development Utilities - sewerage services $2,400,000 1983 Florida Health Facilities Corp. - 120 -bed nursing home $1,000,000 1983 Hutchinson Utilities - sewerage facility at The Moorings $2,500,000 1984 Hetra Computer & Communications Industries, Inc. - 40,000 sq. ft. manufacturing facility $4,800,000 1986 Florida Convalescent Centers, Inc. - 91 -bed skilled and intermediate care nursing home $913,000 1988 Profold, Inc. - manufacturing facility 49