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County's use of the Recreational Facilities, will not exceed more than five percent (5%) of the use of the Recreational Facilities. The County covenants that no more than ten percent (10%) of the Gross Revenues will be derived directly or indirectly from payments from any nongovernmental user other than payments by a nongovernmental user as a member of the general public. S. VARIABLE RATE OBLIGATIONS. If the County at any time shall issue Additional Parity Bonds, the interest rate on which is not established at the time of issuance at a single numerical rate with respect to each maturity thereof ("Variable Rate Bonds"), then such Variable Rate Bonds shall, for purposes of this Resolution, save for the provisions with respect to payment of interest thereon to the holders and registered owners thereof, be assumed to bear interest at a fixed rate equal to the higher of (a) 110% of the current interest rate on the Variable Rate Bonds; or (b) the Bond Buyer 20 General Obligation Bond Index for the last week of the month preceding the date of sale of the Variable Rate Bonds. SECTION 17. SERIES 2003 FUNDS AND ACCOUNT. There is hereby created and established the "Series 2003 Sinking Fund" within the Sinking Fund, the "Series 2003 Bond Amortization Fund" within the Bond Amortization Fund and the "Series 2003 Reserve Account" within the Reserve Account. The Series 2003 Sinking Fund, the Series 2003 Bond Amortization Fund and the Series 2003 Reserve Account shall not in any manner whatsoever affect the parity of the Bonds and are established solely for the accounting convenience of the County. Revenues and other amounts deposited in the Sinking Fund allocable to the Series 2003 Bonds shall be held in the Series 2003 Sinking Fund. Revenues and other amounts deposited in the Bond Amortization Fund allocable to the Series 2003 Bonds shall be held in the Series 2003 Bond Amortization Fund. Revenues and other amounts deposited in the Reserve Account allocable to the Series 2003 Bonds shall be held in the Series 2003 Reserve Account. SECTION 18. APPLICATION OF SERIES 2003 BOND PROCEEDS. All moneys received from the sale of the Series 2003 Bonds shall be deposited and applied by the County as follows: A. All accrued interest shall be deposited into the Series 2003 Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 2003 Bonds. B. A sum, if any, specified by subsequent resolution of the Board shall be deposited into the Series 2003 Reserve Account in the Sinking Fund. C. An amount to be specified by subsequent resolution of the Board shall be applied in connection with the refunding of Refunded Bonds as specified by subsequent resolution of the Board. D. The amount necessary to pay all costs and expenses associated with financial reports, studies and projections, legal fees, accountant's fees, fees of financial advisors, printing expenses, premiums and expenses related to insuring or rating the Series 2003 Bonds and all other similar costs and expenses incurred in connection with the issuance of the Series 2003 Bonds and the refunding of the Refunded Bonds shall be paid or provided for. 17