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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 /> A. Primary Government - Continued <br /> Water and Sewer Revenue Bonds , Series 1993A <br /> Purpose - The Series 1993 bonds were issued to legally defease all of the County ' s outstanding Water and <br /> Sewer Revenue and Refunding Bonds , Series 1986 and 1986A, Series 1989 , Series 1991 , and Special Assess - <br /> ment Revenue Bonds , Series 1989 and Series 1990, and to provide funds to make certain capital improve- <br /> ments to the utility system. <br /> Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from the <br /> operation of the system , and certain surcharges and special assessments . <br /> Bonds Issued - At September 30, 2003 , the revenue bonds consisted of the following : <br /> Interest Outstanding at <br /> Rates and Original September 30 , <br /> Description Date Maturity Issue 2003 r <br /> Water and Sewer 2 . 60- 6 . 50% <br /> Revenue Bonds, 3/ 1 and 9/ 1 2024 $ 45 ,475 , 000 $ 38 , 570 ;000 <br /> Series 1993A <br /> Less : Current portion 19055 ,000 <br /> Unamortized bond <br /> discount 1 ,229,234 <br /> Long-Term Portion $ 36 285 766 <br /> Mandatory Redemption - The Series 1993A Term Bonds are subject to mandatory redemption by lot, prior to <br /> maturity, at par plus accrued interest to date of redemption, based on the following schedule : ; <br /> k <br /> Term Bonds due September 1 , 2008 <br /> Date Principal Amount <br /> September 1 , 2007 $ 19230 ,000 <br /> September 1 , 2008 1 , 3105000 <br /> Term Bonds due September 1 , 2011 <br /> Date Principal Amount <br /> September 1 , 2009 $ 19395 , 000 <br /> September 1 , 2010 114755000 <br /> September 1 , 2011 15555 , 000 <br /> 66 <br />