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"Operating Expenses" shall mean the current expenses paid or accrued for the operation, maintenance and repair of the Recreational Facilities, as determined in accordance with generally accepted accounting procedures, and shall include, without limiting the generality of the foregoing, insurance premiums, administrative expenses of the County related solely to the Recreational Facilities and costs of labor, materials and supplies, but shall exclude any reserves for renewals and replacements, extraordinary repairs and any allowances for depreciation. "Paying Agent" shall mean with respect to any particular series of Bonds issued hereunder the paying agent for said series of Bonds to be determined by subsequent resolution of the Board, which shall be a bank with trust powers or a trust company. "Pledged Funds" shall mean the Net Revenues, Racetrack and Jai Alai Fronton Funds, seven percent (7%) of the Half -Cent Sales Tax and the other revenues and funds pledged in connection with the Bonds, all in the manner and to the extent provided herein. "Qualified Independent Consultant" shall mean a qualified and recognized independent consultant retained by the County to perform the acts and carry out the duties herein provided for the Qualified Independent Consultant, which consultant, if appropriate, may be the certified public accountants retained, from time to time, to prepare the annual audit of the County, and which consultant shall have a favorable reputation for skill and experience with respect to the acts and duties to be provided hereunder. "Racetrack and Jai Alai Fronton Funds" shall mean sales tax revenues of the State as distributed to the County, pursuant to Section 212.20(6)(d)7.a., Florida Statutes, as amended, which distribution is in lieu of funds formerly distributed under Section 550.135, Florida Statutes, prior to July 1, 2000. "Record Date" shall mean the fifteenth (15th) day of the month immediately preceding an interest or other applicable payment date for the Bonds. "Recreational Facilities" shall mean the properties and assets, real and personal, tangible and intangible, owned and/or operated by the County as of the date of adoption of this Resolution used or useful for two (2) public golf courses and related clubhouse facilities and all properties and assets thereafter acquired or constructed as improvements, additions or expansions thereof. "Refunded Bonds" shall mean the outstanding Series 1993 Bonds. "Refunded Bonds Paying Agent" shall mean Wachovia Bank National Association. "Registered Owner", "Bondholder", "holder" or any similar term shall mean any person who shall be the owner of any outstanding Bond or Bonds as shown on the books of the County maintained by the Bond Registrar. "Resolution" shall mean this resolution, as amended and supplemented from time to time. 3