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t "Permitted Investments" shall mean the Local Government Surplus Funds Trust Fund created pursuant to Chapter 218, Part IV, Florida Statutes, for which the Florida State Board of Administration acts as custodian, and the investments specified in the Exhibit E attached hereto entitled "Permitted Investments," to the extent permitted by applicable law. Such investments shall be valued by the Issuer or the Paying Agent on behalf of the Issuer as frequently as deemed necessary by the Bond Insurer, but not less often than annually, at the market value thereof, exclusive of accrued interest. Deficiencies in the amount on deposit in any fund or account resulting from a decline in market value shall be restored no later than the succeeding valuation date. All Permitted Investments are to be invested in accordance with the Issuer's Investment Policy. "Pledged Revenues" shall mean the State Payments, the Local Government Half-Cent Sales Tax, the Fourth Cent Tourist Development Tax and any investment income realized on any funds held under this Resolution, except the Cost of Issuance Account and the Rebate Fund. "Project" shall mean the acquisition, construction, rehabilitation and equipping of the existing baseball spring training facility generally known as "Dodgertown" located in Indian River County, Florida and any related improvements. "Registrar" shall mean the paying agent for the Bonds, as Bond Registrar, or such other person, firm or corporation as may thereafter be from time to time designated by the Issuer as the Registrar for the Bonds. "Reserve Account Requirement" shall mean an amount of moneys or principal of a debt service reserve fund surety policy equal to the lesser of maximum annual debt service on the Bonds, 10% of the principal amount of the Bonds, or 125% of average annual debt service on the Bonds. "Serial Bonds" shall mean all of the Bonds or Additional Parity Bonds other than Term Bonds. "State" shall mean the State of Florida. "State Payments" shall mean the monthly payments to be received by the Issuer from the State pursuant to Section 212.20, Florida Statutes, as a result of obtaining certification of the Issuer as a "facility for a retained spring training franchise" in accordance with Section 288.1162, Florida Statutes. "Surety Bond" shall mean the debt service reserve fund policy issued by Financial Guaranty Insurance Company, guaranteeing certain payments into the Reserve Account with respect to the Bonds as provided therein and subject to the limitations set forth therein. "Term Bonds" shall mean the Bonds or Additional Parity Bonds which are subject to Amortization Installments, and are designated as Term Bonds in a subsequent resolution of the Issuer. 5