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limitation Section 218, Part IV, Florida Statutes. <br />"Board" shall mean the Board of County Commissioners of Indian River County, Florida. <br />"Bond Insurance Policy" shall mean the municipal bond insurance policy issued by a <br />Bond Insurer insuring the payment when due of the principal of and interest on a series of Bonds. <br />"Bonds" shall mean the Series 2003 Bonds together with any Additional Parity Bonds <br />hereafter issued hereunder. <br />"Bond Insurer" shall mean the municipal bond insurer designated by subsequent <br />resolution of the county, to issue a Bond Insurance Policy for a series of Bonds. <br />"Bond Registrar" shall mean with respect to any particular series of Bonds issued <br />hereunder the bond registrar for said series of Bonds to be determined by subsequent resolution <br />of the Board, which shall be a bank with trust powers or a trust company. <br />"Code" shall mean the Internal Revenue Code of 1986, as amended, and any similar <br />subsequent federal revenue laws. Any reference to a particular section, subsection, etc., of the <br />Code shall also refer to the similar section, subsection, etc., of any similar subsequent federal <br />revenue law. <br />"County" shall mean Indian River County, Florida, a political subdivision of the State of <br />Florida. <br />"Federal Securities" shall mean direct obligations of the United States of America, which <br />are not redeemable prior to maturity at the option of the obligor, including without limitation <br />such obligations issued or held in book entry form on the books of the United States of America. <br />"Fiscal Year" shall mean the period beginning with and including October first of each <br />year and ending with and including the next September 30. <br />"Gross Revenues" shall mean all income and earnings derived from the operation of the <br />Recreational Facilities; and any income from the investment of money in the funds and accounts <br />herein established for the payment of the principal of, interest and premium, if any, on the <br />Bonds. <br />"Half -Cent Sales Tax" shall mean the portion of the proceeds of the local government <br />half -cent sales tax on deposit from time to time in the Local Government Half -Cent Sales Tax <br />Clearing Trust Fund in the State Treasury of the State of Florida, allocated for and as distributed <br />monthly to the County pursuant to Chapter 218, Part VI, Florida Statutes. <br />"Interest Payment Date" shall mean the first day of March and September, commencing <br />on March 1, 2004 with respect to the Series 2003 Bonds. <br />"Net Revenues" shall mean the Gross Revenues less Operating Expenses. <br />2 <br />