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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2003 <br /> NOTE 12 - LONG-TERM LIABILITIES - Continued <br /> B . 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 authorizing <br /> the issuance of revenue bonds payable to the U . S . Department of Agriculture , Farmers Home Administration, <br /> for the purpose of financing a part of the cost of acquiring, erecting and constructing low-rent, multi -family <br /> housing facilities (Victory Park Apartments - Phase I and Phase II and Orangewood Park Apartments) , includ- <br /> ing the repayment of certain notes payable to the State of Florida for the acquisition of land . The bond and <br /> interest thereon are payable solely from and collateralized by a prior lien upon and a pledge of the gross <br /> revenues to be derived from the projects . 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 2003 <br /> Indian River County 1 % per annum on <br /> HousmgAuthonty the unpaid balance <br /> Revenue Bonds : payable September <br /> 1 each year <br /> Victory Park, <br /> Phase I <br /> Victory Park, $ 1 , 908 , 000 $ 13057, 000 <br /> Phase II <br /> Orangewood Park 1 , 908 , 000 1 , 1189000 <br /> Apartments <br /> 206,400 1 , 363 ,400 <br /> $ 5 , 822 ,400 $ 3 , 538 ,400 <br /> Less : Current portion 184, 000 <br /> Long-term Portion $ 35354,400 <br /> Optional Redemption - Each revenue bond is redeemable at the option of the Housing Authority at par plus <br /> accrued interest and plus a premium ranging between 0% and 5 % depending on the year of redemption and the <br /> 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 revenue <br /> bond on any interest payment date, at the price of par plus accrued interest, without premium if the bond is held <br /> by the U . S . Department of Agriculture , Farmers Home Administration. <br /> 74 <br />