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V Source of Funds: SOURCE AND USE OF FUNDS Par Value of Bonds $1,815,000.00 Less Discount 36,300:00 $1,778,700.00 Accrued Interest 35,004.29 Total Sources $1,813,704.29 Use of Funds: Retirement of Tax Anticipation Notes (1) Principal $1,100,000.00(2) Accrued Interest 30,244.12(2) $1,130,244.12 Additional Construction Funds (Including Contingency)(3) 167,260.88 Accrued Interest on the Bonds 35,004.29 Interest on the Bonds for One Year from the Date of Issuance 96,195.00 Operating Reserve Fund 260,000.00 Sinking Fund Reserve Account 100,000.00 Legal, Fiscal and Administrative Costs 25,000.00 Total Uses $1,813,704.29 (1) Project construction and acquisition costs in the estimated amount of $1,212,000 are being temporarily financed through the issuance of tax anticipation notes. (2) To be applied to retirement of $1,100,000 outstanding notes issued to finance the project prior to issuance of the Bonds. Retirement of the notes will be by redemption in advance of maturity at par plus accrued interest. Includes $112,300 for additional construction and acquisition costs and construction contingency of $54,960.88. SECURITY FOR THE BONDS The Resolution provides that the Bonds shall be secured in the following spanner: PLEDGE OF NET REVENUES AND REVENUE SHARING TRUST FUNDS. A. The payment of the principal of and interest on the Obligations shall be secured forthwith equally and ratably by an irrevocable lien on the Net Revenues derived from the operation of the Facilities prior and superior to all other liens or encumbrances on such Net Revenues, and the Issuer does hereby irrevocably pledge such Net Revenues from the Facilities to the payment of the principal of and interest on the Obligations, for the reserves therefor and for all other required payments. B. The payment of the principal of and interest on the Obligations shall be further secured forthwith equally and ratably by an irrevocable lien on the Revenue Sharing Trust Funds, as herein defined, prior and superior to all other liens and encumbrances on such Revenue Sharing Trust Funds, and the Issuer does hereby irrevocably pledge such Revenue Sharing Trust Funds to the payment of the principal of and interest on, and reserves for, the Obligations. (Section 14 of the Resolution.) NET REVENUES OF THE FACILITIES The County has not in the past charged for disposal of solid waste at its sanitary landfill site. The Consulting Engineers have estimated revenues and expenses for the fiscal years 1978 through 1994 and stated the basis for their projections, in their letter included as Appendix A hereof. The resulting Net Revenues are shown hereafter in the "TABLE OF PROJECTED REVENUE, EXPENSE AND DEBT SERVICE COVERAGE." Certain equipment necessary for weighing and charging for solid waste disposal has not yet been installed and no disposal fees have -been initiated to date. The estimated installation date of such equipment is February 1, 1978. The County has covenanted in the Resolution to enact rates within 90 days following delivery of the Bonds. 'JAN 4 81915 BCOK v3' FAGS 8