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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 12 - LONG-TERM LIABILITIES - Continued <br /> Be Discretely Presented Component Unit <br /> Housing Authority Revenue Bonds <br /> On April 1 , 1986 , August 23 , 1988 , and July 16 , 1991 , the Housing Authority adopted resolutions <br /> authorizing the issuance of revenue bonds payable to the U . S . Department of Agriculture , Farmers <br /> Home Administration, for the purpose of financing a part of the cost of acquiring , erecting <br />and <br /> constructing low-rent, multi - family housing facilities (Victory Park Apartments - Phase I and Phase II <br /> and Orangewood Park Apartments) , including the repayment of certain notes payable to the State of <br /> Florida for the acquisition of land . The bond and interest thereon are payable solely from and <br /> collateralized by a prior lien upon and a pledge of the gross revenues to be derived from the projects . <br /> The revenue bond resolution provides for the following : <br /> Bonds Issued - The revenue bond obligation consists of: <br /> Original Revenue Outstanding at <br /> Interest Bond September 30 , <br /> Description Rates and Date Commitment 2007 <br /> Indian River County I % per annum on <br /> Housing Authority the unpaid balance <br /> Revenue Bonds : payable September <br /> 1 each year <br /> Victory Park, Phase I $ 1 , 908 , 000 $ 808 , 000 <br /> Victory Park, Phase II 1 , 908 , 000 87100 <br /> Orangewood Park Apartments 2 , 0061400 11111 , 400 <br /> 5 . 822 . 400 2 , 7905400 , <br /> Less : Current Portion of Bonds 1915000 <br /> Long-term Portion of Bonds 2 , 599 , 400 WWI <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 5 % depending on the year of <br /> , <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 /> 82 <br />