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TABLE OF CONTENTS <br />INTRODUCTION 1 <br />PURPOSE OF THE SERIES 1991 BONDS 2 <br />DESCRIPTION OF THE SERIES 1991 BONDS 2 <br />Optional Redemption 2 <br />Mandatory Redemption 3 <br />Notice of Redemption 4 <br />Registration, Transfer and Exchange 4 <br />APPLICATION OF PROCEEDS 5 <br />SECURITY FOR THE SERIES 1991 BONDS 5 <br />General 5 <br />Additional Security for Series 1991 Bonds and Parity <br />Bonds 6 <br />Rate Covenant 7 <br />Reserve Account 7 <br />Municipal Bond Insurance 7 <br />Additional Parity Obligations 8 <br />MUNICIPAL BOND INSURANCE 8 <br />Payment Pursuant to Municipal Bond Insurance Policy . 8 <br />AMBAC Indemnity Corporation 10 <br />THE PARITY BONDS 12 <br />THE SENIOR HALF -CENT SALES TAX BONDS 12 <br />ESTIMATED SOURCES AND USES OF FUNDS 14 <br />DEBT SERVICE REQUIREMENTS 15 <br />THE PROJECT 16 <br />The Existing Facility 16 <br />The 1991 Project 17 <br />RACETRACK AND JAI ALAI FRONTON FUNDS 20 <br />Taxes on Pari-Mutuel Wagering 20 <br />Right of Cancellation by Voters 21 <br />History of Total Revenues and Distributions 21 <br />HALF -CENT SALES TAX 23 <br />HISTORICAL AND ESTIMATED REVENUES AND <br />DEBT SERVICE COVERAGE <br />VALIDATION <br />iii <br />25 <br />26 <br />