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investment is the real party in interest and has the right to <br />proceed directly and independently against the obligor on such <br />underlying obligations if such underlying obligations are not <br />available to satisfy any claim against the custodian; or (4) <br />municipal bonds secured by obligations described in (1). <br />L. "Fiscal Year" shall mean the period commencing on <br />October 1 of each year and ending on the succeeding September 30. <br />M. "Gross Revenues" shall mean all income or earnings <br />derived from the operation of the Project; all proceeds of the <br />sale, condemnation and/or insurance on the Project; and any <br />income from the investment of money in the funds and accounts <br />herein established for payment of the principal of and interest <br />on the Bonds. <br />N. <br />"Issuer" shall <br />mean <br />Indian <br />River County, Florida. <br />0. <br />"Net Revenues" <br />shall <br />mean <br />the Gross Revenues, after <br />deduction of the Cost of Operation and Maintenance. <br />P. "Outstanding Obligations" shall mean the Capital <br />Improvement Revenue Bonds, Series 1980, dated April 1, 1980, and <br />Capital Improvement Revenue Bonds, Series 1981, dated October 1, <br />1981, of the Issuer. <br />Q. "Pledged Funds" shall mean, collectively, the Net <br />Revenues, the Racetrack and Jai Alai Fronton Funds and the income <br />from the investment of money in the funds and accounts <br />established by this resolution for payment of the principal of <br />and interest on the Bonds. <br />R. "Project" shall mean the existing properties and <br />- assets, real and personal, tangible and intangible, owned or <br />operated by the Issuer, used or useful for a public golf course <br />and related clubhouse facilities, and all properties and assets <br />hereafter constructed or acquired as additions, improvements and <br />extensions thereof. <br />S. "Qualified Independent Consultant" shall mean such <br />qualified and recognized independent consultant, which, if <br />appropriate, may be the certified public accountants retained, <br />-4- <br />.tt 11. 7 X985 Boor. 61 ct� <br />