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s that Compounded Amount accrues during any semi-annual period in equal daily amounts on the basis of a 360-day year of twelve 30-day months. "Current Interest Bonds"means Bonds or Additional Parity Bonds,the interest on which is paid on each Interest Payment Date as such interest accrues. "Maximum Bond Service Requirement" means, as of each date on which Additional Parity Bonds are issued,the maximum amount of Bond Service Requirement which is to become due in any Fiscal Year on all Bonds and Additional Parity Bonds deemed to be Outstanding immediately after the issuance of such Additional Parity Bonds, except that withrespect to any Bonds and Additional Parity Bonds for whichAmortization Installments have been established,the amount ofprincipal coming due onthe final maturity date with respect to such Bonds and Additional Parity Bonds shall be reduced by the aggregate principal amount of such Bonds and Additional Parity Bonds that are to be redeemed from Amortization Installments to be made in prior Bond Years. "Option Bonds" means Additional Parity Bonds subject to tender for payment prior to their maturity at the option of the Holder thereof. "Serial Bonds"means all of the Bonds or Additional Parity Bonds other than Term Bonds. "Variable Rate Bonds" means obligations issued with a variable, adjustable, convertible or other similar rate which is not fixed in percentage at the date of issue for the entire term thereof as shall be determined by subsequent resolution of the County. MUNICIPAL BOND INSURANCE The following informationhas been furnished by FinancialGuarantylnsurance Company("Financial Guaranty") for use in this Official Statement. Reference is made to Appendix D for a specimen of the Financial Guaranty's policy. Concurrently with the issuance of the Series 2001 Bonds, Financial Guaranty will issue its Municipal Bond New Issue Insurance Policy for the Series 2001 Bonds (the "Policy"). The Policy unconditionally guarantees the payment of that portion of the principal of and interest on the Series 2001 Bonds which has become due for payment,but shall be unpaid by reason of nonpayment by the County of the Series 2001 Bonds. Financial Guaranty will make such payments to State Street Bank and Trust Company, N.A.,or its successor as its agent(the "Fiscal Agent"),on the later of the date on which such principal and interest is due or on the business day next following the day on which Financial Guaranty shall have received telephonic or telegraphic notice, subsequently confirmed in writing, or written notice by 22