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become effective on the effective date specified therein. If there is a majority vote against annexation in either the annexing municipality or in the area proposed to be annexed,or in both,the ordinance shall not become effective and the area proposed to be annexed shall not be subject to an annexation ordinance by the annexing municipality for a period of two years from the date of the referendum on annexation. If more than 70% of the land in an area proposed to be annexed is owned by individuals, corporations,or legal entities which are not registered electors of such area,such area may not be annexed unless the owners of more than 50%of the land in such area consent to such annexation. Such consent must be obtained prior to the referendum to be held on the annexation. An area proposed to be annexed must meet certain standards set forth in Section 171.043,Florida Statutes. In addition to the annexation procedures described above, under Section 171.044, Florida Statutes, the owner or owners of real property in an unincorporated area which is contiguous to a municipality, and reasonably compact, may file a petition with the governing body of such municipality requesting that such propertybe annexed to the municipality. Upon determination by the governing body of the municipality that the petition bears the signatures of all owners of property in the area proposed to be annexed,the governing body may adopt an ordinance to annex such property and,after publication as required by law,such ordinance shall become effective. The County has heretofore pledged fourteen percent (14%) of the half-cent sales tax to the repayment ofits$9,875,000 Indian River County,Florida Recreational Revenue Refunding Bonds, Series 1993 (the "Series 1993 Bonds"),which are currently outstanding in the amount of$7,815,000 and have a final maturity of September 1,2016. The remaining eighty-six percent(86%)of the half cent sales tax is not pledged to the Series 1993 Bonds and the lien and pledge of such 86%portion to the Series 2001 Bonds is not subject to any prior pledge or lien. Reserve Account Under the Resolution, the County is required to establish a Reserve Account. The Reserve Account is required to be funded in an amount equal to the Reserve Account Requirement. The Reserve Account Requirement is defined in the Resolution as an amount equal to the lesser of(i)ten percent(10%) of the original sale proceeds of the Series 2001 Bonds, (in) maximum annual debt service on the Series 2001 Bonds and(iii)one hundred twenty-five percent (125%) of the average annual debt service on the Series 2001 Bonds. The County may provide for this deposit to the Reserve Account either from the proceeds of the sale of the Bonds, from other available moneys of the County and/or by providing an insurance policy or a letter of credit meeting the quality of credit criteria required by the Resolution. In order to satisfy the Reserve Account Requirement,a Municipal Bon d Reserve Fund Policy(the "Reserve Fund Policy')issued by Financial Guaranty will be provided(See"Reserve Fund Policy"under this principal caption. 16