Laserfiche WebLink
Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <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, 2002 , the revenue bonds consisted of the following : <br /> Interest Outstanding at <br /> Rates and Original September ,30 , <br /> Description Date Maturity Issue 2002 <br /> Water and Sewer 2 . 60- 6 . 50% <br /> Revenue Bonds, 3 / 1 and 9/ 1 2024 $ 45 ,475 , 000 $ 39 , 575 , 000 <br /> Series 1993A <br /> Less : Current portion 1 005 000 <br /> Unamortized bond <br /> discount 112879772 <br /> Long-Term Portion $ 37 282 228 <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 /> Term Bonds due September 1 , 2008 <br /> Date Principal Amount <br /> September 1 , 2007 $ 15230 ,000 <br /> September 1 , 2008 1 , 310, 000 <br /> Term Bonds due September 1 , 2011 <br /> Date Principal Amount <br /> September 1 , 2009 $ 1 , 395 ,000 <br /> September 1 , 2010 134759000 <br /> September 1 , 2011 1 , 555 ,000 <br /> 62 <br />